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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 improvement of the <br /> properties within the area described in Exhibit A, attached hereto and by this reference made a part <br /> hereof(the "Improvements.") <br /> All of the foregoing shall be in accordance with the plans and specifications therefor prepared by the <br /> City Engineer, and may be modified by the City Council as long as such modification does not <br /> affect the purpose of the Improvements. <br /> Section 2: <br /> There is created and established a local improvement district to be called Local Improvement <br /> District No. 735 of the City of Everett, Washington (the "District"), the boundaries or territorial <br /> extent of the District being more particularly described in Exhibit B attached hereto and by this <br /> reference incorporated herein. <br /> Section 3: <br /> The total estimated cost and expense of the Improvements is declared to be $1,503,000. <br /> Approximately $285,000 of the cost and expense shall be borne by and assessed against the <br /> property specially benefited by such Improvements included in the District which embraces as <br /> nearly as practicable all property specially benefited by such Improvements and the balance of such <br /> cost and expense shall be paid by the City and from anticipated state grants. <br /> Section 4: <br /> In accordance with the provisions of RCW 35.44.047, the City may use any method or combination <br /> of methods to compute assessments which may be deemed to more fairly reflect the special benefits <br /> to the properties being assessed than the statutory method of assessing the properties. <br /> Section 5: <br /> Local improvement district warrants may be issued in payment of the cost and expense of the <br /> Improvements herein ordered to be assessed, such warrants to be paid out of the Local Improvement <br /> Fund, District No. 735, hereinafter created and referred to as the Local Improvement Fund, and, <br /> until the bonds referred to in this section are issued and delivered to the purchaser thereof, to bear <br /> interest from the date thereof at a rate to be established hereafter by the City Treasurer, as issuing <br /> officer, and to be redeemed in cash and/or by local improvement district bonds herein authorized to <br /> be issued, such interest-bearing warrants to be hereafter referred to as "revenue warrants." In the <br /> alternative, the City hereafter may provide by ordinance for the issuance of other short-term <br /> obligations pursuant to chapter 39.50 RCW. <br /> 0260652.01 <br />