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A RESOLUTION jJ7f9s <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 <br /> increments, thereby contributing to the depletion of available <br /> cash, and, <br /> WHEREAS, Each Fund is required by State law to remain financially <br /> solvent , it becomes necessary to borrow cash from other solvent <br /> Funds, or issue interest bearing warrants, in order to comply <br /> with the intent of the law, <br /> WHEREAS, it is required of the City Treasurer to obtain City <br /> Council approval to make interfund loans, or issue interest <br /> bearing warrants, <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City <br /> of Everett , that authorization is given to the City Treasurer <br /> to make interfund loans, or issue interest bearing warrants, <br /> for the following Funds under the following terms and <br /> conditions : <br /> Loan From: City of Everett Sewer or Water Bond <br /> reserve funds , or City of Everett <br /> L. I .D. guaranty fund, or at a reason- <br /> able rate of interest with local banks . <br /> Period of Loan : January 1, 1981 through June 30, 1981. <br /> Rate of Interest : 6 . 50% or as negotiated with local <br /> banks. <br /> Source of Repayment : Property Tax. <br /> Loans to, and <br /> Estimated Need: Parks Qs Recreation $ 410,000 <br /> Library 260,000 <br /> Street 185 , 000 <br /> Park Construction 134, 051 <br /> Everpark Garage 65 , 000 <br /> Police Pension 185, 000 <br /> TOTAL $1, 239,051 <br /> 1R"-670131, " <br /> Councilman Introduction Resolution <br /> Passed and approved thes f a day of �� , 1981. <br /> • <br /> Co(/ , u c .l President <br />