Ordinance 756-81 - Laserfiche WebLink

Beginning at the West 1/4 corner of Section 18, T. 28N, R.5E.W.M.; thence North along West Section Line to the northwest corner of Government Lot 4; thence East along the north line of Government Lot 4 and the easterly projection thereof to a point 630 feet east of 7th Avenue Southeast; thence Northerly in a straight line to the southwest corner of the Plat of Broadway Manor; thence East along the South line of said plat to the southeast corner thereof; thence North along the east line of said plat and the northerly projection thereof tothe Center of said Section 18; thence East along the East-West Center Section Line to its intersection with the LL Line of Primary State Highway No. 1 (SR5) (also known as Interstate .5); thence Southerly along said LL Line to its intersection with the South Section Line of said Section 18; thence West along South Section Line 400 feet; thence South 350 feet; thence West parallel to said South Section Line to its intersection with the east line of Public Utility District #1 Right-of-Way; thence north along said east line to its intersection with said South Section Line; thence West along South Section Line to the point of beginning; LESS Primary State Highway No. 1. Section 5: That a special fund is hereby created to be known as "LOCAL IMPROVEMENT DISTRICT FUND NO. 705" 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 fifteen (15) 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 seventeen (17) 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 $1,499,880. 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. -03-