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f • ' <br /> ORDINANCE NO. 4 i'ef/ <br /> AN ORDINANCE amending Sections 3, 5 and 7 of <br /> Ordinance No. 644-79 for Fund 337 "Design and <br /> Construction of Water System Improvements <br /> Fund No. 337" and increasing the appropriations <br /> by $947,980. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE EVERETT CITY COUNCIL THAT: <br /> Section 1: That Sections 3, 5 and 7 of Ordinance No. 644-79 which read as follows: <br /> Section 3: The total estimated cost of the improvements herein authorized <br /> is $4,000,000 which will include all costs related for design, <br /> construction, contract administration, plan development <br /> and associated costs. <br /> Section 5: A. The sum of $4,000,000 is hereby appropriated to Fund <br /> No. 337, "Design and Construction of Water System <br /> Improvements" as follows: <br /> 1. Program 754 - Reline Mains $650,000 <br /> 2. Program 755 - Water Project 1W1 (1980) 560,000 <br /> 3. Program 756 - Water Project 1W2 (1980) 560,000 <br /> 4. Program 757 - Water Project 2W3 (1981) 560,000 <br /> 5. Program 758 - Water Project 2W4 (1981) 560,000 <br /> 6. Program 759 - Water Project 3W5 (1982) 560,000 <br /> 7. Program 760 - Water Project 3W6 (1982) 550,000 <br /> TOTAL $4,000,000 <br /> Actual funds expended on each of the projects listed above <br /> may vary from the amounts indicated. Funds will be adjusted <br /> within the above designated programs to remain within <br /> the total of $4,000,000 budgeted amount. <br /> B. Source of Funds <br /> 1. From the sale of Revenue Bonds and interest earned <br /> on invested funds during construction $3,500,000 <br /> 2. Unallocated funds from Fund 410 (Water) $500,000 <br /> TOTAL $4,000,000 <br /> Section 7: The City Treasurer of the City of Everett is hereby authorized <br /> to negotiate a reasonable rate of interest and issue interest <br /> bearing Revenue Warrants to satisfy interim construction <br /> costs not to exceed $3,500,000. These interest bearing warrants <br /> shall be redeemed by the Treasurer as soon as reimbursement <br /> or long term bond financing monies, as described elsewhere <br /> in this Ordinance, are received. <br /> is hereby amended to read as follows: <br /> Section 3: The total estimated cost of the improvements herein authorized <br /> is $4,947,980 which will include all costs related for design, <br /> construction, contract administration, plan development <br /> and associated costs. <br />