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RESOLUTION NO. 25 00 <br /> A RESOLUTION authorizing the City Treasurer to <br /> make an interfund loan to Fund 133 - Golf <br /> Project Contingency for interim financing for <br /> improvements to golf courses. <br /> WHEREAS, permanent financing has not yet been obtained <br /> to 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, or issue interest bearing warrants, in <br /> order to comply with the intent of the law, and <br /> WHEREAS, it is required of the City Treasurer to obtain <br /> City Council approval to make interfund loans, <br /> NOW, THERFORE, BE IT RESOLVED by the City Council of <br /> the City of Everett, that authorization is given to the City <br /> Treasurer to make an interfund loan under the following terms <br /> and conditions: <br /> Loan From: Fund 134 - Golf Operating Reserve <br /> Loan To: Fund 133 - Golf Project Contingency <br /> Amount Authorized: $40,000.00 <br /> Period of Loan: November 14, 1984 to date of <br /> receipt of 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 /> `;' \; '/- r <br /> .,_ ?:::Y7;i74.,<_/r <br /> Council Member Introducing Resolution <br /> PASSED AND APPROVED this 14th day of November, 1984. <br /> 16 d/ <br /> /14AI / /! .. -./ <br /> Council President <br />