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guarantees should be released; and <br /> WHEREAS, the City Council further finds that in addition to the amount of <br /> their payments to the City, the property owners should receive interest on monies <br /> at the legal rate of interest in absence of agreement (RCW 19.52.010); provided <br /> that said interest shall be calculated only to August 2, 1982; and <br /> WHEREAS, the City Council further finds that, where there has been a <br /> change of ownership of property owners who have paid monies to the City under <br /> Ordinance 556-78, the City Attorney and the City engineer should require <br /> agreement as to the appropriate parties who should receive payment, plus <br /> indemnification of the City and City officers relating to said repayment should be <br /> given from all persons receiving such monies and, in the absence of such <br /> agreement, after reasonable notice, the City Attorney should seek court orders <br /> regarding appropriate parties to receive payment; and <br /> WHEREAS, any interest earnings of the City in excess of amounts repaid <br /> should be used by the City to pay assessments on City property under LID 709. <br /> NOW THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1: Ordinance No. 556-78, Ordinance No. 615-79, and Ordinance No. <br /> 671-81 are hereby repealed. <br /> Section 2: No other City Ordinances that would or may become applicable <br /> shall be affected by this action. <br /> Section 3: <br /> A. The City Engineer, or Mayor, shall release all payment guarantees of <br /> record pursuant to Section 2 B 1(b) of Ordinance 556-78, as amended. <br /> B. Funds on hand collected by the City from property owners in the Casino <br /> Road "benefit area" pursuant to Ordinance 556-78 as amended and/or under SEPA <br /> as related to Casino Road improvements shall not be placed in a Cumulative <br /> Reserve Fund and shall be repaid to property owners of record in the Casino Road <br /> "benefit area" who have paid monies to the City, plus interest shall be paid on said <br /> monies paid at the legal rate under RCW 19.52.010 calculated from date of <br /> August 2, 1982, and the City Clerk and/or City Treasurer, is authorized to make <br /> said repayments and interest on or after August 5, 1982. In the event of change of <br /> ownerships of any property for which monies have been paid to the City, all <br /> interested parties of record subsequent to payment to the City shall agree in <br /> writing as to the approporate party or parties to whom said payment shall be made <br /> on a form provided by or approved by the City Attorney. All parties to be elegible <br /> for repayment hereunder shall indemnify the City of Everett and City of Everett <br /> officers and employees from any claims or damages arising from repayment under <br /> this ordinance, including the City's costs of any legal actions or procedures, plus <br /> reasonable attorneys' fees, in accomplishing the purpose of this ordinance or <br /> defending any payment hereunder on a form provided by or approved by the City <br /> Attorney. <br /> C. The City Attorney is authorized to take such appropriate legal action as <br /> necessary to accomplish the intent of this ordinance and to resolve disputes as to <br /> repayment hereunder. <br /> D. Any interest earnings of the City in excess of amounts repaid hereunder <br /> shall be used by the City to pay City property assessments under LID 709. <br /> - 2 - <br />