Ordinance 4112 - Laserfiche WebLink

• conduct the newly developed supply waters from the Sultan Basin to the water demand centers. Any moneys remaining in the Construction Fund established for this project, as such moneys may accrue from savings on construction cost estimates, reserves provided for contingencies and not expended, and interest earned by investment of the money in the Construction Fund, shall be used to acquire, construct and install additions and betterments to the transmission system as herebefore described and to all such additions and betterments to be connected directly to pipeline No. 5, all in accordance with the master plan of improvements as set forth in the engineering report and plan dated December, 1963, prepared by Gray & Osborne, consulting engineers, and adopted by the City of Everett in which the above-described improvements, additions and betterments are described. The City shall acquire all materials, equipment, real and personal property or interests therein, easements, franchises, rights-of-way and water rights necessary to carry out the above-described plans. All transmission and pipelines, the reservoir, and the tunnel shall be connected one to the other or to parts of the existing water supply and distribution system of the City in order to make a complete operating utility. Said plans of improvements are all as more particularly set forth in maps, plans and specifications prepared by Gray & Osborne, consulting engineers of Seattle and Yakima, Washington, and such plans shall be subject to such additions or changes as to detail or other changes not affecting the main general plans as hereinbefore set forth as may be authorized by the City Council either prior to or during the actual course of construction. " Section 3. That Section 2 of Ordinance No. 4080 of the City of Everett, Washington, be and the same is hereby amended to read as follows: "Section 2. That there be and is hereby created a special fund of the City of Everett to be known as "1965 Water System Construction Fund" into which shall be paid (except for accrued interest) all of the proceeds of sale of the $12, 000, 000 principal amount of water revenue bonds of the city authorized by Ordinance No. 4057, and any other moneys which may be necessary and legally available for the purposes provided in Section 1 of said Ordinance No. 4057. Warrants bearing interest at the rate of 3% per annum payable from date of issuance to date of redemption may be drawn upon said Fund from time to time on the authorization of the City Council, upon receipt by the Council of bills approved by the Water Superintendent, for the purpose of providing funds to pay the cost of part of the water system improvements authorized in Section 1 of said Ordinance No. 4057, as amended by Section 2 of this ordinance. It is hereby provided, however, that the total principal amount of such warrants shall not exceed $2, 850, 000. Upon the issuance of such warrants the same shall be delivered and sold to local banks at par as per agreement heretofore made with such banks by the City. The proceeds of sale of such warrants shall be deposited immediately to the credit of the 'Water System Fund' of the City -3-