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ORDINANCE NO. / Z1 ),-). <br /> AN ORDINANCE creating a special construction fund <br /> entitled "Sewer Improvements Fund, No. 338" and <br /> authorizing the appropriation of operating assessments <br /> that have been accumulated sinc6 the year 1979, and <br /> repealing Ordinance No 1094-85. <br /> WHEREAS , in 1979 the City began accumulating operating <br /> assessments and setting them aside to finance future improvements to <br /> the City ' s sanitary sewer system and , <br /> WHEREAS , on December 29, 1982 Ordinance No. 915-82 setting <br /> up "Sewage Treatment Plant Interim Improvements Fund No. 358" and <br /> Ordinance No . 916-82 setting up "Riverside Area , Outfall <br /> Interception Facilities Construction Fund No. 357" were passed by <br /> the Everett City Council and, <br /> WHEREAS , on July 1, 1987 Ordinance No 1362-87 which repealed <br /> Ordinance 915-82 and increased the appropriation for Fund No. 358 <br /> was passed by the Everett City Council and, <br /> WHEREAS , the funding sources of the two previously named <br /> funds included contributions from the previously named operating <br /> assessments ; <br /> NOW, THEREFORE, BE IT ORDAINED BY THE EVERETT CITY COUNCIL <br /> THAT : <br /> Section 1 : A construction fund is hereby established as Fund No. <br /> 338 entitled "Sewer Improvements" to accomplish the <br /> actions authorized in subsequent sections of this <br /> ordinance. <br /> Section 2 : Authorization is hereby granted to the Finance and <br /> Budget Director to request reimbursement from <br /> accumulated and future revenues collected under this <br /> fund in order to maintain the solvency of authorized <br /> funds constructing sanitary sewer improvements. <br /> Section 3 : The total estimated cost of the improvements herein <br /> authorized in $1 , 850, 000 which will include all related <br /> costs ,for design, construction, contract <br /> administration, plan development and associated costs. <br /> Section 4 : The Public Works Director of the City of Everett under <br /> administration of the Mayor is hereby given the <br /> responsibility of conducting all tasks outlined under <br /> Section 3 above. <br /> Section 5 : The City Treasurer of the City of Everett is hereby <br /> authorized to negotiate a reasonable rate of interest <br /> and issue interest bearing warrants to satisfy interim <br /> construction costs not to exceed $1, 850, 000. These <br /> interest bearing warrants shall be redeemed by the <br /> Treasurer as soon as reimbursement or long term bond <br /> financing monies, as described elsewhere in this <br /> Ordinance , are received. <br /> 847/1 <br />