Ordinance 778-81 - Laserfiche WebLink

the remaining expense and costs of the improvement except that 25% of the cost of the expenses and improvement shall be borne by the City of Everett, and except as provided in Chapter 144, Session Laws of 1923 or acts amendatory thereto, and the ordinances of the City of Everett. Section 4: That there is hereby established a Local Improvement District to be known as "LOCAL IMPROVEMENT DISTRICT NO. 706" which district shall include the following described property located in Everett, Snohomish County, Washington: Beginning at the intersection of the centerline of the alley in Block 558, Plat of Everett Division G and the centerline of 26th Street; thence west to the west line of Norton Avenue; thence north along the west line of Norton Avenue to the centerline of 23rd Street; thence east along centerline of 23rd Street to the centerline of the alley in Block 486, Plat of Mill Addition; thence south along centerline of alley in Block 486, Block 556, and said Block 558 to the Point of Beginning. Section .5: That a special fund is hereby created to be known as "LOCAL IMPROVEMENT DISTRICT FUND NO. 706" 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 thiroceeds 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 im- provement. Section 6: The costs and expenses of such improvement shall be defrayed by special assessment payable in five (5) 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 seven (7) 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 $130,000 . 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.