Ordinance 1365-87 - Laserfiche WebLink

1 • • Ordinance No. _1/1316_,Y An ordinance creating a special construction fund entitled " Library Construction Fund" , No. 390 , authorizing financing, and designing, rehabilitating, and expanding the main library and designing and constructing a permanent branch library. WHEREAS, on May 19, 1987 , the voters of the City of Everett approved Proposition No. 2, Library Improvement Levy; and WHEREAS, that levy allows Everett to increase its regular property tax levy in 1988 through 2007 by a rate not to exceed $0 . 228 per thousand of assessed valuation to provide $6, 440 , 000 plus the cost of borrowing such amount for up to 20 years, as specified in Ordinance No. 1345-87 ; and WHEREAS, the stream of proceeds from that levy will not begin to be available until 1988 or 1989; and WHEREAS, it is in the public interest to provide improved library services as soon as possible; NOW, THEREFORE, BE IT ORDAINED BY THE EVERETT CITY COUNCIL THAT: Section 1 : A special construction fund is hereby established as Fund No. 390, entitled "Library Construction Fund" , to accomplish the action authorized in subsequent sections of this ordinance. Section 2 : This ordinance shall authorize planning, remodeling, and constructing the main library and planning and constructing a branch library. Section 3: The source of funds is the increase in the property tax levy from 1988 to 2007 , and will not exceed $6, 440 , 000 plus the costs of borrowing for up to 20 years . Section 4 : The Library Director is hereby given the responsibility of conducting all tasks outlined in Section 2 above. Section 5: The sum of $6, 440 , 000 is hereby appropriated to Fund 390, "Library Construction Fund" . This fund will account for financial activity in three programs : A. Program 921 South Everett Branch Library. $1 , 150 , 000 1 . To acquire property for the South Everett Branch to allow room for a larger permanent branch, parking, and potential expansion as population and use increase.