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RESOLUTION NO.,-- 7 7/ <br /> A RESOLUTION authorizing the City Treasurer to <br /> make an interfund loan to Fund 722 - 112th Street <br /> S.E . 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 722 - 112th Street S . E . <br /> Amount Authorized : $276 , 800 <br /> Period of Loan: October 22 , 1986 to <br /> date of receipt of proceeds <br /> from permanent financing . <br /> Rate of Interest : 6. 5% <br /> Repayment Source : Proceeds of permanent financing <br /> F �. <br /> Council Member Introducing Resolution <br /> PASSED AND APPROVED this d day of October, 1986 . <br /> ' '(J( i <br /> Council President <br /> 0003E <br />