Ordinance 1178-85 - Laserfiche WebLink

Section 3. There is created and established a local improvement district to be called Local Improvement District No. 721 of the City (the "District") , the boundaries or territorial extent of which District being more particularly described in Exhibit A attached hereto and by this reference incorporated herein. Section 4. The total estimated cost and expense of the improvement is declared to be $676, 100. The entire cost and expense , less the proceeds of any state or federal grants received by the City therefor , shall be borne by and assessed against the property specially benefited by such improvement included in the District embracing as nearly as practicable all property specially benefited by such improvement . Section 5. In accordance with the provisions of RCW 35. 44. 047, the City may use any method or combination of methods to compute assessments which may be deemed to fairly reflect the special benefits to the properties being assessed. Section 6. Local improvement district warrants may be issued in payment of the cost and expense of the improvement herein ordered to be assessed , such warrants to be paid out of the Local Improvement Fund , District No. 721 , hereinafter created and referred to as the Local Improvement Fund , and until the bonds referred to in this section are issued and delivered to the purchaser thereof , to bear interest from the date thereof at a rate to be established hereafter by the City Treasurer, as issuing officer , and to be redeemed in cash and/or by local improvement district bonds herein authorized to be issued , such interest-bearing warrants to be hereafter referred to as "revenue warrants . " In the alternative , the City hereafter may provide by ordinance for the issuance of other short-term obligations pursuant to Chapter 39. 50 R. C.W. 3