Laserfiche WebLink
RESOLUTION NO.c� e <br /> A RESOLUTION authorizing the City Treasurer to <br /> make interfund loans to Fund 713 - Evergreen Way <br /> LID for interim financing during construction on <br /> the LID . <br /> WHEREAS , permanent financing for local improvement <br /> districts is not received until the construction is <br /> completed; 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: Fund 425 - Transit <br /> Loan To : Fund 713 - Evergreen Way LID <br /> Amount Authorized : $1 ,000 ,000 <br /> Period of Loan: September 30 , 1987 to <br /> date of receipt of proceeds <br /> from permanent financing <br /> or other interim financing . <br /> Rate of Interest : 7 . 00% <br /> Repayment Source : Proceeds of permanent or <br /> other interim financing <br /> or <br /> Council Member Int,.ducing Resolution <br /> PASSED AND APPROVED this'041-day of September , 1987 . <br /> Co ncil P esident <br /> 0003E <br />