Ordinance 887-82 - Laserfiche WebLink

Beginning at the center of Section 7, Township 28 North, Range 5, • EWM, thence South along the North-South center section line to its intersection with the northernmost corner of Lot 8 Block 4 Beverly Home Tracts Division Number 1 according to the Plat thereof recorded in the records of the Snohomish County Auditor; thence Southeasterly along the eastern lot line of said Lot 8 to the easternmost corner of said Lot 8 and intersecting the north right-of-way line of East Casino Road; thence Southwest to a point 60.00 feet Southwest of the North-South center section line of said Section 7 as measured perpendicular to the North-South center section line to the West right-of-way line of Campus Parkway formerly known as 77th Street S.E. or Ella C. Ross Drive; thence North and West following the West and South right-of- way line of said street to 199.98 feet East of the East right-of-way line of Evergreen Way; thence N33°35'15" E a distance of 480.00 feet; thence N56°24'45" W a distance of 199.98 feet to the East right-of-way line of said Evergreen Way; thence Northeasterly along the East right- of-way line of said Evergreen Way to the South right-of-way line of 75th Street S.E.; thence Easterly along the South right-of-way line of said 75th Street S.E. to the Northeast corner of Lot 1 Block 2 Beverly Home Tracts Division Number 2 according to the Plat thereof recorded in the records of the Snohomish County Auditor said point also being on the North-South center section line of said Section 7; thence South along the North-South center section line to the point of beginning. See Exhibit "A" attached. All located in Everett, Snohomish County, Washington Section 3: The total estimated cost and expense of the improvement is hereby declared to be $781,000. The entire cost and expense, less the proceeds of any State or Federal grants received by the City therefor and other money of the City made available therefor, shall be borne by and assessed against the property included in the local improvement district herein established. The estimated total amount of assessments is $365,350. The properties in the district will be all the properties specially benefitted by the improvement. Section 4: 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 reflect fairly the special benefits to the properties being assessed. Section 5: Local improvement district warrants shall be issued in payment of the cost and expense of the improvements herein ordered to be assessed, such warrants to be payable out of the "Local Improvement Fund, District No. 711", hereinafter created 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 hereafter fixed by ordinance 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". The City is authorized to issue local improvement district bonds for the district which shall bear interest at a rate to be hereafter fixed by ordinance, shall be payable on or before a date to be determined later by the City Council, the life of the improvement ordered being not less than the term of the bonds and shall be issued in exchange for and in redemption of any and all revenue warrants issued hereunder and not redeemed in cash within a period of not to exceed sixty days after the first publication by the City Treasurer of notice that the assessment roll for Local Improvement District No. 711 is in his hands for collection. The bonds shall be redeemed by the collection of special assessment to be levied and assessed against property within the district, payable in annual installments, with interest at a rate to be hereafter fixed by ordinance under the mode of "payment by bonds", as defined by law and the ordinances of the City. In the case of default in the payment of any assessment when the same shall become due, there shall be added interest and a penalty at a rate to be herehafter fixed by ordinance. The exact form, amount, date, interest rate and denominations of such warrants and bonds shall be hereafter fixed by ordinance of the City Council. Such warrants and bonds shall be sold in such manner as the City Council shall hereafter determine. Section 6: All the work necessary to be done in connection with the making of such improvement shall be done and made by contract upon competitive bids and the City shall have and reserves the right to reject any and all bids. The call for bids for work authorized pursuant to this ordinance shall include a statement that payment for such work will be made in cash warrants drawn upon the "Local Improvement Fund, District No. 711". (1.2