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RESOLUTION NO.dcgoZ5*-- <br /> A RESOLUTION authorizing the City Treasurer to <br /> make interfund loans as needed to keep funds <br /> solvent . <br /> WHEREAS, because each fund is required by State law <br /> to remain financially solvent , it becomes necessary to <br /> borrow cash from other solvent funds in order to comply <br /> with the intent of the law; and <br /> WHEREAS , it is required of the City Treasurer to <br /> obtain City Council approval to make interfund loans; and <br /> WHEREAS, it is in the best interest of the City to <br /> have one general loan resolution rather than numerous <br /> individual loan resolutions. <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL <br /> OF THE CITY OF EVERETT THAT: <br /> 1 . Authorization is given to the City Treasurer to <br /> make interfund loans as needed to keep funds <br /> solvent . <br /> 2 . All funds receiving loans will be charged interest <br /> except in those cases where the borrowing fund will <br /> eventually be funded by the lending fund. The rate <br /> of interest will be in line with what the lending <br /> fund could earn if the monies were invested. <br /> 3 . Monthly summaries of loan activity will be <br /> submitted to City Council . <br /> AO <br /> Cou1 Member introducing Resolution <br /> PASSED AND APPROVED this day of October, 1987 . <br /> Pd, $1 /1 <br /> Council President <br /> 0003E <br />