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• <br /> 1 ORDINANCE NO. /72/(7-9b <br /> 2 <br /> 3 AN ORDINANCE of the City Council of the City of Everett, <br /> Washington, authorizing the reallocation and expenditure of <br /> 4 $1 ,500,000 of the proceeds of the City's Limited Tax <br /> General Obligation Bonds, 1988, issued in the aggregate <br /> 5 amount of $8,250,000, to acquire, construct and equip <br /> certain Library and Park facilities and improvements within <br /> 6 the City, and authorizing a plan of improvements with <br /> respect to such reallocation of bond proceeds. <br /> 7 <br /> 8 <br /> WHEREAS, the City Council (the "Council " ) of the City of Everett, <br /> 9 <br /> Washington, (the "City") , has heretofore issued its Limited Tax General <br /> 10 <br /> Obligation Bonds, 1988, in the original aggregate principal amount of <br /> 11 <br /> $8,250,000 (the "Bonds") , for the purpose of acquiring and equipping certain <br /> 12 <br /> park and library facilities within the City, which Bonds were issued under <br /> 13 <br /> date of July 1 , 1988, pursuant to Ordinance No. 1505-88 of the City passed <br /> 14 <br /> July 20, 1988, as by Ordinance No. 1577-89; and <br /> 15 <br /> WHEREAS, among the projects in the plan of improvements to be <br /> 16 <br /> accomplished through issuance of the Bonds was the acquisition of real <br /> 17 <br /> property adjacent to the existing City library to be used for expansion of <br /> 18 <br /> library and development of a civic center; and <br /> 19 <br /> WHEREAS, the amount of Bond proceeds allocated by the City for purposes <br /> 20 <br /> of the Real Property Acquisition Adjacent to Existing City Library and <br /> 21 <br /> development of a civic center was $3,000,000; and <br /> 22 <br /> WHEREAS, owing to a change in circumstances subsequent to the issuance <br /> 23 <br /> of the Bonds, although part of said allocation has been used for Library <br /> 24 <br /> expansion, the Council desires to reprioritize the civic center development <br /> 25 <br /> and apply a portion of the remaining proceeds to acquire another parcel of <br /> 26 <br /> property in the vicinity of the City Landfill site for municipal or park <br /> 27 <br /> purposes; and <br /> 28 <br /> WHEREAS, Section 2 of Ordinance No. 1505-88 provides in part that "If <br /> 29 <br /> the City Council by ordinance shall determine that it has become impractical <br /> 30 <br /> to accomplish any of such improvements or portions thereof by reason of <br /> 31 <br /> changed conditions or needs . . . the City shall not be required to <br /> 32 <br /> accomplish such improvements" and said section further provides that "If any <br />