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DATE SUBMITTED: 2/16/05 BILL # 05- 65~
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
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SUBJECT: Resolution to extend the existing Committee Meeting Date: 2/23/05
loan from the ER&R Fund to UUD 2002-1 COUNCIL MEETING Date: 3/2/05
Fund. Department: Financial Services
Presenter: Laura Lyon
Phone: 473-5722
SUMMARY: There is an outstanding loan from the ER&R Fund (Fund 510) to the ULID 2002-1
Fund (Fund 403) in the amount of$500,000 with an expiration date of March 1,2005. The original
loan was authorized in an amount not to exceed $1,056,384 and with an expiration date of March 1,
2004 (Resolution No. 2899) and was subsequently reduced to an amount not to exceed $500,000 and
the expiration date was extended to March 1, 2005 (Resolution No. 2946). The project is now
completed and the fmal assessment and hearing processes are underway. The time required to
conclude these processes and then subsequently issue the debt supported by this ULID will require
more time than is currently permitted by the expiration date of the existing Interfund loan. It is
requested that the City Council authorize the Director of Financial Services to extend the due date for
repayment ofthe existing Interfund loan from the ER&R Fund to no later than September 1,2005.
ATTACHMENTS: Resolution No. ;)/158
FISCAL IMP ACTS (Include Budgeted Amount): The additional interest due to the ER&R Fund for
the full 6 month extension ofthe current balance is estimated to cost approximately $6,250.
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR:
MAYOR:
FISCALIBUDGET: CONSENT AGENDA D
OPERATIONS:
COUNCIL PRESIDENT:
RECOMMENDED MOTION: Move to approve esolution No. ~ <15 a authorizing the
Director of Financial Services to extend the due date for the existing Interfund loan from the ER&R
Fund to the ULID No. 2002-1 Fund to September 1,2005.
COUNClLACTION: ~e D Deny D Table D Continue D No Action
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