Ordinance 3166 - Laserfiche WebLink

14 I ')f1 r 11 Section 2: An enlarged district, including a direct benefit district and an indirect benefit district, is hereby created to provide for the cost of the improvement. The cost of the improve- ment , with the exception of the amount assessed against the direct benefit district, shall be borne by and assessed against the property included in the indirect benefit district. The direct benefit district shall be charged with 96.984% of the cost of installation of the sewer and its appurtenances , including excavation and backfill. The indirect benefit district shall be charged with 3 .016% of the cost of installation of the sewer and its appurtenances , including excavation and backfill. Section 3 : That there is hereby established an en- larged improvement district, to be called "Local Improvement District No. c` ° ," which enlarged district shall be divided into a direct benefit district and an indirect benefit district , and which said enlarged district shall include : The southeasterly 16.89 feet of Lot 6 and Lots 7 through 15 , inclusive , in Block 17, Central Park Addition to Everett; lots "A" and "B" South Highway Addition to Everett, Lots 1 to 12 inclusive, and Lots 16 to 27, inclusive , South Highway Addition to Everett , the North 45 feet of Lot 13 , South Highway Addition to Everett , and the south 45 feet of Lot 15 , South Highway Addition to Everett. That the direct benefit district shall include : Ig The southeasterly 16.89 feet of Lot 6, and Lots 7 h through 15, inclusive, in Block 17, Central Park Addition to Everett; Lot "A" and the northerly 108.2 feet of Lot "B" , South Highway 1 Addition to Everett , Lots 1 to 12, inclusive , and Lots 16 to 27, 1. inclusive , South Highway Addition to Everett. The north 45 feet of Lot 13 , South Highway Addition to Everett, and the south 45 feet of Lot 15 , South Highway Addition to Everett. ti C1 That the indirect benefit district shall include all other property within the enlarged district except that portion described as within the direct benefit district. I` Section 4: A special fund is hereby created to be called "Local Improvement District Fund No. 5Q2 ," which shall include in the aggregate of the several amounts assessed, levied and collected on the several lots, tracts and parcels of land in said enlarged local improvement district , and the proceeds of the sale of all bonds in said district , for the purpose of defraying the cost and expense of said improvement . Out of said fund shall I be paid the bonds , the interest thereon, and the entire cost of said improvement . i1 Section 5 : The entire cost of said improvement shall 1 be borne by and assessed against the property within the enlarged district liable therefor, of which 96.984% of the cost of the improvement shall be borne by and assessed against the property included within the direct benefit district, and 3.016% of the cost of the improvement shall be borne by and assessed against 11 property included within the indirect benefit district. The said I# cost shall be payable in ten (10) equal annual installments with interest at the rate of four (4%) per cent per annum, under the mode of payment by bonds as provided by law and the ordinances of said City. Bonds bearing interest at the rate of four (4%) per cent per 11 annum, payable on or before 12 years from date of issue , shall ii be issued in payment of the cost and expenses of said improvement , 1.1 11 I -2-