Laserfiche WebLink
3.75467' <br /> 1 RESOLUTION NO. <br /> 2 <br /> 3 A RESOLUTION of the City Council of the City of <br /> Everett, Washington, authorizing and directing the <br /> 4 City Treasurer to make an interfund loan from Fund <br /> 401 to Fund 724 , and making certain findings and <br /> 5 declarations as a basis therefor . <br /> 6 WHEREAS, permanent financing for local improvement <br /> 7 districts usually is not accomplished until bonds are issued; and <br /> 8 WHEREAS, since each municipal fund should remain <br /> 9 financially solvent , it becomes necessary at times to borrow <br /> 10 cash from solvent funds to be repaid in the future; and <br /> 11 WHEREAS, the City has outstanding $625, 000 par value of LID <br /> 12 No . 724 Bond Anticipation Notes, 1989 (the "Notes" ) , dated <br /> 13 November 21, 1989 , bearing interest at the rate of 6 . 25% per <br /> 14 annum, and maturing on October 1, 1990, which the City does not <br /> 15 have sufficient money in Fund 724 to pay and retire; and <br /> 16 WHEREAS, the City anticipates issuing permanent long term <br /> 17 financing obligations for the improvements in that local <br /> 18 improvement district; and <br /> 19 WHEREAS, the City' s Fund 401 (Utilities) has ample funds to <br /> 20 pay and retire the Notes at maturity by means of a temporary <br /> 21 loan without jeopardizing its solvency; NOW THEREFORE, <br /> 22 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EVERETT, <br /> 23 WASHINGTON, as follows : <br /> 24 Section 1 . It is found and declared that a temporary <br /> 25 interfund loan from Fund 401 to Fund 724 to pay and retire <br />