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1 $625, 000 of the outstanding Notes when they mature on October 1, <br /> 2 1990, together with interest thereon in the amount of $39 , 000, <br /> 3 is in the public interest and in the best interest of the City <br /> 4 and will not render Fund 401 insolvent if repaid from proceeds <br /> 5 of the issuance and sale of tax-exempt LID No . 724 Bonds which <br /> 6 the City intends to issue as soon as possible. <br /> 7 Section 2 . The City Treasurer is authorized and directed <br /> 8 to make an interfund loan under the following terms and <br /> 9 conditions : <br /> 10 Loan From: Fund 401 <br /> 11 Loan To : Fund 724 <br /> 12 Amount Authorized: $664 , 000 <br /> 13 Period of Loan: October 1, 1990, to date of receipt <br /> of proceeds from permanent LID No. <br /> 14 724 financing, likely within one <br /> month. <br /> 15 <br /> Rate of Interest : 8 . 0% per annum <br /> 16 <br /> Repayment Source: Proceeds of permanent financing to <br /> 17 be accomplished by the issuance and <br /> sale of tax-exempt local <br /> 18 improvement district bonds or other <br /> tax-exemp obligations of the City. <br /> 19 <br /> 20 2 <br /> 21 Councilman Introdu ing Resolution <br /> 22 Dated this 1' day of September, 1990 . <br /> 23 <br /> 24 Council President <br /> $LH-240• <br /> 25 <br /> - 2 - <br />