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K- 3 , 1 / <br /> • <br /> ORDINANCE NO. ?6,- <br /> AN <br /> 67-AN ORDINANCE creating a special construction fund entitled <br /> "Design and Construction of Casino Road Street Improvements", <br /> Fund 362, for LID 709, in the vicinity of Casino Road between <br /> Airport Road and Evergreen Way. <br /> WHEREAS the City Council recognized that the vicinity of Casino Road between <br /> Airport Road and Evergreen Way is in need of improvement; and <br /> WHEREAS, by Resolution 1964, adopted May 27, 1981, the City Council declared <br /> intention to construct and install certain street and appurtenant improvements in the <br /> vicinity of Casino Road; and <br /> WHEREAS, on November 12, 1981, the City Council passed Ordinance 812-81 <br /> creating Local Improvement District 709 to finance the construction of improvements <br /> in the vicinicy of Casino Road; and <br /> WHEREAS, on May 27, 1983, the City Council passed Ordinance 940-83, <br /> authorizing the sale of bond anticipation notes to finance the construction of <br /> improvements to Casino Road. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE EVERETT CITY COUNCIL THAT: <br /> Section 1: A special construction fund is hereby established as Fund 362 <br /> entitled "Design and Construction of Casino Road Street <br /> Improvements" to accomplish the actions authorized by Ordinance <br /> 812-81 creating LID 709 to finance improvements in the vicinity of <br /> Casino Road and Ordinance 940-83 authorizing the sale of bond <br /> anticipation notes to finance LID 709. <br /> Section 2: The total estimated cost of the improvements authorized by <br /> Ordinance 812-81 is $6,418,000 which includes all costs related to <br /> design, construction, contract administration, plan development, and <br /> associated costs. <br /> Section 3: The sum of $6,418,000 is hereby appropriated to Fund 362, Design <br /> and Construction of Casino Road Street Improvements, as follows: <br /> Program 259: Casino Road Street Improvements, $6,418,000 <br /> The source of funds for the above appropriations shall be as follows: <br /> Fund 710 - LID 709 Assessments/LID Bond Sale <br /> Section 4: The City Treasurer shall invest the proceeds from the sale of the <br /> bond anticipation notes pursuant to Ordinance 940-83. <br /> Section 5: The City Treasurer of the City of Everett shall obtain interim <br /> financining pursuant to Ordinance 812-81 and 940-83. Interim <br /> financing liabilities shall be paid by the Treasurer as soon as <br /> permanent financing monies, from sources as described elsewhere in <br /> the Ordinance, are received. <br /> Section 6: This appropriation shall not lapse but shall be carried forward from <br /> year to year until fully expended or the purpose has been <br /> accomplished or abandoned without the necessity of reappropriation <br /> as per RCW 35.33.151. <br />