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395 <br /> Oct.4,1989 <br /> Capital Programs <br /> First,-0 Note of Caution <br /> Our Capital Improvement Program relies upon the continued revenues <br /> from <br /> omespecific'source, the events centerpiece being the B6Ot3tax. We have <br /> recently at the Boeing Company and M1ave attempted to the tokeanticipate taken action its <br /> impact u evenu at this time sufficient <br /> income to oma t the Iobliggations that have already we <br /> incurred. We <br /> do not anticipate any y moor reductions in r 'n the basic <br /> health off the local economy. q hurt-term action should not signal <br /> halt t capital planning and the Continuation of O programs. In <br /> the unlikely event that the strike activity is rolnged o <br /> disruptive, we.have the option of delaying the issuance of n <br /> capital bonds until stability and predictability'return.' new <br /> In an effort to assurecontinuity with the existing capital projects <br /> now underway, I have established two n funds for the purpose of <br /> reservijointly worked revenues <br /> etl to velcucom accomplish <br /> two budget contaor ins programs <br /> reserve a have <br /> 060 tax income that we currently enjoy because of a robust fund for <br /> Bather then channel thesedollarsinto operations, I wish to ofirst <br /> see enough set aside to complete the final phase of the Community <br /> Center. n like nmnner,I have directed that a similar reserve fund <br /> be created to capture portion of thegeneralfn <br /> fund income to be <br /> construction e <br /> devoted exclusively to the truction f three new fire stations. <br /> It should be noted as a final comment on this matter that Everett's <br /> economy <br /> is.no very witch a major <br /> of the World-economy.- 0a such, <br /> whedecisions, r sO tax et exercise <br /> long-term capital Dramoperating ings <br /> of our e m xe prudence d caution. Dramatic swings <br /> economy o6[from labor-management relations lt from fluctuations <br /> to s home.in he n world <br /> extreme case, the City could fall back on these two reserve l funds <br /> • <br /> for operating needs if absolutely necessary. We think lt unlikely <br /> that this nd <br /> x111 create will <br /> buffer be needed, <br /> will but hallows time stop make adjustmenn is ts as <br /> servithosees or on the rcounues cil who shave called a time of <br /> economic transireser For <br /> rainy-day fund council <br /> you will,here n such <br /> acing ou <br /> s just au h <br /> Library Projects <br /> In 1989 we began to see results of the 1987 vote tc expand a <br /> nd <br /> renovate the main library and build a new branch in South Everett. <br /> The Mayor and Library Board of Trustees, with the help of a dozen <br /> herd-hatted preschoolers,brake ground for the new 8,500 square foot <br /> Evergreen branch on March 29th. 'Men the branch opens to November, <br /> South Everett library patrons will have five times as much space a <br /> in the portable building which hes served for nearly five years <br /> • <br /> o <br /> Construction La-funded from property tax proceeds and a-Library <br /> Services and Construction grant: .... <br /> When the South branch opens,the main library will move to temporary <br /> quarters in the basement of the Medical-Dental building. During the <br /> 18 months that the library Ls in the leased apace,the Old library's <br /> echanicbl and electrical systems will be placed and other <br /> 20,000 quare feet of shelving and seating areas will be <br />