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• <br /> RESOLUTION NO .c'aga <br /> A RESOLUTION authorizing the City Treasurer to <br /> make an interfund loan to Fund 138 - <br /> Cultural/Convention Center Fund for financing the <br /> construction of bleachers at Memorial Stadium. <br /> WHEREAS, City Council authorized the construction <br /> of new bleachers at Memorial Stadium; and <br /> WHEREAS , the cost of construction is to be funded <br /> over ten years with proceeds of the Hotel/Motel Tax ; 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 of the <br /> City of Everett , that authorization is given to the City <br /> Treasurer to make interfund loans under the following <br /> terms and conditions : <br /> Loan From: Utilities Fund <br /> Loan To : Fund 138 - Culture/Cony Center <br /> Amount Authorized : $350, 000. 00 <br /> Period of Loan : 3/1/90 to 12/31/99 <br /> Rate of Interest : 8 . 50% <br /> Repayment Source : Proceeds of Hotel/Motel Tax <br /> efi. <br /> 41. <br /> Council Member. Introducing Resolution <br /> PASSED AND APPROVED this day of February , 1990. <br /> Council President <br /> 0003E <br />