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<br /> <br /> <br /> <br /> <br />ORDINANCE NO. 4033-24 <br /> <br />An ORDINANCE relating to Everpark Garage and Fund 430 Everpark Garage, and repealing Ordinance <br />97-70 <br /> <br />WHEREAS, <br /> <br />A. In 1969-1970, the City of Everett City Council, recognizing the need for off-street parking <br />in downtown Everett, adopted ordinances that provided the financing for the construction of what is <br />now called the Everpark Garage. <br /> <br />B. Ordinance 97-70, adopted in October 1970, directed the issuance of bonds for Everpark <br />Garage construction. Section 12 of Ordinance 97-70 also established four “special funds and accounts,” <br />including accounts for revenue, for bond and interest sinking fund, for repair and replacement reserve, <br />and for construction. <br /> <br />C. The Everpark Garage was built with the proceeds of the bonds issued under Ordinance <br />97-70 and from other revenue sources. <br /> <br />D. All debt issued under Ordinance 97-70 or otherwise related to the construction of <br />Everpark Garage has been long retired. In addition, the accounts created in Section 12 of Ordinance 97- <br />70 have long since been superseded by Fund 430 (entitled “Everpark Garage”). <br /> <br />E. Fund 430 receives revenue from Everpark Garage parking fees and accumulated <br />interest. Expenditures from Fund 430 have since 1970 been only for operation, maintenance, repair and <br />capital improvement of the Everpark Garage. <br /> <br />F. Downtown Everett has significant parking needs, both on-street and off-street. Parking <br />is a key driver of the economic health of the downtown. <br /> <br />G. This Ordinance reestablishes the purposes for which the revenues in Fund 430 Everpark <br />Garage may be expended, to include both downtown off-street and downtown on-street purposes. <br /> <br />H. As the debt issued under Ordinance 97-70 is long retired, this Ordinance also repeals <br />Ordinance 97-70. This repeal will eliminate any confusion about whether Ordinance 97-70 still affects <br />City use of Everpark Garage revenue. <br /> <br />NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> <br />Section 1. Fund 430 Everpark Garage is hereby revised as follows: <br /> <br />A. Fund 430 Everpark Garage revenues will continue to be derived from Everpark Garage revenues, <br />including without limitation parking receipts collected from garage customers and interest on the <br />invested fund balance.