Ordinance 4192 - Laserfiche WebLink

27. 47th Street and Evergreen Way intersection, provide adequate channelication for smoother traffic flow and privde safe storage for turning cars. 28. Smith Street - Pacific Avenue to 41st Street, widen and pave to handle freeway industrial traffic and local commercial traffic. 29. Pacific Avenue, Grand Ave. to Kromer Ave. , widen and pave to the same width as the rest of Pacific Ave. , thereby eliminating a bottleneck for east and west bound traffic. The City shall acquire all rights-of-way necessary to carry out the above provided improvements, and shall acquire and install all traffic signals, signs and control devices necessary therefor. In the event there is any money remaining out of the proceeds of the sale of the bonds hereinafter provided for after all of the above described improvements have been made, the City may use such remaining money for similar improvements of other main and arterial streets within the city as found to be most necessary and advisable by the City Council. Section 3: For the purpose of providing funds necessary to pay the cost of acquiring, constructing and making the above described improvements, the City shall issue and sell its unlimited tax levy general obligation bonds in the principal amount of $4,500,000. Said bonds shall bear interest at a rate not in excess of the legal rate of interest and shall mature serially in twenty years from date of issue. Both principal of and interest on said bonds shall be payable out of annual tax levies to be made upon all the taxable property within the city without limitation as to rate or amount. The exact date, form, terms and maturities of said bonds shall b3 as hereafter fixed by ordinance of the City Council. Section 4: It is hereby found and declared that an emergency exists requiring the submission to the qualified electors of the City at a special election to be held therein on the 7th day of February, 1967, of the propositinn of whether or not the city shall issue such bonds for such purposes. The Snohomish County Auditor, as exofficio supervisor of all elections held in Snohomish County, is hereby requested to also find the existence of such emergency and to call and conduct said special election to be held within the city on said date and to submit to the qualified electors of the city the proposition hereinafter set forth. The Clerk of the city is hereby author zed and directed to certify said proposition to the Snohomish County Auditor in the following form: PROPOSITION ARTERIAL STREET PROGRAM GENERAL OBLIGATION BONDS - $4,500,000. Shall the City of Everett improve the traffic and safety of its streets by the issuance of General Obligation Bonds in the principal amount of $4,500,000 for the purpose of making capital improvements to certain main