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(4. /e9 <br /> • <br /> ORDINANCE NO./61@/". ; <br /> AN ORDINANCE creating a special construction <br /> fund entitled "Sewer Improvements Fund, No. <br /> 338" and authorizing the appropriation of <br /> operating assessments that have been <br /> accumulated since the year 1979 . <br /> WHEREAS, in 1979, the City began accumulating operating <br /> assessments and setting them aside to finance future <br /> improvements to the City' s sanitary sewer system and, <br /> WHEREAS, on December 29, 1982, Ordinance No. 915-82 setting <br /> up "Sewage Treatment Plant Interim Improvements Fund No. 358" <br /> and Ordinance No. 916-82 setting up "Riverside Area, Outfall <br /> Interception Facilities Construction Fund No. 357" were passed <br /> by the Everett City Council and, <br /> WHEREAS, the funding sources of the two previously named <br /> funds included contributions from the previously named <br /> operating assessments; <br /> NOW, THEREFORE, BE IT ORDAINED BY THE EVERETT CITY COUNCIL <br /> THAT: <br /> Section 1 : A construction fund is hereby established as Fund <br /> No. 338 entitled "Sewer Improvements" to <br /> accomplish the actions authorized in subsequent <br /> sections of this ordinance . <br /> Section 2 : Authorization is hereby granted to the Finance <br /> and Budget Director to request reimbursement from <br /> accumulated and future revenues collected under <br /> this fund in order to maintain the solvency of <br /> authorized funds constructing sanitary sewer <br /> improvements . <br /> Section 3 : The total estimated cost of the improvements <br /> herein authorized in $750, 000 which will include <br /> all related costs for design, construction, <br /> contract administration, plan development and <br /> associated costs. <br /> Section 4 : The Public Works Director of the City of Everett <br /> under administration of the Mayor is hereby given <br /> the responsibility of conducting all tasks <br /> outlined under Section 3 above. <br /> Section 5 : The City Treasurer of the City of Everett is <br /> hereby authorized to negotiate a reasonable rate <br /> of interest and issue interest bearing warrants <br /> to satisfy interim construction costs not to <br /> exceed $750, 000. These interest bearing warrants <br /> shall be redeemed by the Treasurer as soon as <br /> reimbursement or long term bond financing monies, <br /> as described elsewhere in this Ordinance, are <br /> received. <br />