Ordinance 3381ORDINANCE NO. 3381
AN ORDINANCE OF THE CITY OF EDMONDS, WASHINGTON,
AMENDING SECTION 3 OF ORDINANCE NO. 3286, AND
SECTION 3 OF ORDINANCE NO. 3287, TO EXTEND THE PERIOD
OF TIME OVER WHICH ASSESSMENTS CONFIRMED BY THOSE
ORDINANCES MAY BE PAID.
WHEREAS, Section 3 of Ordinance No. 3286, and Section 3 of Ordinance No. 3287,
each passed by the City Council on December 14, 1999, provide that the assessments confirmed
respectively in Local Improvement District No. 215 and Local Improvement District No. 216,
may be paid in ten (10) equal annual installments; and
WHEREAS, Ordinance No. 3377, passed by the City Council on November 27, 2001,
authorizes the issuance and sale of $2,252,150 of Consolidated Local Improvement District No.
215/216 Bonds, with a stated maturity of December 1, 2018; and
WHEREAS, RCW 35.49.020 provides that the number of installments for the payment
of assessments shall be less by two than the number of years which the bonds issued to pay for
the improvements are to run, and the terms over which the assessments confirmed by Ordinances
Nos. 3286 and 3287, are to be payable accordingly should be extended to fifteen (15) years in
each case as required by law; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN AS FOLLOWS:
Section 1. Amendment of Ordinance No. 3286. Section 3 of Ordinance No. 3286
should be, and it is, amended to read as follows:
Section 3. Collection of Assessments. Upon completion of the
LID improvements and verification of the final LID costs, the
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50291691.01
assessment roll as approved and confirmed shall be filed with the
Finance Director of the City of Edmonds, provided that the Council
hereby reaffirms its intent that all assessments be proportionately
reduced for each property if the actual cost of the LID improvements
is significantly lower than the final cost estimate. Upon such filing,
the Finance Director shall publish notice as required by law stating
that the roll is in her hands for collection and that payment of any
assessment thereon or any portion thereof may be paid at any time
within thirty (30) days of the first publication of the said notice
without penalty, interest or costs, and thereafter the sum remaining
unpaid, if any, may be paid in fifteen (15) equal annual installments
with interest on the whole unpaid sum at a rate to be established by
ordinance which shall not be greater than one -half of one percent in
excess of the net effective interest rate fixed on the local
improvement bonds hereafter issued for LID No. 215. Any
installment not paid prior to the annual anniversary of said thirty (30)
day period shall be deemed delinquent. All delinquent assessments
shall be subject to a charge for interest at the above - established rate
per annum and an additional charge of five percent (5 %) upon the
principal due upon such installments will be enforced in the manner
provided by law.
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50291691.01
Section 2. Amendment of Ordinance No. 3287. Section 3 of
Ordinance No. 3287 should be, and it is, amended to read as follows:
Section 3. Collection of Assessments. Upon completion of
the LID improvements and verification of the final LID costs, the
assessment roll as approved and confirmed shall be filed with the
Finance Director of the City of Edmonds, provided that the Council
hereby reaffirms its intent that all assessments be proportionately
reduced for each property if the actual cost of the LID improvements is
significantly lower than the final cost estimate. Upon such filing, the
Finance Director shall publish notice as required by law stating that
the roll is in her hands for collection and that payment of any
assessment thereon or any portion thereof may be paid at any time
within thirty (30) days of the first publication of the said notice
without penalty, interest or costs, and thereafter the sum remaining
unpaid, if any, may be paid in fifteen (15) equal annual installments
with interest on the whole unpaid sum at a rate to be established by
ordinance which shall not be greater than one -half of one percent in
excess of the net effective interest rate fixed on the local improvement
bonds hereafter issued for LID No. 216. Any installment not paid
prior to the annual anniversary of said thirty (30) day period shall be
deemed delinquent. All delinquent assessments shall be subject to a
charge for interest at the above - established rate per annum and an
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50291691.01
additional charge of five percent (5 %) upon the principal due upon
such installments will be enforced in the manner provided by law.
Section 3. Severability. If any section, sentence, clause or phrase of this ordinance
shall be held to be invalid or unconstitutional by a court of competent jurisdiction, such
invalidity or unconstitutionality shall not affect the validity or constitutionality of any other
section, sentence, clause or phrase of this ordinance.
Section 4. Effective Date. This ordinance shall take effect and be in force from and
after its passage in five (5) days following its publication as required by law.
U MIMM
Y 'R Y HAAKENSON
ATTEST /AUTHENTICATED:
�%-' "0( e�z�
ITY CLERK, SANDRA S. CHASE
APPROVED AS TO FORM:
FOSTER PEPPER & SHEFELMAN PLLC
Bond Counsel
FILED WITH THE CITY CLERK: 11/30/2001
PASSED BY THE CITY COUNCIL: 12/04/2001
PUBLISHED: 12/09/2001
EFECTIVE DATE: 12/14/2001
ORDINANCE NO.: 3381
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50291691.01
CERTIFICATION
I, the undersigned, City Clerk of the City of Edmonds, Washington (the "City "), hereby
certify as follows:
1. The attached copy of Ordinance No. 3381 (the "Ordinance ") is a full, true and correct
copy of an ordinance duly passed at a regular meeting of the City Council of the City held at the
regular meeting place thereof on December 4, 2001, as that ordinance appears on the minute
book of the City; and the Ordinance will be in full force and effect five days after the publication
of its summary in the City's official newspaper.
2. A quorum of the members of the City Council was present throughout the meeting
and a majority of those members present voted in the proper manner for the passage of the
Ordinance.
IN WITNESS WHEREOF, I have hereunto set my hand this day of
200.
CITY OF EDMONDS, WASHINGTON
SANDRA S. CHASE, City Clerk
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50291691.01
Page 1 of 1
RCW 35.49.020
Installments -- Number -- Due date.
In all cases where bonds are issued to pay the cost and expense of
a local improvement, the ordinance levying the assessments shall
provide that the sum charged against any lot, tract, and parcel of
land or other property, or any portion thereof, may be paid during
the thirty day period allowed for the payment of assessments
without penalty or interest and that thereafter the sum remaining
unpaid may be paid in equal annual principal installments or in
equal annual installments of principal and interest. The number of
installments shall be less by two than the number of years which
the bonds issued to pay for the improvement are to run. The
estimated interest rate may be stated in the ordinance confirming
the assessment roll. Where payment is required in equal annual
principal installments, interest on the whole amount unpaid at the'
rate fixed by the ordinance authorizing the issuance and sale of
the bonds shall be due on the due date of the first installment of
principal and each year thereafter on the due date of each
installment of principal: PROVIDED, That the legislative authority
of any city or town having made a bond issue payable on or before
twenty -two years after the date of issue may provide by ordinance
that all assessments and portions of assessments unpaid after the
thirty day period allowed for payment of assessments without
penalty or interest may be paid in ten equal installments beginning
with the eleventh year and ending with the twentieth year from the
expiration of said thirty day period, together with interest on the
unpaid installments at the rate fixed by such ordinance, and that
in each year after the said thirty day period, to and including the
tenth year thereafter, one installment of interest on the principal
sum of the assessment at the rate so fixed shall be paid and
collected, and that beginning with the eleventh year after the
thirty day period one installment of the principal, together with
the interest due thereon, and on all installments thereafter to
become due shall be paid and collected.
[1982 c 96 § 1; 1981 c 323 § 5; 1969 ex.s. c 258 § 14; 1965 c 7 § 35.49.020.
Prior: 1925 ex.s. c 117 § 1; 1915 c 168 § 5; 1911 c 98 § 49; 1899 c 124 § 4; RRS
§ 9402.]
Adopted by Reference
Ordinance #3391 on M
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City Clerk
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Affidavit of Publication
STATE OF WASHINGTON,
COUNTY OF SNOHOMISH
S.S.
The undersigned, being first duly swom on oath deposes and says that she is
Principal Clerk of THE HERALD, a daily newspaper printed and published
in the City of Everett, County of Snohomish, and State of Washington; that
said newspaper is a newspaper of general circulation in said County and
State; that said newspaper has been approved as a legal newspaper by order
of the Superior Court of Snohomish County and that the notice
City of Edmonds
Ordinance Noe 3381
a printed copy of which is hereunto attached, was published in said newspaper
proper and not in supplement form, in the regular and entire edition of said
paper on the following days and times, namely:
December 9, 2001
and that said newspaper was regularly distributed to its subscribers during
all of said period.
C
Principal Clerk
Subscribed and sworn to before me this
day of December, 2001
Notary u is in and for the State c
Everett, SYiohomish County.
RE:C5
DEC 12 2001
EDMONDS CITY CLERK
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