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5 <br /> RESOLUTION NO. <br /> A RESOLUTION authorizing the issuance of an interfund loan to Golf Fund <br /> 440 to finance the restructuring of its outstanding debt and construction of golf <br /> cart storage buildings, and establishing the rate of interest on the interfund <br /> loan. <br /> WHEREAS, Resolution No. 2925 authorizes the City Treasurer to establish interfund loans to <br /> maintain solvency for all City funds; and <br /> WHEREAS, Golf Fund 440 will benefit from restructuring its outstanding debt and requires <br /> assistance to finance the construction of golf cart storage buildings; and <br /> WHEREAS, the Park Director has identified a target repayment schedule (Attachment A); <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Everett as <br /> follows: <br /> the City Treasurer be directed to establish an interfund loan to Golf Fund 440 to <br /> finance the restructuring of its outstanding debt and construction of golf cart storage <br /> buildings, <br /> the target repayment schedule (Attachment A)be accepted as presented, and <br /> interest on the interfund loan will be calculated monthly at a rate equal to the average <br /> yield of the City's investment portfolio. <br /> Councilmember Introducing the Resolution <br /> PASSED AND APPROVED THIS day of September, 2007. <br /> Council President <br /> 8 <br />