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RESOLUTION N0,2/-17, <br /> A RESOLUTION authorizing the City Treasurer to <br /> make an interfund loan to Fund 370 - Forest <br /> Park Swim Center for interim financing for <br /> repair of the swim center roof . <br /> WHEREAS, permanent financing has not yet been obtained <br /> to fund the cost of repairing the Forest Park Swim Center <br /> roof , 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: General Fund <br /> Loan To: Fund 370 - Forest Park Swim Center <br /> Amount Authorized: $610 ,000 . 00 <br /> Period of Loan: September 19 , 1984 to date of <br /> receipt of proceeds from <br /> permanent financing <br /> Rate of Interest : 10% <br /> Repayment Source: Limited General Obligation Bond <br /> proceeds or other permanent <br /> financing <br /> (,:-47)›e-y___ <br /> Council Member Introducing Resolution <br /> PASSED AND APPROVED this l ! day of September , 1984 . <br /> ig <br /> / 1 :i! ` !. I. <br /> Council President <br />