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ORDINANCE NO. /,'4.5.-940 <br /> AN ORDINANCE creating a special fund entitled <br /> Fund 355, "19th Avenue S.E. and 110th Street S.E. <br /> Signal Reconstruction" to accumulate all costs <br /> for the Traffic Signal Reconstruction Project. <br /> WHEREAS, on March 16, 1990, the City of Everett entered into an agreement <br /> with the Washington State Department of Transportation to provide partial <br /> federal funding of preliminary engineering costs for design of Traffic Signal <br /> Reconstruction at the intersection of 19th Avenue S.E. and 110th Street S.E. <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN THAT: <br /> Section 1: A Special Fund is hereby established as Fund 355 entitled <br /> "19th Avenue S.E. and 110th Street S.E. Signal <br /> Reconstruction" to accumulate all costs for the traffic <br /> signal reconstruction. <br /> Section 2: Authorization is hereby given to accumulate costs and <br /> distribute payments from Fund 355, for the traffic signal <br /> reconstruction. <br /> Section 3: Authorization is hereby granted for the "Public Works <br /> Director," under the direction of the Mayor, to assume full <br /> and complete responsibility for conducting all tasks and <br /> doing all things to accomplish the actions authorized in this <br /> ordinance. <br /> Section 4: The sum of $14,200.00 is hereby appropriated to Fund 355, <br /> "19th Avenue S.E. and 110th Street S.E. Signal <br /> Reconstruction" as follows: <br /> A. Estimated Project Costs <br /> 1. Preliminary Engineering <br /> (Program 468) $14,200.00 <br /> TOTAL ESTIMATED COST $14,200.00 <br /> B. Source of Funds <br /> 1. Preliminary Engineering <br /> (Program 468) <br /> HES (Federal Aid) $12,150.00 <br /> 1/22 Gas Tax 2,050.00 <br /> TOTAL SOURCE OF FUNDS $14,200.00 <br /> C. This appropriation shall not lapse, but shall be carried <br /> forward from year to year until fully expended or the <br /> purpose has been accomplished or abandoned without the <br /> necessity of reappropriation as per R.C.W. 35.33.151. <br /> Section 5: The City Treasurer of the City of Everett is hereby <br /> authorized to negotiate a reasonable rate of interest and <br /> obtain temporary financing to satisfy interim construction <br /> costs. Temporary financing shall be redeemed as soon as <br /> reimbursement is received. <br />