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. , <br /> RESOLUTION NO.,,/ 9 <br /> A RESOLUTION authorizing the City Treasurer to make interfund <br /> loans, for interim financing for ULID No. 1 (LID 707) . <br /> ' WHEREAS, major revenues for ULID No. 1 will not be obtained <br /> until OLID bonds are sold, and <br /> WHEREAS, expenses will be incurred prior to receipt of the <br /> proceeds of the bond sale, and <br /> WHEREAS,each fund is required by State Law to remain financially <br /> solvent, it becomes necessary to borrow cash from other solvent funds, <br /> or issue interest bearing warrants , in order to comply with the intent <br /> of the law, and <br /> WHEREAS, it is required of the City Treasurer to obtain City <br /> Council approval to make interfund loans , <br /> NOW, THERFORE, BE IT RESOLVED by the City Council of the City of <br /> Everett, that authorization is given to the City Treasurer to make <br /> interfund loans under the following terms and conditions : <br /> Loan From: Sewer/Water Construction Fund <br /> Loan To: ULID No. 1 (LID' Fund) <br /> Amount Authorized: Total of all loans not to exceed $2,600,000. <br /> Period of Loan: November 1982 through June 1983 <br /> Rate of Interest: 9.5 percent <br /> Repayment Source : ULID No. 1 Bond Proceeds <br /> Department of Ecology Grant <br /> It is understood that this loan does not constitute the Sewer <br /> Department's contribution to the S.W. Everett Sewer Project and that <br /> said Sewer Department contribution will not be fully paid until OLID <br /> No. 1 is fully funded by the sale of bonds. <br /> Of il <br /> .i A A A i.i 1 A AL4f . Al A/'__ <br /> IF i <br /> C. Adv Meme 'ntr..0 ng Resolution <br /> PASSED AND APPROVED this / 7 day of November, 1982 <br /> t <br /> Cornci' 'resident <br />