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RESOLUTION NO. 3211 DEC 16 1013
A RESOLUTION, of the City Council of the City of
Bremerton, Washington, authorizing year -end Interfund Loans to
Fund 204 — 2010 UTGO /LTGO (B), Fund 306 — Park Plaza Phase
II, and Fund 332 — Pacific Avenue Construction from Fund 001 —
General Fund
WHEREAS, as part of the year -end close out process, an analysis of the ending
cash balance in each fund is conducted, and
WHEREAS, individual funds cannot be in a negative cash balance as of year -end,
and
WHEREAS, three funds (Fund 204 — 2010 UTGO /LTGO (B), Fund 306 — Park
Plaza Phase II, and Fund 332 — Pacific Avenue Construction) have been identified as having a
potential negative cash balance due to timing of property tax receipts and grant reimbursement
receipts, and
WHEREAS, payments for construction projects are made prior to the request for
appropriate grant reimbursement and payment for tax supported bonds are due prior to receipt of
the final property tax payment for 2013, and
WHEREAS, external financing options are more costly than what the City can
provide through an interfund loan, and
WHEREAS, surplus cash in an amount sufficient to meet these short term cash
flow needs is presently on hand in the General Fund, NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON,
DOES HEREBY RESOLVE AS FOLLOWS
SECTION 1. The Assistant Director of Financial Services is hereby authorized
and directed to make the following interfund loans as needed
To Fund 204 from Fund 001 — no more than $30,000
To Fund 306 from Fund 001 — no more than $200,000
To Fund 332 from Fund 001 — no more than $600,000
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SECTION 2. Repayment of the interfund loans shall be as follows
Interest shall accrue based on an annual basis The interest rate shall be based on the Local
Government Investment Pool earnings at time of repayment of the loan Each loan shall be
repaid no later than June 30, 2014
SECTION 3. Severabih!y 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 4. 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 I)J - , 2013
W
GRE ELER, Council President
APPROVED AS TO FORM AATEST
RAGER A LUBOVIC i SHANNON CORIN, City Clerk
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