HomeMy WebLinkAbout3256 RESOLUTION NO. 3256
A RESOLUTION, of the City Council of the City of
Bremerton, Washington, amending Resolution No. 3194 relating to
an interfund loan to the Conference Center Operations Fund from
the Equipment Rental Reserve Fund.
WHEREAS, pursuant to Resolution No. 3194, the City Council authorized an
interfund loan to the Conference Center Operations Fund to finance the expansion of the Kitsap
Conference Center; and
WHEREAS, Conference Center operations revenues have not met projections
provided when the loan was approved; and
WHEREAS, there is insufficient cash flow to make loan repayments on the
approved schedule; NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHiNGTON,
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. Section 2 of Resolution No. 3194 is hereby amend.ed by replacing
in its entirety Subsections 2(a) through 2(� with the following: Annual principal payments shall
be made on the schedule set forth in Exhibit A. In the event the net current assets of the
Conference Center Operations Fund at December 3 l of any year exceeds the tar;et 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. 3194 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. Ef�fective Date. This Resolution shall take effect and be in force
immediately upon its passage.
PASS D by the City Council of the City of Bremerton, Washington this ���'
day of �.I(��(/V1,� , 2015.
W
GRE HEELER, Council President
1
Inter fund Loan—
Aniendment to Resolution No. 3194
APPROVED AS TO FORM: ATTEST:
�
,
ROGER A. LU , City ttorney S NNON CORIN, City Clerk
2
Inter fund Loan—
Amendment to Resolution No. 3194
Exhibit A
Principal
Ye ar Payme nt Due
2015 $ -
2016 $ -
2017 $ 27,778
2018 $ 27,778
2019 $ 27,778
2020 $ 27,778
2021 $ 27,778
2022 $ 27,778
2023 $ 27,778
2024 $ 27,778
2025 $ 27,778
2026 $ 27,778 �
2027 $ 27,778
2028 $ 27,778
2029 $ 27,778
2030 $ 27,778
2031 $ 27,778
2032 $ 27,778
2033 $ 27,778
2034 $ 27,774
$ 500,000
3
Inter fund Loan—
Amendment to Reso[ution No. 3194