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RESOLUTION NOVO4iP <br /> A RESOLUTION authorizing the City Treasurer to <br /> make an interfund loan from the LID Guaranty Fund <br /> to the General Fund to cover the cost of the <br /> purchase of property at 37th and Rucker. <br /> WHEREAS , the City Council has authorized the <br /> purchase of property at 37th and Rucker, and <br /> WHEREAS , the City Council has determined that the <br /> it is in the best interest of the City to have the General <br /> Fund obtain an interfund loan to purchase the property and <br /> pay the loan back over a six year time period , and <br /> WHEREAS, the terms of an interfund loan must be set <br /> forth in a Council resolution , <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council <br /> of Everett that authorization is given to the City <br /> Treasurer to make in interfund loan under the following <br /> terms and conditions : <br /> Loan from : LID Guaranty Fund <br /> Loan to : General Fund <br /> Amount of Loan : $175, 000. 00 <br /> Period of Loan March 11, 1987 thru <br /> March 11, 1993 <br /> Rate of Interest 8% <br /> Source of Repayment Property Tax <br /> Councilman Introducing Resolution <br /> Passed and approved this // 'day of March, 1987. <br /> OiL)2\ <br /> Council P esident <br /> 0003E <br />