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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br /> D ►I <br /> PROJECT TITLE: A Consent COUNCIL BILL# <br /> Resolution authorizing the X Action Originating Department Finance <br /> issuance of an interfund loan to First Reading Contact Person Debra Bryant <br /> Golf Fund 440 to finance the Second Reading Phone Number X 8608 <br /> restructuring of its outstanding Third Reading FOR AGENDA OF 9/26/2007 <br /> debt and construction of golf Public Hearing <br /> cart storage buildings, and Initialed by: <br /> establishing the rate of interest Department Head <br /> on the interfund loan CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s) Approval <br /> Budget Committee Resolution <br /> approval 9/12/07 <br /> Amount Budgeted <br /> Expenditure Required Account Number(s): <br /> Budget Remaining <br /> Additional Required <br /> DETAILED SUMMARY STATEMENT: The Parks Director has developed a business plan for Golf <br /> Fund 440 that includes restructuring its outstanding debt and expanding the golf cart rental program. This <br /> interfund loan will finance the debt restructure and construction of golf cart storage buildings. A target <br /> repayment schedule is attached. <br /> RECOMMENDATION: Adopt 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 cart storage buildings, and <br /> establishing the rate of interest on the interfund loan. <br /> 7 <br />