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RESOLUTION NO. 33344 <br /> A RESOLUTION authorizing the City Treasurer to <br /> make an interfund loan to Fund 133 - Golf Project <br /> Contingency for financing various golf course <br /> improvement projects . <br /> WHEREAS, City Council has authorized various <br /> capital improvement projects for the golf courses; and <br /> WHEREAS , the costs of the improvements are to be <br /> paid from monies on hand in the golf funds and by future <br /> golf course revenues ; and <br /> WHEREAS, each fund is required by State law to <br /> remain financially solvent , it becomes necessary to borrow <br /> cash from other solvent funds in order to comply with the <br /> intent of the law; and <br /> WHEREAS, it is required of the City Treasurer to <br /> obtain City Council approval to make interfund loans ; <br /> NOW, THEREFORE , BE IT RESOLVED BY THE CITY COUNCIL <br /> OF THE CITY OF EVERETT that authorization is given to the <br /> City Treasurer to make interfund loans under the following <br /> terms and conditions : <br /> Loan From Utilities Fund <br /> Loan To : Fund 133 - Golf Projects <br /> Amount Authorized : $220, 099. 00 <br /> Period of Loan : 7/1/90 to 7/1/95 <br /> Rate of Interest : 8.25% <br /> Repayment Source : Golf Course Revenues <br /> Council Memb r Introducing Resolution <br /> PASSED AND APPROVED this 27I/1 day of July, 199a. 2) <br /> Council Pres ' ent '' <br /> WDTRSBLV #1, pg 3 <br />