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417 <br /> September 10,1980 <br /> upoa motion the meeting recessed unto :00.p <br /> The Chambers <br /> oreconvened <br /> in the Council Hall,with President OverStreet <br /> Councilmenpresiding and all Gitsonwe except Councilmen Michelson, <br /> who was excused,and Aman arrivedpn, holer. Mayo o <br /> Moore <br /> was also excused. <br /> AGENDA ADD-ON- RESOLUTION <br /> Hugh Public W d the proposed <br /> lution was <br /> nthe ordinance • <br /> ®]02 w tedctth ion an author <br /> izing rtherCityfTreasurer <br /> secure interim ncingltThe Economic Development Administrationres <br /> grantthat recipients demonstrate the authority to obtain interim con- <br /> financ g prior to release of funds, <br /> • <br /> structron <br /> moved by <br /> Councilman A seconded by councilman L ,to adopt Reso- <br /> lution No. 841 as followaft, g p <br /> A RESOLUTION authorizing t Treasurer to borrow interim <br /> construction financing for L/012. <br /> Revenues <br /> v <br /> be o - <br /> oassesroll <br />• <br /> smentei vcv rcloam�roandentpzol ect)lrs e <br /> Revenues from the omit Development Administration Grant <br /> awarded to this prof Pct wall be r d to a Cv a re- <br /> imbursement tbasis,and <br /> Fund.is requiredremain financially <br /> becomes necessary <br /> vn a arin9c ants,in order'to <br /> acomplymwv intent fofdthe laws,sand <br /> it is required of the <br /> City x tainCity Council <br /> approval o make interfund loans,or issue interest ear <br /> NOR,THEREFORE,BE IT RESOLVED by the City Council of the City of <br /> Everett,that authorization is <br /> n to the <br /> for the efollow Fund x <br /> Treasurer to issue <br /> interest begring warrants,for the following terms <br /> and conditions: <br /> • <br /> sFrom: Seattle First National Bank $2,200,000 <br /> Period of 1980.through <br /> September 11,1981 <br /> Rate of Interest: <br /> - Renegotiated Quarterly <br /> National a ank ].58 <br /> Quarterly <br /> Source of Payment: LID 702 Bond Issue and subsequent <br /> Special PropertY T..hey"to <br /> Benefitting PtoPertf <br /> and Economic teAdmin- <br /> istration Grant Funds <br /> Loans to and Amount: 702 41,400,000 <br /> Total PDA 42,200,000 <br />