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RESOLUTION NO.6l' 9 <br /> A RESOLUTION authorizing the City Treasurer to <br /> make an interfund loan to Fund 720 - Smith Avenue <br /> LID for interim financing during construction on <br /> the LID . <br /> WHEREAS, permanent financing for local improvemnt <br /> districts is not received until the construction is completed; <br /> 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 /> Loan From: Water Operating <br /> Loan To : Fund 720 - Smith Avenue LID <br /> Amount Authorized: $34, 500 . 00 <br /> Period of Loan : December 31 , 1985 to <br /> date of receipt of proceeds from <br /> permanent financing. <br /> Rate of Interest : 8% <br /> Repayment Source : Proceeds of permanent financing. <br /> Council Member Introducing Resolution <br /> PASSED AND APPROVED thisK66 day of January, 1986 .(1 <br /> 'ate <br /> Council President <br />