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309 <br /> July 25,1504 <br /> COUNCIL BILL NO.847-61 <br /> FINAL READING: <br /> AN ORDINANCE providing for the vacation of a portion of <br /> Lynne:us:A Drive lying Southerly of intersection with <br /> Belvedere Anent.. <br /> Moved by COUnoilman Michelson,seconded by CoUncilman Gipson, that <br /> this is declared to be the final reading of Council Bill No.847-61 <br /> and the City Clerk is directed to call the roll for the final <br /> disposition of the ordinance. <br /> Roll Call: :/;43,1. (,),;g:on,Michelson,Pope,Morrow,Langus <br /> Excused: Overstreet,Stephenson <br /> Ordinance No.1054-84 Adopted. <br /> RESOLUTION-INTERFUND LOAN <br /> A RESOLUTION authorising the City Treasurer <br /> to make an interfund loan for interim <br /> financing for Fund 342,Basch Park Construction <br /> WHEREAS,IAC grant revenues of$150,000 and Community Transit <br /> (CT) funding of $25,000 for the Xasch Park project meY not be <br /> received until the project is completed,and <br /> WHEREAS, each fund in required by State law to remain <br /> financially solvent,it becomes necessary to borrow cash from other <br /> solvent funds in order to comply with the intent of the law,and <br /> Councill=elltdiLgqiuntreeflunfd tIOL:t"'t""ret t°'tat''1" <br /> SON, THEREFORE, Be Ix RESOLVED by the City Council of the <br /> City of Everett,that authoriaation is given to the City Treasurer <br /> to make an interfund loan to Fund 342, Basch Park Construction, <br /> Under the following terms and conditions: <br /> Loan From) Water OperatiegFnnd <br /> 1 <br /> Period of Loan: August 1,1984,to date of <br /> receipt of grant revenues and <br /> CT funding <br /> Rate of interest: 9.58 <br /> Source of rte,,Mellt: Tt:nrir:11:=1"d"""i" <br /> Amount of Loan: $175,000 <br /> Roil WaS Called with all Councilmen voting yes, except Coueciisen <br /> Overstreet and Stephenson,who were excused. ' <br /> Motion Carried <br />