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RESOLUTION NO. ele'p <br /> A RESOLUTION authorizing the City Treasurer <br /> to make an interfund loan for operating <br /> cash for Everpark Garage (Fund 430) <br /> WHEREAS , sufficient operating cash will not be available <br /> until the General Fund contribution is received by <br /> Everpark Garage in March 1984 , and <br /> WHEREAS, each fund is required by State Law to remain <br /> financially solvent, it becomes necessary to borrow cash <br /> from other solvent funds , or issue interest bearing warrants, <br /> 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 <br /> Treasurer to make an interfund loan under the following <br /> terms and conditions : <br /> Loan From: Sewer Operating Fund <br /> Loan To: Everpark Garage <br /> Amount Authorized: Not to exceed $25 , 000 . <br /> Period of Loan: December 1983 through March 1984 <br /> Rate of Interest: 8 . 5 percent <br /> Repayment Source: 1984 General Fund Contribution <br /> to Everpark Garage <br /> :AL149." ... <br /> Counod Mem+er ntroducing Resolution <br /> PASSED AND APPROVED this <br /> �-��' day of December, 1983 . <br /> I. IN IN 1W1."-111C._ 410.AL11.1111 .40:— <br /> Council President 4 <br />