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A. Source of Funds <br /> 1. From the sale of Revenue Bonds and interest earned on invested <br /> funds during construction. $17,000,000 (Revenue Bonds $16,000,000 <br /> and Estimated Interest <br /> Revenue - $1,000,000) <br /> 2. D.S.H.S. Grant $ 8,500,000 <br /> 3. P.U.D. #1 of Snohomish (Subject to increase when <br /> County Contribution $ 4750,000 PUD #1 commences <br /> construction) <br /> TOTAL $30,250,000 <br /> Section 6: The City Treasurer of the City of Everett shall invest the proceeds from <br /> the sale of Revenue Bonds until needed for construction. The interest earned shall <br /> be deposited in the Fund and expended for these projects. Any unexpended funds shall <br /> remain in Fund 351. <br /> Section 7: The City Treasurer of the City of Everett is hereby authorized to negotiate <br /> a reasonable rate of interest and issue interest bearing Revenue Warrants, if necessary, <br /> to satisfy interim construction costs not to exceed $30,250,000. These interest bearing <br /> warrants shall be redeemed by the Treasurer as soon as reimbursement or long-term <br /> bond financing monies are received. <br /> Section 8: This appropriation shall not lapse but shall be carried forward from year- <br /> to-year until fully expended or the purpose has been accomplished or abandoned without <br /> the necessity of reappropriation as per R.C.W. 35.33.151. <br /> CITY OF EVERETT <br /> Mayor <br /> ATT T: <br /> Ch7-0-7 <br /> City Clerk <br /> Passed: ( 7- -/( w'6P/ <br /> Valid: / )' ' -F./ <br /> Published: r 7- �- - •I-7 <br /> -3- <br />