Ordinance 2693-03 - Laserfiche WebLink

"Or ORDINANCE NO. 2693-03 An ORDINANCE creating a special fund entitled "Water and Sewer System Improvements Fund" Fund 339 to accumulate all design and construction costs for the Water Pollution Control Facility Expansion and other system improvements. WHEREAS, on November 27, 2002, Council adopted Ordinance 2661-02 increasing sewer rates to, in part, pay for the cost of debt financing construction projects, and; WHEREAS, on May 14, 2003, Council adopted an ordinance authorizing the issuance and sale of water and sewer revenue bonds in the amount of$61,700,000, $45,000,000 of which will be used to finance the Water Pollution Control Facility Expansion and other system improvements accounted for in this fund, and; WHEREAS, the City needs to complete the Water Pollution Control Facility Expansion (Phase A) and other water and sewer improvements; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1: A special Design and Construction Fund is hereby established as Fund 339, entitled "Water and Sewer System Improvements Fund"to accomplish the actions authorized in this ordinance. Section 2: Authorization is hereby given to accumulate costs and distribute payments from Fund 339 to accomplish the Sewer System Odor Control Project and other system improvements at the treatment plant site, and in the sewer collection system. Section 3: Authorization is hereby granted for the Public Works Director, under direction of the Mayor, to assume full and complete responsibility for conducting all tasks to accomplish the actions authorized by this ordinance. S\MWelbom\UTILITIES BONDS\2003 Issue\20030424-BOND FUND ORDINANCE doc