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RESOLUTION NO. v78/er <br /> A RESOLUTION authorizing the City Treasurer to make an interfund <br /> loan for interim financing for Local Improvement District No. 702 - <br /> 75th Street. <br /> WHEREAS, LID 702 has $328,231.68 available from grant revenues <br /> and assessments collected during the 30 day "prepay period" , and <br /> WHEREAS, $364,771.44 is needed to redeem the three oldest out- <br /> standing interest beoriny krarrants , and <br /> WHEREAS, certain funds of the City have money available to loan <br /> to the LID fund on an interim basis , and <br /> WHEREAS, it is required of the City Treasurer to obtain City <br /> Council approval to make interfund loans , <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of Everett <br /> that authorization is given to the City Treasurer to make an interfund <br /> loan for LID 702 under the following terms and conditions: <br /> Loan From: City Sewer or Water Funds <br /> Amount: $37,000.00 <br /> Period of Loan: To be repaid when bonds <br /> are sold or other monies <br /> are received by the LID. <br /> Rate of Interest: 9.0% <br /> Source of Repayment: Proceeds of bond sales or <br /> from any other monies <br /> received in the LID. <br /> fj)c_e (:2) <br /> • <br /> Council Member Introducing Resolution <br /> PASSED AND APPROVED this /6 day of August 1983. <br /> Council Presid nt <br />