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RESOLUTION NO.02B5? <br /> A RESOLUTION authorizing the City Treasurer to <br /> make an interfund loan to Fund 727 - 16th Avenue <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 : Transit Operating <br /> Loan To: Fund 727 - 16th Avenue <br /> Amount Authorized: $1, 113, 900. 00 <br /> Period of Loan : May 6, 1987 to <br /> date of receipt of proceeds <br /> from permanent financing <br /> or other interim financing . <br /> Rate of Interest : 6.75% <br /> Repayment Source : Proceeds of permanent or <br /> other interim financing <br /> Council Member Introducing Resolution <br /> PASSED AND APPROVED this 4 day of May, 1987. <br /> Council P -sident <br /> 0003E <br />