2011/02/23 Council Agenda Packet

• f• F ORDINANCE NO. An ORDINANCE creating a special construction fund entitled "Water and Sewer System Improvements Fund", Fund 336 to accumulate all design and construction costs for the Transmission Line No. 2 and 3 Replacement Project and other water and sewer system capital improvements. WHEREAS, on November 25, 2009, Council adopted Ordinance 3156-09 increasing water and sewer rates to, in part, pay for the cost of debt financing construction projects, and; WHEREAS, on March 2, 2011, Council adopted an ordinance authorizing the issuance and sale of water and sewer revenue bonds in the amount of$51,000,000, which will be used to finance the Transmission Line No. 2 and 3 Replacement Project and other system improvements accounted for in this fund, and; WHEREAS, the City needs to complete the Transmission Line No. 2 and 3 Replacement Project and other water and sewer system capital improvements; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1: A special Design and Construction Fund is hereby established as Fund 336, 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 336 to accomplish the Transmission Line 2 and 3 Replacement Project and other water system improvements. 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. 2