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NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1: <br /> A special improvement project is hereby established as Fund No. 365, entitled SR <br /> 526/I-5 High Occupancy Vehicle (HOV) Lane Project," to accumulate all costs for the <br /> improvement project. <br /> Section 2: <br /> Authorization is hereby given to accumulate costs and distribute payments from Fund <br /> 365 for construction of the improvement project. <br /> Section 3: <br /> Authorization is hereby granted for the "Public Works Department" to assume full and <br /> complete responsibility for conducting all tasks to accomplish the actions authorized in <br /> this Ordinance. <br /> Section 4: <br /> The sum of$3,850,000 is hereby appropriated to Fund No. 365. <br /> a. Appropriation: $3,850,000 <br /> b. Source of Funds: <br /> Boeing Mitigation Funds 2,100,000 <br /> ISTEA (federal grants) <br /> STP (c) 1,000,000 <br /> CMAQ 400,000 <br /> CPSPTA (state grant) 350,000 <br /> $3,850,000 <br /> Section 5: Repealer <br /> Ordinance No. 1859-92 is hereby repealed. <br /> Section 6: <br /> The City Treasurer of the City of Everett is hereby authorized to negotiate a reasonable <br /> rate of interest and obtain temporary financing to satisfy interim construction costs. <br /> Temporary financing shall be redeemed as soon as reimbursement is received. <br /> 2 <br />