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RESOLUTION NO ( &3 <br /> A RESOLUTION authorizing the City Treasurer to <br /> make interfund loans from the General Fund to <br /> various general government funds in need of <br /> operating cash. <br /> WHEREAS, revenues are not remitted to the City in <br /> even monthly increments , thereby contributing to the <br /> depletion of available operating cash in several funds, <br /> 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 <br /> of the City of Everett , that authorization is given to the <br /> City Treasurer to make interfund loans under the following <br /> terms and conditions: <br /> Loans From: General Fund <br /> Loans To: Fund 101 = Parks & Recreation <br /> Fund 110 - Library <br /> Fund 120 - Street <br /> Fund 637 - Police Pension <br /> Amount Authorized : $1 ,000 ,000 <br /> Period of Loan: January 1, 1987 to <br /> date of receipt of proceeds <br /> of other interim financing <br /> sources or tax revenue. <br /> Rate of Interest : 0% - No interest required when <br /> General Fund is making loans to <br /> other general government funds . <br /> Repayment Source : Other interim financing sources <br /> (tax anticipation notes) or tax <br /> revenues . <br /> 0 :1;Y41-6 <br /> Cou 4 1 Membe Introducing Resolution <br /> PASSED AND APPROVED this oP-/ day of December , 1986 . <br /> G// <br /> Council President <br /> 0003E <br />