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• <br /> er <br /> or all of the improvements of a Project have either been completed, or their <br /> completion duly provided for, or their completion found to be impractical , <br /> the City may apply the Bond proceeds or any portion thereof to other capital <br /> purposes of the City as may be permitted by law or to redemption of the <br /> Bonds as the Council , by Ordinance and in its discretion shall determine" ; <br /> and <br /> WHEREAS, the Council has accomplished property acquisition for Library <br /> expansion but desires to redirect the expenditure of the Bond proceeds <br /> previously allocated for the civic center development purposes to other <br /> capital purposes of the City; <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1 : Findings. The Council hereby finds and declares that owing <br /> to changed conditions arising subsequent to the issuance of the Bonds, real <br /> property acquisition adjacent to the main City Library is no longer needed <br /> for civic center development and it has therefore become impractical to <br /> apply the proceeds of the Bonds for that purpose. The Council further finds <br /> and declares that it is in the public interest, welfare and benefit of the <br /> inhabitants of the City that the City expend a portion of the proceeds of <br /> the Bonds previously allocated for real property acquisition adjacent to the <br /> main City Library for civic center development in the manner described in <br /> Section 2 of this Ordinance. <br /> Section 2: Approval of Projects. The City shall acquire additional <br /> property for municipal purposes. All necessary expenses and other costs <br /> incurred in connection with the acquisition and renovation or necessary <br /> improvements shall be deemed a part of the costs. The estimated cost of the <br /> acquisition and all costs incidental thereto is hereby declared to be as <br /> nearly as practicable the sum of $1 ,500,000, which shall be provided from <br /> the proceeds of sale of the Bonds. <br /> By ordinance of the City, the Council may alter, make substitutions to <br /> and amend such acquisition as it determines is in the best interests of the <br /> City and consistent with the general descriptions provided herein. <br /> 2 <br />