Ordinance 663-80 - Laserfiche WebLink

ORDINANCE NO. ( C_3- /4 AN ORDINANCE amending Sections 3 and 4 of Ordinance No. 617-79 authorizing the design and construction of a storm drain system and water main on East Cady Road and creating a special design and construction fund entitled "East Cady Road Improvements." NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1: That Sections 3 and 4 of Ordinance No. 617-79 which reads as follows: Section 3: The City Treasurer of the City of Everett is hereby authorized to negotiate a reasonable rate of interest and issue interest bearing warrants to satisfy interim construction costs not to exceed $100,000.00. These interest bearing warrants shall be redeemed by the Treasurer as soon as reimbursement or long term bond financing monies, as described elsewhere in this Ordinance, are received. Section 4: The sum of $100,000.00 is hereby appropriated to Fund 332 for the purposes herein specified in the following manner: a. Project Costs Construction Contract Amount $ 80,000 10% Construction Contingency 8,000 In-House Engineering 12,000 TOTAL $100,000 b. Funding Water Department Fund 410 $ 37,000 Sewer Department Fund 404 25,500 Private Contributions 37,500 TOTAL $100,000 c. This appropriation shall not lapse, but shall be carried forward from year to year until fully expended or the purpose has been accomplished or abandoned, without necessity of reappropriation, as per R.C.W. 35.33.151. are hereby amended as follows: Section 3: The City Treasurer of the City of Everett is hereby authorized to negotiate a reasonable rate of interest and issue interest bearing warrants to satisfy interim construction costs not to exceed $112,100.00. These interest bearing warrants shall be redeemed by the Treasurer as soon as reimbursement or long term bond financing monies, as described elsewhere in this Ordinance, are received.