Laserfiche WebLink
RESOLUTION NO. yjo 5.1,i <br /> A RESOLUTION authorizing the City Treasurer to <br /> make an interfund loan to Fund 342 - Kasch Park <br /> Construction for interim financing for <br /> improvements to Kasch Park . <br /> WHEREAS, payment has not been received from Community <br /> Transit for their share of the cost of improvements to Kasch <br /> Park , 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 342 - Kasch Park Construction <br /> Amount Authorized: $2, 400 . 00 <br /> Period of Loan: December 30 , 1985 to <br /> date of receipt of proceeds from <br /> Community Transit . <br /> Rate of Interest : 8% <br /> Repayment Source : Payment from Community Transit <br /> or proceeds of other permanent <br /> financing. • <br /> (711/14(/ <br /> Council M mber Introducing Resolution <br /> PASSED AND APPROVED this day of December , 1985 . <br /> / 4, <br /> . <br /> �� / // <br /> Coil fr <br /> President <br /> 0003E <br />