Ordinance 812-81 - Laserfiche WebLink

1 available therefor, shall be borne by and assessed against the property included in the 2 local improvement district herein established. The estimated total amount of assess- 3 ments is $6,418,000. The properties in the district will be all the properties specially 4 benefited by the improvement. 5 Section 4: In accordance with the provisions of RCW 35.44.047, the City may 6 use any method or combination of methods to compute assessments which may be 7 deemed to reflect fairly the special benefits to the properties being assessed. 8 Section 5: Local improvement district warrants shall be issued in payment of 9 the cost and expense of the improvements herein ordered to be assessed, such warrants 10 to be payable out of the "Local Improvement Fund, District No. 709," hereinafter 11 created and, until the bonds referred to in this section are issued and delivered to the 12 purchaser thereof, to bear interest from the date thereof at a rate to be hereafter fixed 13 by ordinance and to be redeemed in cash and/or by local improvement district bonds 14 herein authorized to be issued, such interest-bearing warrants to be hereafter referred 15 to as "revenue warrants." The City is authorized to issue local improvement district 16 bonds for the district which shall bear interest at a rate to be hereafter fixed by 17 ordinance, shall be payable on or before a date to be determined later by the City 18 Council, the life of the improvement ordered being not less than the term of the bonds 19 and shall be issued in exchange for and in redemption of any and all revenue warrants 20 issued hereunder and not redeemed in cash within a period of not to exceed sixty days 21 after the first publication by the City Treasurer of notice that the assessment roll for 22 Local Improvement District No. 709 is in his hands for collection. The bonds shall be 23 redeemed by the collection of special assessment to be levied and assessed against 24 property within the district, payable in annual installments, with interest at a rate to be 25 hereafter fixed by ordinance under the mode of "payment by bonds," as defined by law 26 and the ordinances of the City. In the case of default in the payment of any assessment 27 when the same shall become due, there shall be added interest and a penalty at a rate 28 to be hereafter fixed by ordinance. The exact form, amount, date, interest rate and 29 denominations of such warrants and bonds shall be hereafter fixed by ordinance of the 30 City Council. Such warrants and bonds shall be sold in such manner as the City Council 31 shall hereafter determine. 32 -4-