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RESOLUTION NO. /f9/ <br /> A RESOLUTION authorizing the City <br /> Treasurer to borrow interim construction financing <br /> for LID 702. <br /> WHEREAS, Revenues from LID 702 will not be obtained until the construction <br /> project (75th Street Southwest Area Improvement Project) is complete and the <br /> assessment roll is officially closed, and <br /> WHEREAS, Revenues from the Economic Development Administration Grant <br /> awarded to the City for this project will be remitted to the City on a reimbursement <br /> basis, 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 interest <br /> bearing warrants, in order to comply with the intent of the law, and <br /> WHEREAS, it is required of the City Treasurer to obtain City Council approval <br /> to make interfund loans, or issue interest 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 issue interest bearing <br /> warrants, for the following Fund under the following terms and conditions: <br /> Loan From: Seattle First National Bank $2,200,000 <br /> Period of Loan: September 11, 1980 through April 30, 1981 <br /> Rate of Interest: Seattle First National Bank 7.5% <br /> Renegotiated Quarterly <br /> Source of Payment: LID 702 Bond Issue and subsequent <br /> Special Property Tax Levy <br /> to Benefitting Property Owners, <br /> and Economic Development Administration <br /> Grant Funds <br /> Loans to and Amount: LID 702 $1,400,000 <br /> EDA 800,000 <br /> Total $2,200,000 <br /> (./4_,,e/1Co •. `1 embesolution <br /> PASSED and APPROVED this /O fes- day/f September, 1980. <br /> Nit <br /> Council President <br />