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RESOLUTION NOc.?7.� <br /> A RESOLUTION authorizing the City Treasurer to <br /> make an interfund loan to Fund 723 - Marilyn <br /> Avenue 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 723 - Marilyn Ave LID <br /> Amount Authorized: $6, 000 . 00 <br /> Period of Loan: September 3, 1986 to <br /> date of receipt of proceeds <br /> from permanent financing. <br /> Rate of Interest : 6% <br /> Repayment Source : Proceeds of permanent financing <br /> ILIA' I <br /> J Awg.I .../ 1. <br /> Co n•g Member ntroducing Resolution <br /> PASSED AND APPROVED this day of September, 1986 . <br /> ( q/G(7 <br /> -4-1.--- <br /> Council <br /> YCouncil President <br />