Ordinance 1577-89 - Laserfiche WebLink

• become impractical to accomplish any of such improvements or portions thereof by reason of changed conditions or needs . . . the City shall not be required to accomplish such improvement" and said section further provides that "If any or all of the improvements of a Project have either been completed, or their completion duly provided for, or their completion found to be impractical, the City may apply the Bond proceeds or any portion thereof to other capital purposes of the City as may be permitted by law or to redemption of the Bonds as the Council, by Ordinance and in its discretion shall determine" ; and WHEREAS, the Council desires to redirect the expenditure of the Bond proceeds previously allocated for the Silver Lake property acquisition to other capital purposes of the City; NOW, THEREFORE, the City of Everett does ordain: SECTION 1. Findings. The Council hereby finds and declares that owing to changed conditions arising subsequent to the issuance of the Bonds, the Silver Lake property is no longer available for purchase by the City and it has therefor become impractical to apply the proceeds of the Bonds for that purpose. The Council further finds and declares that it is in the public interest, welfare and benefit of the inhabitants of the City that the City expend the proceeds of the Bonds previously allocated for the Silver Lake property acquisition, in the sum of $1, 500, 000, in the manner described in Section 2 of this Ordinance. SECTION 2 . Approval of Projects. The City hereby adopts the following plan of improvements for the City, to wit: (a) Construction of the South Branch Library project. (b) Acquisition of individual parcels of property at Silver Lake for park purposes. Said improvements shall be collectively designated herein as the "Projects. " The cost of all necessary architectural, engineering and other consulting services, inspection and testing, administrative and -2- K:\KR\77777-40.000\25NEVT.039