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ORDINANCE NO. 1764-91 <br /> AN ORDINANCE of the City Council of the City of Everett, <br /> Washington, authorizing the reallocation and expenditure of <br /> $1 ,500,000 of the proceeds of the City' s Limited Tax <br /> General Obligation Bonds, 1988, issued in the aggregate <br /> amount of $8,250,000, to acquire, construct and equip <br /> certain Library and Park facilities and improvements within <br /> the City, and authorizing a plan of improvements with <br /> respect to such reallocation of bond proceeds and <br /> Ordinance No. 1747-90, reallocating $1 ,500,000, passed on <br /> November 14, 1990. <br /> WHEREAS, the City Council (the "Council ") of the City of Everett, <br /> Washington, (the "City") , has heretofore issued its Limited Tax General <br /> Obligation Bonds, 1988, in the original aggregate principal amount of <br /> $8,250,000 (the "Bonds"), for the purpose of acquiring and equipping certain <br /> park and library facilities within the City, which Bonds were issued under <br /> date of July 1 , 1988, pursuant to Ordinance No. 1505-88 of the City passed <br /> July 20, 1988, as by Ordinance No. 1577-89 and Ordinance No. 1747-90, <br /> reallocating $1 ,500,000, passed on November 14, 1990; and <br /> WHEREAS, among the projects in the plan of improvements to be <br /> accomplished through issuance of the Bonds was the acquisition of real <br /> property adjacent to the main City Library to be used for expansion of <br /> library and development of a civic center; and <br /> WHEREAS, the amount of Bond proceeds allocated by the City for purposes <br /> of the Real Property Acquisition Adjacent to the main City Library and <br /> development of a civic center was $3,000,000; and <br /> WHEREAS, owing to a change in circumstances subsequent to the issuance <br /> of the Bonds, although part of said allocation has been used for Library <br /> expansion, the Council desires to reprioritize the civic center development <br /> and apply a portion of the remaining proceeds to acquire another parcel of <br /> property in the vicinity of Everett City Hall for municipal purposes; and <br /> WHEREAS, Section 2 of Ordinance No. 1505-88 provides in part that "If <br /> the City Council by ordinance shall determine that it has become impractical <br /> to accomplish any of such improvements or portions thereof by reason of <br /> changed conditions or needs . . . the City shall not be required to <br /> accomplish such improvements" and said section further provides that "If any <br />