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RESOLUTION NO. 7)-- / ,1 <br /> A RESOLUTION authorizing the City Treasurer to make interfund loans <br /> for interim financing for Local ImprovementDistrict projects. <br /> WHEREAS, construction costs incurred on Local Improvement District <br /> (LID) projects must be financed on an interim basis until bond proceeds <br /> 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 Bond <br /> Reserve Funds or City LID <br /> Guaranty Fund. <br /> Loans To and Amount: LID 702 $ 20,000 <br /> LID 703 20,000 <br /> LID 704 200,000 <br /> LID 705 20,000 <br /> LID 706 130,000 <br /> LID 708 40,000 <br /> LID 709 200,000 <br /> LID 710 110,000 <br /> LID 711 300,000 <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: 6.5% on loans from reserve funds. <br /> 9.5% on loans from guaranty fund. <br /> Source of Repayment: Proceeds of bond sales or <br /> from any other monies received <br /> in the LIDs. <br /> J <br /> AIWA 10r /fie,e <br /> '•uncil Member In oducing Res. tion <br /> PASSED AND APPROVED this day of December 1982. <br /> ouncil President <br />