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RESOLUTION NO.(;?cO5 <br /> A RESOLUTION authorizing the City Treasurer to <br /> make interfund loans to Fund 133 - Golf Project <br /> Contingency for interim financing for <br /> improvements to the golf courses. <br /> WHEREAS, permanent financing has not been obtained to <br /> fund the cost of improvements to the golf courses, 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: LID Guaranty Fund <br /> Loans To: Fund 133 - Golf Project Contingency <br /> Amount Authorized: $340, 000 <br /> Period of Loan: August 28 , 1985 to <br /> date of receipt proceeds from <br /> permanent financing. <br /> Rate of Interest : 9% <br /> Repayment Source: Golf course green fee revenues <br /> or proceeds of other permanent <br /> financing . <br /> 1W // -- <br /> Cou it Member Introducing Resolution <br /> PASSED AND APPROVED this <br /> p2� day of August, 1985 . <br /> 1 / /4", <br /> ' .4, 1,i 1 OM <br /> .Milltr WI' IMP' <br /> 4Incil ' -sisent <br /> 0003E <br />