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RESOLUTION NO. - _2-7 <br /> A RESOLUTION authorizing the City Treasurer to make interfund <br /> loans for interim financing for Local Improvement District No. 705- <br /> Everett Mall Way <br /> WHEREAS,construction costs incurred on Local Improvement District <br /> (LID) projects must be financed on an interim basis until bond proceeds <br /> or other monies are received, and <br /> WHEREAS, certain funds of the City have money available to loan to <br /> the LID funds on an interim basis , and <br /> WHEREAS,it is required of the City Treasurer to obtain City Council <br /> approval to make interfund loans, <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of Everett that <br /> authorization is given to the City Treasurer to make interfund loans for <br /> LID 705 under the terms and conditions as stated: <br /> Loans From: City Sewer or Water Funds <br /> Amount: $ 200,000 <br /> The amount shown is an <br /> accumulative total . <br /> Period of Loans : To be repaid when bonds are <br /> sold or other monies are <br /> received by the LID. <br /> Rate of Interest: 8.5% <br /> Source of Repayment: Proceeds of bond sales or <br /> from any other monies received <br /> in the LID. <br /> < , <br /> ,.(-'\ ': i ' ( it"( Q----,----- -- <br /> Council Member Introducing Resolution <br /> PASSED AND APPROVED this /57 day of May 1983. <br /> -...r.--_ ". -_. '- e- Altint4 .-- .1000'_ <br /> Counci President <br />