Ordinance 1547-88 - Laserfiche WebLink

Section 7: There is created and established in the office of the City Treasurer for the District the Local Improvement Fund, into which fund shall be deposited the proceeds from the sale of revenue warrants or other short-term obligations drawn against the fund which may be issued and sold by the City and collections pertaining to assessments, and against which fund shall be issued cash warrants to the contractor or contractors in payment for the work to be done by them in connection with the improvement, and against which fund cash warrants shall be issued in payment for all other items of expense in connection with the improvement. There is created and established within the Local Improvement Fund a special construction account entitled "3rd Avenue S.E. Street and Water LID" (LID 716A, W.O. 1752) to accomplish the action authorized by this ordinance. The sum of $930,925 is appropriated to such account, the source of funds shall be: $898,451 Fund 716 L.I.D. 716A Assessment Roll/Bond Sale $ 15,000 Fund 401 - City Water Fund $ 17,474 Interest Earned $930,925 This appropriation shall not lapse, but shall be carried forward year to year until fully expended or the purpose has been accomplished or abandoned without the necessity of reappropriation as per RCW 35.33.151. Section 8: Within fifteen (15) days of the passage of this ordinance there shall be filed with the City Treasurer the title of the improvement and District number, a copy of the diagram or print showing the boundaries of the District and the preliminary assessment roll or abstract of such roll showing thereon the lots, tracts and parcels of land that will be specially benefited thereby and the estimated cost and expense of such improvement to be borne by each lot, tract or parcel of land. The City -7-