1990/09/19 Council Minutes - Laserfiche WebLink

1'1 September 19,1990 359 _ ' WHEREAS, the City has outstanding 8625,000 par value of LID No. 724 Bond Anticipation Notes,1989(the Notes"), dated November 21, f 6.25A per annumand mat9uringan bearing 1,L1990 which erest at the City odoes not have sufficient money in Fund 724 to pay and retire;and 4, PinanciWEREbASg ttesCir the tiimvhmeis inngtpnimrovemenm district;and. WHEREAS, the City's Fund 401 (Utilities) hes ample funds to pay and retire the Notes at maturity by means of a temporary loan without jeopardizing its solvency;NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EVERETT, j WASHINGTON,as follows: Section 1: It is found and declared that a temporary } interfund loan from Fund 401 t d 724 t pay d ret; $625,000 I(I A of the outstanding Notes when they mature on October 1, 1990, together wrth interest thereon in the amount of$39,000,is in the public interest and in the best interest of the City and will not $ ender Fund 401 insolvent if repaid from proceeds of the issuance and a issue le of tax-exempt LID No. 724 Bonds which the City intends to l�ff, soon 1aas possible. )S section 2: TM1e city Trea sures s autM1orized ane tlirec[etl t0 ''''11' '1st, make an Lncerfund loan undez the following terms ane conditions: )tLoan 9 ,11 1.41 From: Fund 401 Loan t Authorized: $664,000 Period P L October 1, 1990, to date of receipt of 1 proceeds from permanent LID No. 724 ! fl j finance g,likely within one month. fill '1 R P Interest: 8.0%per annum fl p y ant Source: Proceeds of permanent financing to be accomplished by the issuance and sale y distritax-exempt tx b nds or other improvement !(�,-j{Il m obligations of the City. y{( lzl , Roll was celled with all councilmen voting yes. ' 't.�W�II Motion carried. 11 y. RESOLUTION $ t' t NDvetl by Councilman Gipson, s tootled by Councilman Norrow to ad pt Resolution No.3366 adopting a new logo Pox the Clty of Everett s , 1 follows: WHEREAS, on December 3, 1975, the City 0P Everett adopted 1'11 Resolution No.1091 establishing among other things the"Everett en' ly�. the police shield and fire symbol as the official logos a. IIIN� • identification symbols of the City of Everett;and iii ' WHEREAS, the "Everett e• has become dated and needs to be rrf replaced;and 1 11h;