HomeMy WebLinkAbout3159 RESOLUTION NO. 3 I J
A RESOLUTION, of the City Council of the City of
Bremerton, Washington, authorizing an Inter -fund Loan to Gold
Mountain Golf Complex Fund from Equipment Rental Reserve
Fund
WHEREAS, the Gold Mountain Golf Complex Fund has an immediate need for
funds to finance the purchase of replacement greens mowers and other rolling stock to maintain
the Cascade and Olympic courses
WHEREAS, external financing options are more costly than what the City can
provide through an inter -fund loan, and
WHEREAS, surplus cash in an amount sufficient to meet these cash flow needs is
presently on hand in the Equipment Rental Reserve Fund, NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON,
DOES HEREBY RESOLVE AS FOLLOWS
SECTION]. The Assistant Director of Financial Services is hereby authorized
and directed to make an inter -fund loan from the Equipment Rental Reserve Fund to the Gold
Mountain Golf Complex Fund in an amount not to exceed $261,000 Unpaid principal shall
accrue interest at 60% per annum during the first two years After two years, and every two
years thereafter, interest will be adjusted to reflect current returns on municipal investments
Annual payments of principal and interest shall be made commencing December 31, 2012 This
loan shall be repaid not later than December 31, 2016
SECTION2. Severability If anyone or more sections, subsections, or
sentences of this Resolution are held to be unconstitutional or invalid, such decision shall not
affect'the validity of the remaining portion of this Resolution and the same shall remain in full
force and effect
SECTION 3. Effective Date This Resolution shall take effect and be in force
immediately upon its passage
PASSED by the City Council of the City of Bremerton, Washington this
day of Di ambtr , 2011
WILL MAUP , Co cil President
1
Inter fund Loan to the
Gold Mountain Golf Course Fund
APPROVED AS TO FORM. ATTEST
RO ER A LUBOVICH, City Atto NNON CORIN, City Clerk
2
Inter fund Loan to the
Gold Mountain Golf Course Fund