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RESOLUTION NO. c..;2 / $'7 <br /> A RESOLUTION authorizing the City Treasurer to <br /> borrow money for those Funds requiring temporary <br /> operating cash. <br /> WHEREAS, Revenues are not remitted to the City in even monthly increments, <br /> thereby contributing to the depletion of available cash, and, <br /> WHEREAS, Each Fund is required by State law to remain financially solvent , <br /> it becomes necessary to borrow cash from other solvent Funds, or issue <br /> interest bearing warrants, in order to comply with the intent of the law. <br /> WHEREAS, it is required of the City Treasurer to obtain City Council <br /> approval to make interfund loans, or issue interest bearing warrants, <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Everett , <br /> that authorization is given to the City Treasurer to make interfund loans, <br /> or issue interest bearing warrants, for the following Funds under the <br /> following terms and conditions : <br /> Loan From: City of Everett Sewer or Water Bond reserve <br /> funds , or City of Everett L. I .D. guaranty <br /> fund, or at a reasonable rate of interest <br /> with local banks. <br /> Period of Loan: January 1 , 1982 through December 31 , 1982. <br /> Rate of Interest: 6.50% or as negotiated with local banks. <br /> Source of Repayment : Property Tax. <br /> Loans to, and amount: General Fund 1 ,500,000 <br /> Parks 920,000 <br /> Library 700,000 <br /> Street 870,000 <br /> Police Pension 550,000 <br /> Interfund loans payable in each fund will <br /> at no time exceed 90% of the uncollected <br /> property tax for such fund. <br /> This resolution supercedes Resolution No. 2039. <br /> At li �/ / , i <br /> AO ilm_, . roduci g Resolution <br /> Passed and approved this day of 4.1cJErrmAir ,�.r , 1982. <br /> Council President <br />