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P <br /> RESOLUTION NO. e,5' <br /> A RESOLUTION authorizing the City Treasurer to <br /> borrow money in 1984 for various operating funds. <br /> WHEREAS, revenues are not remitted to the City in even monthly <br /> increments, thereby contributing to the depletion of available cash, and, <br /> WHEREAS, each fund is required by State law to remain financially <br /> solvent, it becomes necessary to borrow cash from other solvent funds <br /> in order to comply with the intent of the law, and, <br /> WHEREAS, it is required of the City Treasurer to obtain City <br /> Council approval to make interfund loans , <br /> NOW, THERFORE, BE IT RESOLVED by the City Council of the City of <br /> Everett, that authorization is given to the City Treasurer to make <br /> interfund loans under the following terms and conditions : <br /> Loans From: Sewer or Water Bond Reserve Funds and <br /> Local Improvement Guaranty Fund <br /> Period of Loans: January 1 , 1984 through December 31 , 1984 <br /> Rate of Interest: 6.5% on Bond Reserve Fund Money <br /> 9.0% on Guaranty Fund Money <br /> Source of Repayment: Property Tax and Sales Tax Revenues <br /> Funds Receiving Loans : General Fund, Parks & Recreation Fund <br /> Library Fund, Street Fund, Fire Pension <br /> Fund and Police Pension Fund. <br /> Amount of Loans: As needed to remain solvent but not <br /> exceeding 75% of estimated property <br /> tax and sales tax revenues. <br /> This resolution supercedes Resolution No. 2219. <br /> ,fes_ <br /> c-- 4- <br /> Councilman Introducing Res utio <br /> Passes and approved this day of 4-ce7,,,,e.5E-ie , 1983. <br /> Co •06' esi dent <br />