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RESOLUTION NO. ?-4716( <br /> A RESOLUTION authorizing the City Treasurer to make an <br /> interfund loan for interim financing for LID 711-Campus <br /> Parkway. <br /> WHEREAS, a bond anticipation note dated January 1 , 1984 <br /> matures on September 1 , 1984, and <br /> WHEREAS, long term bond proceeds will not be available <br /> on September 1 , 1984, to pay off the bond anticipation note, <br /> and <br /> WHEFEAS, 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: Water Operating Fund <br /> Loan To: LID 711-Campus Parkway <br /> Amount Authorized $410, 000.00 <br /> Period of Loan September 1 , 1984 to date of <br /> receipt of LID bond proceeds. <br /> Rate of Interest 10% <br /> Repayment Source: LID 711 Bond proceeds <br /> Council Member Introducing Resolution <br /> PASSED AND APPROVED this 34,-,/day of August , 1984 <br /> Council President <br />