Laserfiche WebLink
RESOLUTION NO.�45p <br /> A RESOLUTION authorizing the City Treasurer to <br /> make interfund loans to Fund 716 - 3rd Avenue LID <br /> for interim financing during construction on the <br /> LID . <br /> WHEREAS, permanent financing for local improvement <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 /> Loans From: Water Operating <br /> Loans To : Fund 716 - 3rd Avenue SE LID <br /> Amount Authorized : $886 , 000 . 00 <br /> Period of Loan: December 31 , 1985 to <br /> date of receipt of proceeds from <br /> other interim financing or <br /> permanent financing . <br /> Rate of Interest : 8% <br /> Repayment Source : Proceeds of permanent financing. <br /> ? ( <br /> Council Member Introducing Resolution <br /> PASSED AND APPROVED this O day of January, 1986 . <br /> Council President <br />