Ordinance 1420-87 - Laserfiche WebLink

1 ORDINANCE NO. /C21 -& ? 2 AN ORDINANCE establishing the Community and Recreational 3 Improvements Fund of 1988 as a Reserve Fund for cultural and recreational improvements, sources of funding therefor, 4 and conditions for termination thereof. 5 6 WHEREAS, citizens' groups and Everett City Council have determined a 7 number of community and recreational improvements to serve the cultural , 8 civic and recreational needs of the residents of Everett; and 9 WHEREAS, it is proposed that the improvements be funded from an 10 increase in three taxes, Business/Occupation, Utilities, and Gambling, which 11 sources will raise funds annually in support of a financing plan comprising 12 a balanced combination of cash payments and payments for limited tax general 13 obligation bond issues; and 14 WHEREAS, the said community and recreational improvements determined as 15 necessary include: 16 _ Riverfront Park (Smith Island) 17 - Library Block Underground Utilities - Floral Hall Rehabilitation 18 - Reservoir No. 3 Recreational Facilities - Reservoir No. 5 Recreational Facilities 19 - Walter E. Hall Park and Other Soccer Fields - Library Block Property 20 - Museum - Park Land Acquisition 21 - Kasch Park - Thornton Sullivan Park (Silver Lake) 22 - Forest Park - Civic Center 23 24 NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: 25 Section 1 : There is hereby created a special fund entitled the 26 "Community and Recreational Improvements Fund of 1988" (also referred to 27 herein as the "Capital Fund" ) which is designated a reserve fund for the 28 purposes provided herein. 29 Section 2: Appropriations from the Community and Recreational 30 Improvements Fund of 1988 shall only be made by the City Council for 31 planning, design and construction of civic, recreational , and cultural 32