1986/01/08 Council Minutes - Laserfiche WebLink

gi January 4,1986 WHEREAS,it is required of the City Treasurer to obtain City Conncil,approVal to make interfund loanst NOW, THEREFORE, BE IT RE...,by the City Council of the City of Everett, that authorization is given to the City Treasurer to make interfund loans under the following terms and conditions: . Loan From: Water Operating Loan To: Fund 720-Smith Avenue LID Amount Authorized: $34,500.00 Period of Loan: December 31,1985 to date of receipt of proceeds from ) perSRnent financing. Rate of Interest: 88 Repayment Source: Proceeds of permanent financing. , RESOLUTION-INTERFUND LOAN To adopt Resolution No.2659 as follows: WHEREAS, permanent financing for 10001 improvement districts is not received until the conStructiOn is coMpletedi and wHEREAs, 5000 3003 is required by State law to remain firmneially solvent, it becomes necessary to borrow cash from other solvent funds in order to comply with the intent of the law:and WHEREAS, it is required of the City Treasurer to obtain City couneil'approval to make interfund loans; Now, THEREFORE, BE IT RESOLVED by the City Council of the City of Everett, that authorization is given to Elm City Treasurer to make interfund leans under the following terms and conditions: Loans From: Water Operating Loans To: Fund 716-3rd Avenue SE LID Amount Authorized: $886,000.00 Period of Loan: December 31,1985 to date of receipt of proceeds from other interim financing or permanent financing. Rate of Interest: 88 Repayment Source: Proceeds of permanent financing.