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RESOLUTION NO. c:2_- "OF <br /> A RESOLUTION authorizing the City Treasurer <br /> to borrow money in 1984 for the Equipment <br /> Rental 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 <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 Treasurer <br /> to make interfund loans to the Equipment Rental Fund under the <br /> following terms and conditions : <br /> Loan From: Local Improvement Guaranty Fund <br /> Period of Loans: April 1 , 1984 through December 31 , <br /> 1984 <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 an aggregate total of <br /> $100 , 000 . <br /> Reyo, <br /> Councilman Introducing Resolution <br /> PASSED AND APPROVED this ?` day of April , 1984 . <br /> Ai <br /> 1 . / 0410 <br /> .© cil President <br />