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EVERETT CITY COUNCIL,.AGENDAITEM COVER SHEET <br /> 1 <br /> PROJECT TITLE: �� <br /> An Ordinance creating a Briefing COUNCIL BILL# ( I OdaD)-01--k <br /> special construction fund Proposed Action Originating Department Public Works <br /> entitled"Water and Sewer Consent Contact Person Dave Davis <br /> System Improvements Fund", Action Phone Number 425-257-8913 <br /> Fund 336 to accumulate all First Reading FOR AGENDA OF Feb 23, 2011 <br /> design and construction costs Second Reading <br /> for critical water and sewer Third Reading <br /> system improvements Public Hearing <br /> Budget Advisory Initialed by: <br /> Department Head <br /> CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s) Approval <br /> Everett Water System Ordinance 3156-09 Proposed Ordinance Admin, Legal <br /> Everett Sewer System Pending Bond Issue Public Works <br /> Ordinance <br /> Amount Budgeted $ 199,290,000 <br /> Expenditure Required $ 199,290,000 Account Number(s): Fund 336 <br /> Budget Remaining $-0- <br /> Additional Required $-0- <br /> DETAILED SUMMARY STATEMENT: <br /> On November 25, 2009, Council adopted Ordinance 3156-09 increasing water and sewer rates to, in part, <br /> pay for the cost of debt financing construction projects. Additionally,there is a concurrent ordinance before <br /> Council to authorize the issuance of$51 million in water and sewer revenue bonds to complete the <br /> Transmission Line No. 2 and 3 Replacement Project and other water and sewer system improvements. <br /> "Water and Sewer System Improvements Fund", Fund 336 will provide funding from 2011-2014 for capital <br /> construction projects estimated to be $199,290,000.Major water projects to be funded include Transmission <br /> Line No. 2 and 3 Replacement Phases 7, 9, and 10 estimated to be $23.49 million. Major sewer projects to be <br /> funded include the Water Pollution Control Facility Phase B and C estimated to be $53.13 million. Sources <br /> of funding that will finance these projects are revenue bonds, Water and Sewer District Direct Contributions <br /> and City of Everett Utility Department charges for services. <br /> RECOMMENDATION (Exact action requested of Council): <br /> Adopt an Ordinance creating a special construction fund entitled"Water and Sewer System Improvements <br /> Fund", Fund 336 with an initial appropriation of$199,290,000 to accumulate all design and construction <br /> costs for critical water and sewer system improvements. <br /> 1 <br />