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ORDINANCE NO. 7 f'9- ?/ <br /> AN ORDINANCE authorizing intersection <br /> improvement design and creating a <br /> special construction fund entitled <br /> " Everett & Colby Safety Improvements " . <br /> WHEREAS , the intersection of Everett & Colby has been <br /> authorized for Federal Safety monies to make intersection improve- <br /> ments ; and <br /> WHEREAS , traffic signal improvements will improve the safety <br /> of motorists and pedestrians traveling through Everett & Colby ; <br /> NOW , THEREFORE , THE CITY OF EVERETT DOES ORDAIN : <br /> Section 1 : <br /> A special construction fund is hereby established as Fund <br /> No . 350 entitled "Everett & Colby Safety Improvements " . <br /> All revenue and expenditures required for this improvement <br /> shall be recorded in this fund . <br /> Section 2 : <br /> The City Engineer of the City of Everett , under administra- <br /> tion of the Mayor , is hereby given the responsibility of <br /> providing for these traffic safety improvements . <br /> Section 3 : <br /> The City Treasurer of the City of Everett is hereby author- <br /> ized to negotiate a resonable rate of interest and issue <br /> interest bearing warrants to satisfy interim construction <br /> costs not to exceed $99 , 144 . 00 . These interest bearing <br /> warrants shall be redeemed by the Treasurer as soon as <br /> reimbursement or long term bond financing monies , as <br /> described elsewhere in this Ordinance , are received . <br /> Section 4 : <br /> Authorization is hereby given to provide safety improvement <br /> to the Everett/Colby signal by installing new poles , mast <br /> arms , vehicle heads , pedestrian heads , opticom system, and <br /> signal controller . <br /> Section 5 : <br /> A . The sum of $99 , 144 . 00 is hereby appropriated to Fund <br /> No . 350 " Everett & Colby Safety Improvements " , <br /> ( $3500 . 00 appropriated to Fund 330 will be reappropriated <br /> to Fund No. 350 ) . For the purposes herein specified <br /> in the following manner : <br /> Program 311 - Everett & Colby Safety Improvements <br /> Total Appropriation $99 , 144 . 00 <br /> B . The source of funds for these appropriations shall be <br /> as follows : <br /> Program 311 - Everett & Colby Safety Improvements <br /> FASP $58 ,950. 00 <br /> 1/24 Gas Tax 40 , 194 . 00 <br /> TOTAL $99 , 144 . 00 <br />