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r <br /> • Ordinance No. L_' J_ _1 <br /> AN ORDINANCE amending Ordinance 1187-85 which created <br /> a special construction fund entitled <br /> "Southpoint-Evergreen Way Extension," Fund 721 <br /> authorizing the design and construction of sewer <br /> improvments on Highway 99 South (Evergreen Way) from <br /> the 104th Street S.W. grid south, to the 108th Street, <br /> right-of-way in the City of Everett, W.O. #1789, <br /> L.I.D. #721. <br /> WHEREAS on October 2, 1985, Council fixed October 16, 1985, for <br /> hearing all matters relating to the proposed improvement and all objections <br /> thereto and for determining the method of payment for the improvements; and <br /> WHEREAS on October 16, 1985, Council conducted the <br /> Southpoint-Evergreen Way Extension hearing and adopted Ordinance 1178-85 <br /> ordering the construction of certain street improvement on Highway 99 South <br /> (Evergreen Way) ; and <br /> WHEREAS, on December 16, 1987, the Everett City Council adopted <br /> Ordinance 1413-87 approving and confirming the assessments and assessment roll <br /> of Local Improvement District 721; and <br /> WHEREAS, based on Ordinance 1413-87, the receipt of a Washington <br /> State Department of Transportation grant and L.I.D. interest earned, there is <br /> a need to amend Section 2 and 3 of Ordinance 1187-85; and <br /> NOW THEREFORE BE IT ORDAINED BY THE EVERETT CITY COUNCIL THAT: <br /> Section 1: A special construction fund is hereby established as <br /> Fund 721, Program 348, entitled "Southpoint-Evergreen Way Extension" (W.O. <br /> #1789, L.I.D. #721) to accomplish the action authorized by Ordinance 1178-85. <br /> Section 2: The total estimated cost of the improvement <br /> authorized by Ordinance 1178-85 is $676,100, which shall include all costs <br /> related to the design, construction, contract administration, L.I.D. <br /> administration, and right-of-way. <br /> Section 3: The sum of $676,100 is hereby appropriated to Fund <br /> 721, Program 348, "Southpoint-Evergreen Way Extension." <br /> The source of funds shall be from the sale of L.I.D. 721 <br /> Assessment Roll Bonds. <br /> Section 4: The City Treasurer of the City of Everett shall <br /> obtain interim financing at a reasonable rate of interest as needed to pay <br /> expenses of this project. Interim financing shall be redeemed by the <br /> -1- <br />