Ordinance 1863-92 - Laserfiche WebLink

• Section 4: The sum of $1,500,000 is hereby appropriated to Fund 394, "Southwest Everett Intersection Improvements" as follows: A. Estimated Project Costs Predesign $ 50,000 Design 220,000 Construction 1,230,000 Total Estimated Cost $1,500,000 B. Source of Funds Fund 157 (Traffic Mitigation Fund) $ 300,000 Fund 158 (Boeing Mitigation Fund) 1,200,000 Total Estimated Funds $1,500,000 C. This appropriation shall not lapse, but shall be carried forward from year to year until fully expended or the purpose has been accomplished or abandoned without the necessity of reappropriation. Section 5: The City Treasurer of the City of Everett is hereby authorized to negotiate a reasonable rate of interest and obtain temporary financing to satisfy interim construction costs. Temporary financing shall be redeemed as soon as reimbursement is received. Section 6: Severability. If any provision of this ordinance shall be declared unconstitutional or invalid by any court of competent jurisdiction, it shall be conclusively presumed that this ordinance would have been enacted without the provision so held unconstitutional or invalid and the remainder of this ordinance shall not be affected as a result of said part being unconstitutional or invalid. IS HEREBY AMENDED TO READ: Section 1: A Special Design and Construction Fund is hereby established as Fund 394, entitled "Southwest Everett Intersection Improvements" to accumulate all costs for the intersection improvement project. Section 2: Authorization is hereby given to accumulate costs and distribute payments from Fund 394 for predesign, design and construction of the intersection improvements.