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F v. <br /> CITY OF EVERETT, WASHINGTON <br /> RESOLUTION NO. a D o) <br /> A RESOLUTION of the City Council of the City of <br /> Everett, Washington, authorizing and directing the <br /> City Treasurer to make an interfund loan from Fund <br /> 401 to Fund 726 , and making certain findings and <br /> declarations as a basis therefor . <br /> WHEREAS, permanent financing for local improvment districts <br /> usually is not accomplished until all construction is completed <br /> and bonds are issued; and <br /> WHEREAS, since each municipal fund is required by State law <br /> to remain financially solvent, it becomes necessary at times to <br /> borrow cash from solvent funds in order to comply with such law; <br /> and <br /> WHEREAS, the City Treasurer is required to obtain City <br /> Council approval prior to making interfund loans; and <br /> WHEREAS, the City has outstanding $2 ,750 ,000 par value of <br /> LID No . 726 Bond Anticipation Notes (the "Notes" ) issued on <br /> August 17 , 1987, bearing interest at 5 . 625% per annum and <br /> maturing on August 1 , 1989 , which the City does not have <br /> sufficient money in Fund 726 to pay and retire; and <br /> WHEREAS, pending litigation challenging assessments in LID <br /> No . 726 continues to delay the issuance of tax-exempt municipal <br /> bonds that eventually will provide permanent long-term financing <br /> for the improvments in that local improvement district; and <br />