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• <br /> • <br /> 1 or all of the improvements of a Project have either been completed, or their <br /> 2 completion duly provided for, or their completion found to be impractical , <br /> 3 the City may apply the Bond proceeds or any portion thereof to other capital <br /> 4 purposes of the City as may be permitted by law or to redemption of the <br /> 5 Bonds as the Council , by Ordinance and in its discretion shall determine" ; <br /> 6 and <br /> 7 WHEREAS, the Council has accomplished property acquisition for Library <br /> 8 expansion but desires to redirect the expenditure of the Bond proceeds <br /> 9 previously allocated for the civic center development purposes to other <br /> 10 capital purposes of the City; <br /> 11 NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> 12 Section 1 : Findings. The Council hereby finds and declares that owing <br /> 13 to changed conditions arising subsequent to the issuance of the Bonds, the <br /> 14 Real Property Acquisition Adjacent to Existing City Library is no longer <br /> 15 needed for civic center development and it has therefor become impractical <br /> 16 to apply the proceeds of the Bonds for that purpose. The Council further <br /> 17 finds and declares that it is in the public interest, welfare and benefit of <br /> 18 the inhabitants of the City that the City expend the proceeds of the Bonds <br /> 19 previously allocated for the Real Property Acquisition to Existing City <br /> 20 Library for civic center development in the sum of $1 ,500,000, in the manner <br /> 21 described in Section 2 of this Ordinance. <br /> 22 Section 2: Approval of Projects. The City hereby adopts the following <br /> 23 plan of acquisition for the City. The City shall acquire the property <br /> 24 described in Exhibit A hereto for municipal or park purposes. <br /> 25 All necessary expenses and other costs incurred in connection with the <br /> 26 acquisition shall be deemed a part of the costs. The estimated cost of the <br /> 27 acquisition and all costs incidental thereto and to the issuance of the <br /> 28 Bonds is hereby declared to be as nearly as practicable the sum of <br /> 29 $1 ,500,000, which shall be provided from the proceeds of sale of the Bonds. <br /> 30 By ordinance of the City, the Council may alter, make substitutions to <br /> 31 and amend such acquisition as it determines is in the best interests of the <br /> 32 City and consistent with the general descriptions provided herein. <br /> 2 <br />