Ordinance 1347-87 - Laserfiche WebLink

I Section 6: In all cases where the work necessary to be done in connection with the making of such improvement is carried out pursuant to contract upon competitive bids (and the City shall have and reserves the right to reject any and all bids) , the call for bids shall include a statement that payment for such work will be made in cash warrants drawn upon the Local Improvement Fund. Section 7: There is created and established in the office of the City Treasurer 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 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 "16th Avenue S.E. Street System and Utility System Improvement L.I.D." (L.I.D. # 727 , W.O. # 1672 ) to accomplish the action authorized by this ordinance. The sum of $ 1,048,400 is appropriated to such account, and the source of funds shall be: from the sale of L.I.D. # 727 assessment roll bonds to Program # 892 for Streets, Program # 893 for Sewer, and Program # 894 for Water of Fund 727 This appropriation shall not lapse, but shall be continued 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.