Laserfiche WebLink
RESOLUTION NO. 9:0? U <br /> A RESOLUTION authorizing the City Treasurer to <br /> make an interfund loan to Fund 390 - Library <br /> Construction for interim financing during <br /> construction on the Library. <br /> WHEREAS, permanent financing for construction on <br /> the library has not been obtained; 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: Transit Operating <br /> Loan To: Fund 390 - Library Construction <br /> Amount Authorized: $1 ,000 ,000 .00 <br /> Period of Loan: October 7 , 1987 to <br /> date of receipt of proceeds <br /> from permanent financing <br /> or other interim financing . <br /> Rate of Interest : 7 .50% <br /> Repayment Source: Proceeds of permanent or <br /> other interim financing <br /> Council Member IntroducResolution <br /> PASSED AND APPROVED this day of October, 1987 . <br /> (::/ C(/‘/ <br /> (J1-132-6) <br /> Council President <br /> 0003E <br />