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WHEREAS, the City' s Utility Fund 401 has ample funds to pay <br /> and retire the Notes by means of a temporary loan without <br /> jeopardizing its solvency; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br /> CITY OF EVERETT, WASHINGTON as follows : <br /> Section 1 . It is found and declared that a <br /> temporary interfund loan from Fund 401 to Fund 726 to <br /> pay and retire $2, 750 , 000 of the outstanding Notes <br /> when they mature on August 1, 1989, together with <br /> interest thereon in the amount of $77,343 . 75, is in <br /> the public interest and in the best interest of the <br /> City, and will not render Fund 401 insolvent if <br /> repaid from proceeds of the issuance and sale of <br /> tax-exempt LID No . 726 Bonds which the City intends <br /> to issue as soon as possible. <br /> Section 2 . The City Treasurer is authorized and <br /> directed to make an interfund loan under the <br /> following terms and conditions : <br /> Loan From: Fund 401 <br /> Loan To : Fund 726 <br /> Amount Authorized: $2,827,343 . 75 <br /> Period of Loan: August 1 , 1989 , to date of <br /> receipt of proceeds from <br /> permanent LID No . 726 <br /> financing, likely within one <br /> year . <br /> - 2 - <br />