1986/10/22 Council Minutes - Laserfiche WebLink

467 October 22,1986 I I WHEREAS, each fund is required by State law to remain financially solVent,it becomes necessary to borrow cash from other ,,, solvent funds in order to comply with the intent of the laws and WHEREAS,it is required of the City Treasurer to obtain City Council approval to make interfund loans, NOW, THEREFORE, BE IT RESOLVED 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 Froe: Water Operating Loan To: Fund 722-112th Street S.E. Amount Authorized: $276,600 Period of Loan: October 22,1906 to date of receipt of proceeds from permanent financing. Rate of Interest: 6.56 Repayment Source: Proceeds of permanent financing RESOLUTION-INTERFUNO LOAN TO adopt Resolution No.2772 as follows: is not!'etT1'r%1:1771n:c011tlUellon'lel=leteda,nearrn WHEREAS, each fund is required by State lex to reeeiu financially solvent,it become.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 ureasurer to°ht..citY Council approval to make inter4und loans: NOW, THEREFORE, BE IT 6 RESOLVED 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 1 Loan Tq. Fund 724-110th Street S.S. Amount Authorized: $715,500 Period of Loan: October 22,1988 to date of receipt of proceeds fres:permanent financing or other interim financing. Rate of Interest: 8.58 Repayment Sonrce: Proceeds of permanent or Other interim financing Roll was called with all councilmen voting ye.. Notion carried. RESOLUTION OF INTENT ReYsoft=1:a AnntasTollo:rndaa " C""'"an Lan"' "