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RESOLUTION NO.� ,O, <br /> A RESOLUTION authorizing the City Treasurer to <br /> make an interfund loan to Fund 717 - 4th Ave West <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 717 - 4th Ave West LID <br /> Amount Authorized : $1, 000, 000 <br /> Period of Loan : August 5, 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 /> [f <br /> Council Member Introducing solution <br /> PASSED AND APPROVED this qday of August , 1987. <br /> 004, <br /> Council P sident <br /> 0003E <br />