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RESOLUTION NO0752 <br /> A RESOLUTION authorizing the City Treasurer to <br /> make an interfund loan to Fund 725 - Evergreen <br /> Way/Gateway LID for interim financing during <br /> construction on 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: Water Operating <br /> Loan To: Fund 725 - Evergreen Way/Gateway <br /> Amount Authorized : $1, 089, 700 <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 /> / / <br /> Council Member Introducing Resolution <br /> PASSED AND APPROVED this7day of May 1987. <br /> _!//g4iP // 2114":1-0,-- <br /> Council Pr4ident <br />