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• <br /> ORDINANCE NO. i!W-� <br /> AN ORDINANCE creating a special construction <br /> fund entitled "Design and Construction of Everett <br /> Mall Way Improvements', Fund 374, for L.I.D. 714-A, <br /> in the vicinity of Everett Mall Way, Evergreen Way to <br /> 3rd Avenue S.E. <br /> WHEREAS, the City Council recognized that the area of Everett Mall Way, <br /> between Evergreen Way and 3rd Avenue S.E., is in need of improvement; and <br /> WHEREAS, on March 13, 1985, the City Council adopted Resolution 2547 <br /> declaring its intention to construct certain street and utility improvements; and <br /> WHEREAS, on April 10, 1985, the City Council passed Ordinance 1130-85 <br /> creating Local Improvement District No. 714-A and ordering the carrying out of <br /> the 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 374, <br /> entitled "Design and Construction of Everett Mall Way Improvements" to <br /> accomplish the actions authorized by Ordinance 1130-85 creating L.I.D. <br /> 714-A. <br /> Section 2: The total estimated cost of the improvements authorized by <br /> Ordinance 1130-85 is $2,867,400 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 $2,867,400 is hereby appropriated to Fund 374, <br /> "Design and Construction of Everett Mall Way Improvements". <br /> The source of funds for the above appropriations shall be <br /> as follows: <br /> Program 341, Everett Mall Way Improvements: <br /> $2,669,225 - Fund 374 L.I.D. 714-A Assessment Roll/Bond Sale <br /> 183,175 - WSDOT Grant - Fund 374 <br /> 15,000 - Fund 340 - City of Everett Storm Detention <br /> 2,867,400 <br /> Section 4: The City Treasurer shall invest the proceeds from the sale of <br /> bond anticipation notes pursuant to Ordinance 1130-85. <br /> Section 5: The City Treasurer of the City of Everett shall obtain interim <br /> financing pursuant to Ordinance 1130-85. Interin 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 />