Laserfiche WebLink
ORDINANCE NO. 7 l' p f <br /> AN ORDINANCE amending Sections 3, <br /> 5 and 6 of Ordinance No. 697-80 creating <br /> a special construction fund entitled <br /> "Sanitary Sewer Lift Stations 24, 25, and <br /> 26 - Improvement and Construction Fund <br /> No. 343" and increasing the appropriation <br /> required for these improvements to $1,200,000. <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1: <br /> That Sections 3, 5, and 6 of Ordinance No. 697-80 which read as follows: <br /> "Section 3: The total estimated cost of the improvements herein authorized <br /> is $450,000 which will include all related costs for design, construction, <br /> contract administration, plan development and associated costs." <br /> "Section 5: The City Treasurer of the City of Everett is hereby authorized <br /> to negotiate a reasonable rate of interest and issue interest bearing <br /> warrants to satisfy interim construction costs not to exceed $450,000. <br /> These interest bearing warrants shall be redeemed by the Treasurer <br /> as soon as reimbursement or long term bond financing monies, as described <br /> elsewhere in this Ordinance, are received." <br /> "Section 6: A. The sum $450,000 is hereby appropriated to Fund <br /> No. 343 "Sanitary Sewer Lift Stations 24, 25, and <br /> 26 Improvements and Construction Fund" as follows: <br /> 1. Program 781 Lift Station #24 Improvements $250,000 <br /> 2. Program 782 Lift Stations #25 and 26 <br /> Improvements $200,000 <br /> TOTAL $450,000 <br /> Actual funds expended on each of the projects listed <br /> above may vary from the amounts indicated which <br /> are projected construction costs for future construction <br /> dates. Funds will be adjusted within the $450,000 <br /> total amount. <br /> B. The source of funds for the appropriations to Programs <br /> Numbers 781 and 782 shall be: <br /> 1. From the sale of revenue bonds and <br /> interest earned on invested funds during <br /> construction $ 45,000 <br /> 2. From Sewer Department Fund 404, <br /> monies paid by sewer districts as <br /> capital contributions to project costs <br /> or as a proportionate share of revenue <br /> bonds repayment $240,000 <br /> 3. From increased sewer connection <br /> charges and developer's fees for sewer <br /> capacity improvements and interest <br /> earned on investing these funds during <br /> and prior to construction $165,000 <br /> The above amounts represent the anticipated relative <br /> amounts of funds to be obtained from the various <br /> sources. The relative amounts for Items 2 and 3 <br /> may vary but the total amount from all sources <br /> is to remain at $450,000. <br /> . .. 2 <br />