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A RESOLUTION /57,,?/ <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 of <br /> Everett, that authorization is given to the City Treasurer to <br /> issue interest bearing warrants , for the following Funds under <br /> the following terms and conditions : <br /> Loan From: Frontier Bank $ 300, 000 . 00 maximum <br /> Olympic Bank $1, 140, 000 . 00 maximum <br /> Period of Loan: July 23, 1980 thru December 31, 1980 <br /> Rate of Interest: Frontier Bank 6 . 48% <br /> Olympic Bank 6 . 56% <br /> Source of Repayment: Property Tax and Half Cent Sales Tax <br /> Loans to & Amount: General Fund $ 400, 000 <br /> Parks & Recreation 265, 000 <br /> Library 200, 000 <br /> Street 230, 000 <br /> Park Construction 175, 000 <br /> Everpark Garage 25, 000 <br /> Police Pension 145, 000 <br /> TOTAL $1, 440 , 000 <br /> (/:/ <br /> Counci man 'Introducing Resolution <br /> Passed and approved this '?� day of y 1980 . <br /> ge34-6 ( AMO AO — <br /> Council Presicent <br />