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y ` <br /> A RESOLUTION 2 'f <br /> A RESOLUTION authorizing the City Treasurer <br /> to borrow money for those Funds requiring <br /> temporary 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, THERFORE, 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 with <br /> 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 <br /> Estimated Need: Parks & Recreation $ 699,000 <br /> Library 741 ,000 <br /> Street 490,000 <br /> Police Pension 566,500 <br /> TOTAL $2,496,500 <br /> 3036 V-c,ek2124 <br /> Councilman Introducing Resolution <br /> Passed and approved this day of fie} ,tile /i y , 1982. <br /> 40000. r <br /> Council President <br />