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• A <br /> i <br /> • <br /> ORDINANCE NO. (p ‘7- <br /> AN <br /> AN ORDINANCE amending Ordinance NO. 16-69 <br /> creating a CUMULATIVE RESERVE FUND for Real <br /> Property Acquisition, Deposits made thereto, and <br /> Method of Expenditure. <br /> WHEREAS, certain monies deposited and paid to the City should <br /> be used for future Real Property Acquisition; and <br /> WHEREAS, it is evident that in certain instances time is of the essence <br /> in acquiring real properties; and <br /> WHEREAS, it is in the best interest of the City of Everett to expeditiously <br /> acquire certain real properties when said property acquisition is not funded <br /> by other sources. <br /> WHEREAS, Real Property shall be defined as land, tenements, and <br /> other hereditaments or rights therein and whatever is made part of or is <br /> attached to land by nature or man. <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1 of Ordinance No. 16-69 reads: <br /> "That a Cumulative Reserve Fund is hereby created <br /> for the purpose of land acquisition," <br /> is hereby amended to read: <br /> Section 1: That a Cumulative Reserve Fund is hereby created for <br /> the purpose of real property acquisition. <br /> Section 2 of Ordinance No. 16-69 reads: <br /> "That all expenditures from said Cumulative Reserve <br /> Fund shall be made on approval of the Everett City <br /> Council," <br /> is hereby amended to read: <br /> Section 2: That all capital expenditures from said Cumulative Reserve <br /> Fund shall be made upon the recommendation of the <br /> Public Works Director through the Mayor and approval <br /> of the Everett City Council. <br />