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RESOLUTION NO.o SO <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 even <br /> monthly increments, thereby contributing to the depletion of <br /> available operating cash in several funds , and <br /> WHEREAS, each fund is required by State law to remain <br /> financially solvent , it becomes necessary to borrow cash from <br /> other solvent funds in order to comply with the intent of the <br /> law, and <br /> WHEREAS, it is required of the City Treasurer to obtain <br /> City Council approval to make interfund loans; <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of <br /> the City of Everett , that authorization is given to the City <br /> Treasurer to make interfund loans under the following terms <br /> 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 /> Total Authorized: $600, 000 . 00 <br /> Period of Loans : March 1 , 1986 to date of receipt of <br /> proceeds from other interim <br /> financing sources or property tax <br /> revenues. <br /> Rate of Interest : 0% - No interest required when <br /> General Fund is making the loans to <br /> other general government funds . <br /> Repayment Source: Other interim financing sources <br /> ( tax anticipation notes) or <br /> property tax revenues . <br /> 4( °°19/ <br /> Coun, Member Introducing Resolution <br /> PASSED AND APPROVED this day of March, 1986 . <br /> 441/ <br /> Council President <br />