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r <br /> ' 300 <br /> August 2,1999 <br /> ' <br /> 'f NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> 1 <br /> CITY OF EVERETT•WASHINGTON as follows: <br /> Section 1. It is found and declared that a temporary <br /> lntexfund loan from Fund 401 to Fund 726 to pay and retire <br /> $2,750,000 of the outstanding Notes when they mature on August 1, <br /> 1989,together with interest thereon in the amount of$77,343.75, is <br /> in the public interest and in the best interest of the Cite, and <br /> 111 not rendersa Fund to insolvent if . 726 from proceeds P the <br /> sq intends and issue <br /> as <br /> tax-exempt LID Ne. 726 Bonds which the city <br /> •�! intends t0 nissue a son as possible. teas rex <br /> E Section 2. TM1e Cvty is a thaxiretl antl <br /> directed to make an SnterPuntl loan antler uthe following. erms. antl <br /> I conditions: <br /> Loan From: Fund 401 <br /> 14. <br /> Loan To: Fund 726 <br /> Amount Authorized: $2,837,343.75 <br /> 14 Period of Loan. August 1, 1989, to date of <br /> receipt Df proceeds from <br /> permanent LID Na.736 financing, <br /> x likely within one year. <br /> )i Rate of Interest: 8.50%per annum <br /> I' Repayment Source: Proceeds of op^rmanent financing <br /> J to be accomplished by the <br /> "' issuance and sale of tax-exempt <br /> local improvement bonds or other <br /> j!. x exempt obligations of the <br /> city. <br /> it if! <br /> Section 3. All actions heretofore taken by Cite <br /> OPPvcvale in Pux thexence DP the purposes of tM1is resolution <br /> � xatifietl antl confirmetl. ar <br /> d F( <br /> ,A .. Reil was called with all councilmembers voting.yes. <br /> III <br /> Notion carried. <br /> �t .. <br /> STOP ABUSE LINE OF CREDIT <br /> fi', The City of Everett and Snohomish County jointly funded the purchase <br /> and rehabilitation of the Stop Abuse Shelter. The original funding <br /> for the project was$79,100 (54%) from the City and $67,155 (46%) <br /> Prom Snohomish eeaunpY hwamortization <br /> schedule <br /> funds <br /> ith <br /> was s15year perio which startedsof October 10,1900,w <br /> balance of Inc Cltys portion asof December 31, 1988w of <br /> $65,668.50. <br /> Stop Abuse is requesting that the City grant permission for Frontier <br /> Bank to add a second deed of trust to the existing mortgage for the <br /> shelter as collateral for a$15,000 line of credit. The purpose of <br /> the additional funding is to ass St the agencyy with cash flow during <br /> the period of contracting withfunding sources for the new fiscal <br /> year. <br /> tr <br />