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RESOLUTION NO.P?g5i <br /> A RESOLUTION authorizing the City Treasurer <br /> to make an interfund loan for interim <br /> financing for Fund 342 , Kasch Park <br /> Construction. <br /> WHEREAS, IAC grant revenues of $150 ,000 and Community <br /> Transit (CT ) funding of $25,000 for the Kasch Park project may <br /> not be received until the project is completed, 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 the <br /> City of Everett , that authorization is given to the City <br /> Treasurer to make an interfund loan to Fund 342, Kasch Park <br /> Construction under the following terms and conditions : <br /> Loan From: Water Operating Fund <br /> Period of Loan: August 1 , 1984 to date of <br /> receipt of grant revenues <br /> and CT funding <br /> Rate of Interest: 9 . 5% <br /> Source of Repayment : IAC grant revenue and Community <br /> Transit allocation <br /> Amount of Loan: $175, 000 <br /> ; <br /> Councilman Introducin' Resolution <br /> PASSED AND APPROVED this qQS' day of July, 1984 . <br /> /dr-o-7 (I2( -41 1 <br /> Council Pre dent . ec-'s <br />