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ORDINANCE NO. 1151—ea-- <br /> AN <br /> f 31 8a-- <br /> AN ORDINANCE creating a special construction <br /> fund entitled "Design and Construction of 4th Avenue <br /> West Improvements", Fund 375, for L.I.D. 717, in <br /> the vicinity of 4th Avenue West, Holly Drive to <br /> the South City limits. <br /> WHEREAS, the City Council recognized that the area of 4th Avenue West, <br /> between Holly Drive and the South City limits, is in need of improvement; and <br /> WHEREAS, on January 23, 1985, the City Council adopted Resolution 2530 <br /> declaring its intention to construct certain street and utility improvements; and <br /> WHEREAS, on March 20, 1985, the City Council passed Ordinance 1118-85 <br /> creating Local Improvement District No. 717 and ordering the carrying out of the <br /> proposed improvements and authorizing the issuance and sale of local <br /> improvement district warrants and local improvement district bonds to finance <br /> the improvements ordered; <br /> NOW, THEREFORE, BE IT ORDAINED BY THE EVERETT CITY COUNCIL <br /> THAT: <br /> Section 1: A special construction fund is hereby established as Fund 375, <br /> entitled "Design and Construction of 4th Avenue West Improvements" to <br /> accomplish the actions authorized by Ordinance 1118-85 creating L.I.D. <br /> 717. <br /> Section 2: The total estimated cost of the improvements authorized by <br /> Ordinance 1118-85 is $2,546,500 which will include all costs related to <br /> right-of-way acquisition, design, construction, contract administration, <br /> plan development, and associated costs. <br /> Section 3: The sum of $2,546,500 is hereby appropriated to Fund 375, <br /> "Design and Construction of 4th Avenue West Improvements". <br /> The source of funds for the above appropriations shall be as <br /> follows: <br /> Program 342, 4th Avenue West Improvements: <br /> $ 465,500 - Fund 375 L.I.D. 717 Assessment Roll/Bond Sale <br /> 2,081,000 - U.A.B. Grant <br /> $2,546,500 <br /> Section 4: The City Treasurer shall invest the proceeds from the sale of <br /> bond anticipation notes pursuant to Ordinance 1118-85. <br /> Section 5: The City Treasurer of the City of Everett shall obtain interim <br /> financing pursuant to Ordinance 1118-85. Interim financing liabilities shall <br /> be paid by the Treasurer as soon as permanent financing monies, from <br /> sources as described elsewhere in the ordinance, are received. <br /> -1- <br />