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RESOLUTION NO. ~ Cf S;;L
A RESOLUTION of the City Council of the City of
Bremerton, Washington authorizing the transfer of $150,000 from
the General Fund to the Abatement Revolving Fund and placing all
future rights and claims associated with the Sesko Properties
Nuisance Abatement in the General Fund.
WHEREAS, the Abatement Revolving Fund previously obtained a Line of Credit
from Bank of America, N.A., Seattle, Washington for usage in financing costs related to the
enforcement of Ordinance No. 4418 and chapter 35.80 RCW concerning the abatement of unfit
dwellings, buildings, structures and premise; and
WHEREAS, the Line of Credit has a principal balance due of $217,363 which is
payable with all accrued interest thereon by January 31, 2005; and
WHEREAS, the current Line of Credit balance is attributable to financing costs
associated with the Sesko Properties Nuisance Abatement which is currently not concluded; and
WHEREAS, because the Sesko Abatement Claim will not be concluded prior to
January 31,2005, the Abatement Revolving Fund will not have sufficient funds to pay the debt
obligation when due and payable; and
WHEREAS, it is the opinion of the Director of Financial Services for the City of
Bremerton that the continued use of debt to finance the costs of the Abatement Revolving Fund
is not in the financial best interests of the City; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON,
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The Finance Officer is hereby authorized and directed to transfer
$150,000 from the General Fund to the Abatement Revolving Fund and that all future rights and
claims associated with the Sesko Properties Nuisance Abatement are hereby transferred to the
General Fund.
SECTION 2. The 2005 Budget for the City of Bremerton will be adjusted at a
later date to incorporate the financial effects of this resolution.
SECTION 3. Severa b ilitv. If anyone or more sections, subsections, or
sentences ofthis 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.
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Abatement Revolving Fund
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 \.. p, /~.u 4.A tj, ,2005.
y~/~
DAREN NYGREN, Coun il resident
APPROVED AS TO FORM: ATTEST:
R:\LEGAL\Resolutions\Finance\Abatement transfer. doc
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Abatement Revolving Fund