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ORDINANCE NO. 7- 7 y <br /> AN ORDINANCE amending Sections 4 , 5 and 6 of <br /> Ordinance No. 526-78 , creating a special con- <br /> struction fund entitled "THORNTON A. SULLIVAN <br /> (SILVER LAKE) PARK IMPROVEMENT, PHASE I AND II , <br /> and increasing the appropriation for this con- <br /> struction to $343, 000 . <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1 : That Section 4 of Ordinance No. 526-78 which reads <br /> as follows : <br /> Section 4 : The City Engineer of the City of Everett <br /> under administration of the Mayor is hereby given the <br /> responsibility of providing for the design and con- <br /> struction of the improvements as defined herein. <br /> THAT Section 4 of Ordinance No. 526-78 is hereby amended as <br /> follows : <br /> Section 4 : <br /> A. The City Engineer of the City of Everett under <br /> administration of the Mayor is hereby given the <br /> responsibility of providing for the reconstruction <br /> of the Silver Lake Road including a cul-de-sac, <br /> channelization and traffic control device im- <br /> provements to 14th Avenue S .E. and 112th Street S .E. , <br /> and pedestrian safety for Silver Lake Road. <br /> B. The Project Coordinator of the City of Everett <br /> under administration of the Mayor is hereby given <br /> the responsibility of providing for the design and <br /> construction of the Waterfront Facility including <br /> the contract, architect fee and concrete testing. <br /> C. The Park Director of the City of Everett under <br /> administration of the Mayor is hereby given the <br /> responsibility of providing for the design and con- <br /> struction of the other park improvements as defined <br /> herein. <br /> Section 2 : That Section 5 of Ordinance No. 526-78 which reads <br /> as follows : <br /> Section 5 : The City Treasurer of the City of Everett <br /> is hereby authorized to issue construction warrants <br /> as funds are required, but not to exceed $243 , 000 to <br /> a local bank for interim construction financing at a <br /> reasonable rate of interest. <br /> THAT Section 5 of Ordinance No. 526-78 is hereby amended as <br /> follows : <br /> Section 5 : The City Treasurer of the City of Everett <br /> is hereby authorized to negotiate a reasonable rate of <br /> interest and issue interest bearing warrants to satisfy <br /> interim construction costs not to exceed $343, 000 . <br /> These interest bearing warrants shall be redeemed by <br /> the Treasurer as soon as reimbursement or long term <br /> bond financing monies, as described elsewhere in this <br /> Ordinance, are received. <br />