Laserfiche WebLink
ORDINANCE NO. / 45' 2 <br /> AN ORDINANCE establishing the funding for <br /> the West Mall Drive Project, Local <br /> Improvement District No. 728, Fund No. 728. <br /> WHEREAS, on October 7 , 1987, in response to a petition <br /> submitted by affected property owners, the City Council adopted <br /> Resolution No. 2921 fixing the time, date, and place for <br /> hearing all matters relating to the proposed improvements and <br /> all objections thereto, and for determining the method of <br /> payment for designing and constructing West Mall Drive, and all <br /> necessary utility and signal improvements; and <br /> WHEREAS, by Ordinance No. 1397-87 passed and approved on <br /> November 10 , 1987, after notice and hearing in the manner <br /> provided by law, the City Council established Local Improvement <br /> District (LID) No. 728 (the "District" ) , and appropriated the <br /> sum of $785,000 to a special construction account created in <br /> the Local Improvement District Fund for the District to <br /> accomplish the action authorized by such ordinance; and <br /> WHEREAS, the cost of the improvements is currently <br /> estimated to be more than the preliminary cost estimate; and <br /> WHEREAS, the City Council is of the option that a <br /> supplemental appropriation should be made to the special <br /> construction account heretofore created in the Local <br /> Improvement Fund for the District, resulting in a total <br /> appropriation of $900,000 , because of increases in right-of-way <br /> acquisition costs and financing costs associated with the <br /> improvement and the District which will require further <br /> expenditures and additional borrowing; <br /> NOW, THEREFORE, BE IT ORDAINED BY THE EVERETT CITY COUNCIL <br /> THAT <br /> Section 1 : The additional sum of $115,000 is hereby <br /> appropriated as a supplemental appropriation to the <br /> special construction account entitled "Old Interurban <br /> Street Improvement L.I.D. " (Work Order No. 2013 ) <br /> heretofore created in the Local Improvement Fund for the <br /> District. The source of funds for this appropriation <br /> shall be from the collection of assessments in the <br /> District and proceeds from the sale of LID No. 728 bonds, <br /> warrants, and other short-term obligations, all accounted <br /> for under Fund No. 728 , Program No. 892. <br />