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WHEREAS, the City Council has determined it to be in the best interests of the <br /> City that the improvement(as modified herein) and as hereinafter described be carried <br /> out and that a local improvement district be created in connection therewith; <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1: <br /> The City Council of the City of Everett, Washington(the "City"), orders the <br /> improvement of the properties within the area described in Exhibit A, attached hereto and <br /> by this reference made a part hereof(the "Improvements.") <br /> Section 2: <br /> There is created and established a local improvement district to be called Local <br /> Improvement District No. 737 of the City of Everett, Washington(the "District"),the <br /> boundaries or territorial extent of the District being more particularly described in Exhibit <br /> B attached hereto and by this reference incorporated herein. <br /> Section 3: <br /> The total estimated cost and expense of the Improvements is declared to be $1,005,580. <br /> Approximately $292,000 of the cost and expense shall be borne by and assessed against <br /> the property specially benefited by such Improvements included in the District which <br /> embraces as nearly as practicable all property specially benefited by such Improvements <br /> and the balance of such cost and expense shall be paid by the City and from anticipated <br /> state grants. <br /> Section 4: <br /> In accordance with the provisions of RCW 35.44.047,the City may use any method or <br /> combination of methods to compute assessments which may be deemed to more fairly <br /> reflect the special benefits to the properties being assessed than the statutory method of <br /> assessing the properties. <br /> Section 5: <br /> Local improvement district warrants may be issued in payment of the cost and expense of <br /> the Improvements herein ordered to be assessed, such warrants to be paid out of the Local <br /> Improvement Fund, District No. 737, hereinafter created and referred to as the Local <br /> Improvement Fund, and, until the bonds referred to in this section are issued and <br /> delivered to the purchaser thereof, to bear interest from the date thereof at a rate to be <br /> established hereafter by the Director of Finance and Budget of the City, as issuing officer, <br /> and to be redeemed in cash and/or by local improvement district bonds herein authorized <br /> to be issued, such interest-bearing warrants to be hereafter referred to as "revenue <br />