HomeMy WebLinkAbout3248 RESOLUTION NO. 3248
A RESOLUTION, of the City Council of the City of
Bremerton, Washington, amending resolution No. 3159 relating to
an interfund loan to the Gold Mountain Golf Complex Fund from
the Equipment Rental Reserve Fund.
WHEREAS, pursuant to Resolution No. 3159, the City Council authorized an
interfund loan to the Gold Mountain Golf Complex Fund to finance the purchase of replacement
greens mowers and other rolling stock to maintain the Cascade and Olympic courses; and
WHEREAS, the loan was not fully disbursed until December 31, 2012; and
WHEREAS, a change in management of the facility subseyuent to the approval of
the interfund loan resulted in additional expenditures related to the purchase of inventory and
equipment pursuant to the terms of the Management Agreement; and
WHEREAS, these expenditures resulted in insufficient cash flow for the
repayment of the interfund loan on the approved scheduled; and
WHEREAS, the loan is to be repaid not later than December 31, 2016; NOW
THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON,
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. Resolution No. 3159 is hereby amended to extend the date of
repayment of the interfund loan from December 31, 2016 to December 31, 2018. In the event the
balance of the Golf Course net current assets at December 31 of any year exceeds the target
reserve requirement established in the adopted Financial Goals and Policies the principal
payment shall be increased by the amount in excess of the target. All other terms of Resolution
No. 3159 not specifically amended herein shall remain in full force and effect.
SECTION 2. Severabilitv. If any one 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. E�ective 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 `5�
day of J , 2015.
1
Inter fund Loan—
Amendment to Resolution No. 3159
w
GRE EELER, Council President
APPROVED AS TO FORM: ATTEST:
R ER A. LUBOVICH, City SHANNON CORIN, City Clerk
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Inter fund Loan—
Amendn:ent to Resolution No. 3159