Ordinance 782-81 - Laserfiche WebLink

T ' Section 2 . There is hereby created and established a local improvement district to be called Local Improvement District No. 707 of the City, which district is more particularly described in Exhibit B, attached hereto and by this reference incorporated herein. I Section 3 . The total estimated cost and expense of the improvement is hereby declared to be $28 , 120 ,000 . The entire cost and expense, less the proceeds of 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 $ 15 ,940 ,000 . The properties in the district will be all the properties specially benefited 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. 707 ," 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 3