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7577, <br /> 215 <br /> Rey 20,1907 SI <br /> NOW,THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY x j <br /> OF EVERETT that the old Smith Street Bridge be permanently closed to <br /> vehicular traffic. <br /> All co it voted oyes <br /> P[eeitle t M ox who v tetl 043 0htl zsotletnitoGps on vndevdee cetseVdi.c <br /> Motion carried. 145 <br /> BIDS RECEIVED AND READVERTISED i ti <br /> One bid was received for the cleaning bay facilities at the City 11 <br /> Service Center on May 12, 1907, that of CMS Construction Co., Inc. <br /> at their bid of$38,773. The bid quote is substantially over budget. <br /> Joe Kozlowski of Administration said in talking with local bidders, +� <br /> they Pelt they did not have enough time to compose their bids so the <br /> recommendation Is to reject the bid and readvertise for bids. ( 3 <br /> Moved by Councilman Langur, seconded b1c <br /> y Councilman give to concur in <br /> the recommendation, a reject the bid d readvertiae for bids to be <br /> received until 2:00 p.m.June 11,.1907. <br /> Roll was called with all councilmen voting yes except Councilman <br /> Stephensonwho voted no.and President Gipson who was excused. <br /> Motion carried. a r, <br /> PAYMENT GUARANTY-LID 726 <br /> The following list shows the various approaches available to the <br /> city for achieving an adequate payment guaranty to insure the best l� <br /> possible interest rates at the least risk tothe city fox the long <br /> term bontl sale Poi the s wax water entl street improvements on 60th <br /> Street and Hardeson Roatl(LID]26): b <br /> 1. LOC financed by LIO 5 II <br /> (Letter of Credit) <br /> 2. LOC financed-by-P.O.Securing Individual P.O. <br /> (Property <br /> 3. LOC financed07 P.O.. Securing General Default t t <br /> 4. Guaranty fund financed by LID <br /> 5. Guaranty fund financed by Tax Increase '2I5 <br /> 1 <br /> 6. Guaranty fund financed by LTGO <br /> (Limited Tax General Obligation Bond) <br /> 7. Reserve Fund',Fenced by LID <br /> 8...(2)1980 Corrective Legislation r; <br /> 9. Combination(s) <br /> The recommendation is to proceed with LIO 726 and that City Council <br /> direct co administration to keep all options open for a payment <br /> guaranty while leaning toward No.6,as outlined above. <br /> Moved by Councilman tangos, seconded by Councilman Pope to concur <br /> c + <br /> 0 <br /> with 26 recommendation keep a and ions open <br /> administration ft guaranty <br /> with <br /> LID)26 and to keep all options open Por a payment g enty vM1ileG <br /> leaning toward No.A. <br /> Rall ' s calletl wire ell councilmen 00k0n6 0:2 e9c0p2 7:882195t <br /> Gipson whc xas excuse. <br /> Motion carried. v� <br />