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RESOLUTION NO.a5L1 y <br /> A RESOLUTION authorizing the City Treasurer to <br /> borrow money in 1985 for the Equipment Rental <br /> Fund. <br /> WHEREAS, revenues are not remitted to the Equipment Rental <br /> Fund in even monthly increments , thereby contributing to the <br /> depletion of available cash; and <br /> WHEREAS , each fund is required by State law to remain <br /> financially solvent , it becomes necessary to borrow cash from other <br /> solvent funds in order to comply with the intent of the law; and <br /> WHEREAS , it is required of the City Treasurer to obtain City <br /> Council approval to make interfund loans ; <br /> NOW , THEREFORE , BE IT RESOLVED by the City Council of the <br /> City of Everett , that authorization is given to the City Treasurer <br /> to make interfund loans to the Equipment Rental Fund under the <br /> following terms and conditions : <br /> Loans From : Local Improvement Guaranty Fund <br /> Period of Loans 2/27/85 through 12/31/85 <br /> Rate of Interest 9. 0% <br /> Source of Repayment : Monthly Equipment Rental Payments <br /> Amount of Loans : As needed to remain solvent but not <br /> to exceed $200, 000 outstanding at any <br /> one time. <br /> Council Member Introducing Resolution <br /> PASSED AND APPROVED this 2 7 day of February, 1985. <br /> f - 414rIC <br /> Co ''* it President <br />