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ORDINANCE NO. 7577'- <br /> AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF <br /> EVERETT, WASHINGTON, AUTHORIZING THE REALLOCA- <br /> TION AND EXPENDITURE OF $1, 500, 000 OF THE <br /> PROCEEDS OF THE CITY'S LIMITED TAX GENERAL <br /> OBLIGATION BONDS, 1988, ISSUED IN THE AGGREGATE <br /> AMOUNT OF $8, 250, 000, TO ACQUIRE, CONSTRUCT AND <br /> EQUIP CERTAIN LIBRARY AND PARK FACILITIES AND <br /> IMPROVEMENTS WITHIN THE CITY, AND AUTHORIZING <br /> A PLAN OF IMPROVEMENTS WITH RESPECT TO SUCH <br /> REALLOCATION OF BOND PROCEEDS. <br /> WHEREAS, the City Council (the "Council") of the City of <br /> Everett, Washington (the "City") , has heretofore issued its Limited <br /> Tax General Obligation Bonds, 1988, in the original aggregate <br /> principal amount of $8, 250, 000 (the "Bonds") , for the purpose of <br /> acquiring and equipping certain park and library facilities within <br /> the City, which Bonds were issued under date of July 1, 1988, <br /> pursuant to Ordinance No. 1505-88 of the City passed July 20, 1988; <br /> and <br /> WHEREAS, among the projects in the plan of improvements to be <br /> accomplished through issuance of the Bonds was the acquisition of <br /> a parcel of real property at Silver Lake to be utilized for park <br /> purposes (the "Silver Lake property acquisition") ; and <br /> WHEREAS, the amount of Bond proceeds allocated by the City for <br /> purposes of the Silver Lake property acquisition was $1, 500, 000; <br /> and <br /> WHEREAS, owing to a change in circumstances subsequent to the <br /> issuance of the Bonds, the Silver Lake property is no longer <br /> available for purchase by the City, but other smaller parcels of <br /> property are now, or will in the near future, become available at <br /> Silver Lake for purchase by the City to be used for park purposes; <br /> and <br /> WHEREAS, Section 2 of Ordinance No. 1505-88 provides in part <br /> that "If the City Council by ordinance shall determine that is has <br />