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RESOLUTION NO. >6-3/ <br /> A RESOLUTION authorizing the City Treasurer to make interfund <br /> loans for interim financing for Local Improvement District projects. <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 /> the following LIDs under the terms and conditions as stated: <br /> Loans From: City Sewer or Water Funds <br /> Loans To and Amount: LID 705 $ 40,000 <br /> LID 709 400,000 <br /> The amounts shown are <br /> accumulative totals by LID. <br /> Period of Loans : To be repaid when bonds are <br /> sold or other monies are <br /> received by the LIDs. <br /> Rate of Interest: 8.5% <br /> Source of Repayment: Proceeds of bond sales or <br /> from any other monies received <br /> in the LIDs. <br /> - <br /> Counc�� "T" b cin %g- t <br /> g esol u i on <br /> PASSED AND APPROVED this o day of March 1983. <br /> ouncil President <br />