1989/08/02 Council Minutes - Laserfiche WebLink

August 2,1989 299 WHEREAS, citizens of the 1700 Block of Rockefeller have petitioned the City to install permit parking an the.west side;and esieweRqtt xs coTmmprhtlon2 As. rrmCmprteenginstalled; hab s e NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF.EVERETT that the following be installed: Two (2) hour permit parking on the west side of the 1700 Block o4 Rockefeller,0:00 a.m.-6:00 p.m.,Monday through Saturday. Roll was called with all councllmembers voting yes. Notion carried. RESOLUTION-LID 726 A Bond Anticipation Note for LID 726, 60th Street Improvements, matures on August 1, 1989 and the City has not issued bonds to provide funding to pay Off the maturing BANS because of pending legal action. The intexPund loan will provide funds needed to payoff the BANS until the bonds can be sold. Waved by Councllmember Gipson,seconded by Councllmember Longus to adopt Resolution No. 3203 authorizing and directing the City Treasurer to make an Snt'="d loan Prom Funtl 401 to Funtl 726, antl making act ain fintivngs end tleclexati ons as a Da sis [hexa Pox a follows: s WHEREAS, permanent financing for local improvement districts usually is not accomplished s plished until all construction i completed and bonds re issued;and WHEREAS, since each municipal fund is required by State law to remain financially solvent, It becomes necessary at times to �� e borrow cash from solvent funds In order to comply with such law;and Council WHEREAS, the City. Treasurer Is required to obtain City :.. approval px lox to making intexPund loans;antl i WHEREAS,the City has outstanding$2,750,000 per value of LID No.726 Bond Anticipation Nates (the"Notes") issued on August 17, 1987,bearing interest at 5.625%per annum and maturing On gust 1, 1989which the City does not have sufficient money in Fund 726 to pay and retire;and WHEREAS, pending litigation challenging assessments in LID No. 726 continues to delay the issuance a4 tax-exempt municipal bonds that eventually will provide permanent long-term financing for the improvements in the local improvement district;and WHEREAS, the Citys Utility Fund 401 hes ample funds to pay and retire the Notes by means of a temporary loan without Jeopardizing its solvency;