Ordinance 834-82 - Laserfiche WebLink

• • Section 4: That there is hereby established a Local Improvement District to be known as "LOCAL IMPROVEMENT DISTRICT NO. 710" which district shall include the following described property located in Everett, Snohomish County, Washington: That portion of the Southeast Quarter of Section 18 Township 28 North, Range 5 East WM lying East of the Public Utility District Number 1 right-of-way (formerly Northwest Traction Company North-South right- of-way); West of Primary State Highway Number 1, (also known as Interstate .5); and North of the following described line: Beginning at the intersection of the West line of said Primary State Highway Number 1 and the South Line of said Section 18; thence West along the South Section Line of said Section 18 to a point woich is 651.75 feet East of the center of said Section 18; thence N 02 15'00" W a distance of 244.22 feet' thence N 66°05'59" E a distance of 174.55 feet; thence N 02°15'00" W to a point 1090.61 feet South of Everett Mall Way (formerly South Broadway, formerly Diagonal Way); thence S 87°45'00" W a distance of 465.50 feet more or less to intersect said Public Utility District Number 1 right-of-way and the terminus of this description, except the West 11.50 feet lying South of said Everett Mall Way. Section 5: That a special fund is hereby created to be known as "LOCAL IMPROVEMENT DISTRICT FUND NO. 710" which shall consist in the aggregate of the several amounts levied, assessed, and collected on the several lots, tracts, and parcels of land in said Local Improvement District and the proceeds of the sale of bonds or installment notes in said district for the purpose of defraying the costs and expenses of such improvement. Out of said funds shall be paid the bonds or installment notes, the interest thereon and the entire cost of such improvement. Section 6: The costs and expenses of such improvement shall be defrayed by special assessment payable in ten (10) equal installments with interest, under the mode of payment by bonds or installment notes as provided by law and the ordinances of the City of Everett. Bonds or installment notes bearing interest payable on or before twelve (12) years from date of issue shall be issued in payment of the costs and expenses of such improvement or the City of Everett may, at its election, sell said bonds or installment notes and make payments in cash in the manner provided by ordinance of said City. Section 7: The City Treasurer of the City of Everett is hereby authorized to negotiate a reasonable rate of interest and issue interest bearing warrants to satisfy interim construction costs not to exceed $110,000. These interest bearing warrants shall be redeemed by the Treasurer as soon as reimbursement or long term bond financing monies, as described elsewhere in this Ordinance, are received. -2-