Ordinance 1606-89 - Laserfiche WebLink

• 4 . From Utilities Fund 401 as interim funding until sale of 1988 Revenue Bonds. $ 785, 563 . 66 5. From 1988 Revenue Bonds proceeds of refunding $26,457, 719. 01 6. From 1988 Revenue Bonds a rounding and balancing amount. $320. 05 7 . Interest on investment of the above amounts. $ 4, 500, 000. 00 The above amounts represent the anticipated relative amounts of funds to be obtained from the various sources. The relative amounts for all items may vary; but, the total amount from all sources is to remain at $46, 500, 000. 00. C. This appropriation shall not lapse but shall be carried forward from year to year until fully expended or the purpose has been accomplished or abandoned without the necessity of reappropriation as per R.C.W. 35. 33 . 151. Section 7 : The sale of the 1988 Revenue Bonds having occurred, the interim funding amounts appropriated in Section 6.B. 2 , 6.B. 3 , and 6.B. 4 above shall be reimbursed to the Utilities Fund 401 up to the total amount of the appropriations actually expended ($3 , 935, 563 . 66) . Section 8 : The City Treasurer of the City of Everett shall invest the proceeds from the sale of Revenue Bonds consistent with arbitrage regulations until needed for construction. The interest earned shall be deposited in this fund and expended for these projects. Section 9 : Severability. If any provision of this Ordinance should be declared unconstitutional or invalid by any court of competent jurisdiction, it should be conclusively presumed that this Ordinance would have been enacted without the provision so held unconstitutional or invalid and the remainder of this Ordinance should not be affected as a result of said part being held unconstitutional or invalid. Section 10: Ordinance No. 1458-88 is hereby repealed. CITY OF EVERETT Mayor ATTEST: City Clerk Passed: g - 1.g,7 Valid: - f9' Published: S _ /6 c7 CC:bc:ordnanc3