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RESOLUTION NO. /7gs <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 <br /> monthly increments, thereby contributing to the depletion of <br /> available cash; and <br /> WHEREAS, Each Fund is required by State law to remain <br /> financially solvent, it becomes necessary to borrow cash from <br /> other solvent Funds , or issue interest bearing warrants , in <br /> order to comply with the intent of the law; and <br /> WHEREAS, it is required of the City Treasurer to obtain <br /> City Council approval to make interfund loans, or issue interest <br /> bearing warrants, <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the <br /> City of Everett, that authorization is given to the City <br /> Treasurer to issue interest bearing warrants, for the following <br /> Funds under the following terms and conditions : <br /> Loan From: Olympic Bank <br /> Period of Loan: January 1, 1980 through <br /> June 30 , 1980 <br /> Rate of Interest: 8 . 25 Percent <br /> Source of Repayment: Property Taxes <br /> Loan to: Parks & Recreation $ 295, 000 . 00 <br /> Library 200, 000 . 00 <br /> Street 190 , 000. 00 <br /> Park Construction 200, 000 . 00 <br /> Police Pension 135, 000 . 00 <br /> Everpark Garage 25, 000 . 00 <br /> $1, 045, 000 . 00 <br /> 6,__G , , van., <br /> Councilman Introducing Resolution <br /> Passed and approved this ,7,: Gjj d of id,l', 1 <br /> L/I7 <br /> .Council President <br />