Ordinance 1433-88 - Laserfiche WebLink

as may be found necessary or desirable . Implementation or com- pletion of any specified improvement shall not be required if the Council determines that, due to substantially changed circum- stances, it has become inadvisable or impractical . If the Project has either been completed, or its completion duly provided for, or its completion found to be impractical, the City may apply the Project Bond proceeds or any portion thereof to other improvements to the System, as the Council in its discretion shall determine. In the event that the proceeds of sale of the Project Bonds, plus any other moneys of the City legally available, are insufficient to accomplish all of the Project provided by this section, the City shall use the available funds for paying the cost of those improvements for which the Bonds were approved deemed by the Council most necessary and to the best interest of the City. The City shall acquire by purchase, lease or condemnation, all property, both real and personal, or any interest therein, or rights-of-way and easements which may be found necessary to acquire, construct and install the Project. The estimated cost of this plan of additions and betterments and all costs incidental thereto, is hereby declared to be as nearly as practicable the sum of $30, 000, 000, of which an amount not to exceed $30, 000, 000 is to be provided out of the proceeds of the sale of the Project Bonds, and the remainder is to be provided from expected grants, from payments to be received from the Mukilteo, Silver Lake, and Alderwood Water Districts and from other cash now or hereafter on hand and available therefor. Section 4. Findings of Parity. The City hereby finds and determines as required by Section 12 of Ordinance No . 1139-85 as follows: That the 1988 Bonds shall be issued for the purpose of providing funds to acquire, construct and install equipment, facilities, additions and other capital improvements to the System -15- KR180 88/01/11