Ordinance 1585-89 - Laserfiche WebLink

ORDINANCE NO. /51?..4)= AN ORDINANCE creating a special construction fund entitled, "Design and Construction of 3rd Avenue SE Area Sewer Improvements" , Fund No. 729 for LID No. 729, in the vicinity of 3rd Avenue SE, 112th Street SE, and 1st Avenue SE. WHEREAS, the City Council has recognized the need to install sanitary sewers in the area of 3rd Avenue SE and 112th Street SE; and WHEREAS, on March 29, 1989, the City Council adopted Resolution No. 3090 declaring the city's intent to construct sewer improvements in this area of the city; and WHEREAS, on April 26, 1989, the City Council passed Ordinance No. i5T8'&%creating Local Improvement District No. 729, ordering the carrying out of the proposed improvements, and authorizing the issuance and sale of local improvement district warrants and local improvement district bonds to finance the improvements ordered; NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1: A special construction fund is hereby established as Fund No. 729, entitled, "Design and Construction of 3rd Avenue SE Area Sewer Improvements" . Section 2: The total estimated cost of the improvements attributable to this fund is $375,000. This estimate includes all costs related to right-of-way acquisitions, design, construction, contract and LID administration, financing, legal assistance, and all other project costs. Section 3 : The sum of $375,000 is hereby appropriated to Fund 729, "Design and Construction of 3rd Avenue SE Area Sewer Improvements" . The source of funds for this appropriation shall be as follows: ( 1 ) Fund 729, Program 893 : $183,000 from LID No. 729 assessment roll/bond sale, and ( 2) Fund 401: $192,000 for the $4 ,000 advancements authorized under Ordinance No. 1561-89. The LID participants will reimburse the Utilities Division for the 48 advancements through an additional surcharge on their sewer bills. Section 4 : The City Treasurer is authorized to obtain interim financing for said improvements. Interim financing liabilities shall be paid by the Treasurer as soon as permanent financing monies are received from the sources described in the formation ordinance.