Ordinance 1887ORDINANCE NO. 1887
AN ORDINANCE OF THE CITY OF EDMONDS, WASHINGTON,
APPROVING AND CONFIRMING THE FINAL ASSESSMENT AND
ASSESSMENT ROLL OF LOCAL IMPROVEMENT DISTRICT NO. 196
WHICH HAS BEEN CREATED AND ESTABLISHED FOR THE PURPOSE
OF PAYING THE COST OF IMPROVING CERTAIN PROPERTY, ALL
IN THE CITY OF EDMONDS, WASHINGTON, BY THE CONVERSION
OF OVERHEAD ELECTRIC AND COMMUNICATION FACILITIES TO
UNDERGROUND FACILITIES AND ALL RELATED WORK NECESSARY
TO MAKE A COMPLETE IMPROVEMENT IN ACCORDANCE WITH
APPLICABLE CITY STANDARDS, PURSUANT TO RESOLUTION OF
INTENTION NO. 243, AND AS PROVIDED BY ORDINANCE NO.
1792, AND LEVYING AND ASSESSING THE AMOUNT THEREOF
AGAINST THE SEVERAL LOTS, TRACTS, PARCELS OF LAND
AND OTHER PROPERTY SHOWN ON SAID ROLL AND AMENDING
ORDINANCE NO. 1792 TO AUTHORIZE PAYMENT BY INSTALL-
MENT NOTE.
WHEREAS, the assessment roll levying the special assess-
ments against the properties located in Local Improvement
District No. 196, in the City of Edmonds, Washington, created
under Ordinance No. 1792, has been filed with the City Clerk
of the City of Edmonds as provided by law; and
WHEREAS, notice of the time and place of hearing thereof
and of making objections and protests to said roll was duly
published at and for the time and manner provided by law,
fixing the time and place of hearing thereon for the 21st day
of December, 1976, at 7:30 p.m. in the council chambers of
the Civic Center at Edmonds, Washington and further notice
thereof was duly mailed by the City Clerk to each property
owner on said roll; and
WHEREAS, at the time and place fixed and designated in
said notice, the hearing on said assessment roll was duly
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held and all written protests received were duly considered
and all persons appearing at said hearing were heard, and
WHEREAS, the City Council of the City of Edmonds finds
that use of an installment note rather than bonds as originally
contemplated will result in cost savings and thus be in the
public interest, now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN AS FOLLOWS:
Section 1. The assessments and assessment roll of
Local Improvement District No. 196, which has been created
and established for the purpose of paying a portion of the
material by the conversion of overhead electric and com-
munication facilities to underground facilities, including
electrical energy transmission, telephone lines, cable
television coaxial and related lines, street lighting systems,
and the necessary street and right-of-way invasion, trenching,
back -filling and restoration, necessary manholes for trans-
former vaults, or in the alternative surface mounted trans-
formers depending upon economic exigencies, the installation
of necessary pedestals and lighting ornamental poles or
standards, and all related work necessary to make a complete
improvement, in accordance with applicable City standards,
as follows:
175th Street S.W. and 72nd Avenue West adjacent to Lots
1, 2 and 5 through 12 of the Plat of Glen Ellen View
Tracts, all situate in the City of Edmonds, Washington.
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pursuant to Resolution of Intention No. 243, and as provided
by Ordinance No. 1792, as the same now stands, be and the
same is hereby in all things and respects approved and
confirmed.
Section 2. Each of the lots, tracts, parcels of land,
and other property shown on the said roll is hereby deter-
mined and declared to be specially benefited by said improve-
ment in at least the amount charged against the same and the
assessment appearing against the same is in proportion to
the several assessments appearing on the said roll. There
is hereby levied and assessed against each lot, tract,
parcel of land and other property appearing upon said roll
the amount finally charged against the same thereon.
Section 3. The assessment roll as approved and confirmed
shall be filed with the Office of the Finance Director of the
City of Edmonds,`Washington for collection and said Finance
Director is hereby authorized and directed to publish notice
as required by law stating that the said roll is in her hands
for collection and that payment of any assessment thereon or
any portion of said assessment can be made at any time within
thirty days from the date of the first publication of said
notice without penalty, interest or costs, and that thereafter
the sum remaining unpaid may be paid in ten equal annual install-
ments with interest thereon hereby fixed at the rate of 6.5% per
annum. The first installment of assessments on said assessment
roll shall become due and payable during the thirty day period
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succeeding the date one year after the date of first publication
by the Finance Director of notice that the assessment roll is in
her hands for collection and annually thereafter each succeeding
installment shall become due and payable in like manner. If the
whole or any portion of the assessments remains unpaid after the
first thirty day period, interest upon the whole unpaid sum
shall be charged at the rate of 6.5% per annum and each year
thereafter one of said installments, together with interest due
on the whole of the unpaid balance, shall be.collected. Any
installment not paid prior to the expiration of the said thirty
day period during which such installment is due and payable
shall thereupon become delinquent. All delinquent installments
shall be subject to a charge for interest at 6.5% per annum
and for an additional charge of 5% penalty levied upon the
principal due upon such installment or installments. The
collection of such delinquent installments will be enforced in
the manner provided by law.
Section 4. Section 5 of Ordinance No. 1792 passed by the
City Council on October 7, 1975, is hereby amended to read as
follows:
"Section 5. Local Improvement District Warrants shall
if needed be issued in payment of the portion of the
cost and expense of the improvements herein ordered to
be specially assessed, such warrants to be payable out
of the 'Local Improvement Fund, District No. 196'
hereinafter created, to bear interest from the date
thereof at a rate not to exceed eight ,percent per annum
and to be redeemed in cash/or by installment notes
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herein authorized to be issued. The costs and expenses
of the improvement in the estimated sum of $5,500.00 as
provided herein, shall be defrayed and the installment
notes shall be repaid from the collection of special
assessment to be levied and assessed upon the property
within said district, payable in ten equal annual
installments, with interest at the rate to be hereafter
fixed by ordinance not exceeding eight percent per
annum under the mode of 'payment by installment note.
The installment notes shall bear the rate of interest
at no more than twelve percent per annum, payable on or
before twelve years after the date of issuance."
Section 5. Section 7 of Ordinance No. 1792 is hereby
amended to read as follows:
"Section 7. There is hereby created and established
for Local Improvement District No. 196, a special fund
to be known and designated as 'Local Improvement Fund,
District No. 196,' into which fund shall be deposited
the proceeds from the sale of interest bearing warrants
drawn against said fund which may be issued and sold by
the City, and the aggregate of the several amounts
assessed, levied and collected on the lots and parcels
of land in said local improvement district; and against
which funds shall be issued if needed cash warrants for
the costs and expenses in connection with said improve-
ment as the same may become due in the estimated sum
of $5,500.00 provided herein, and against which funds
shall be paid by installment notes and the interest
thereon."
Section 6. The installment notes to be issued pursuant to
this Ordinance shall be sold only to another fund of the City.
APPROVED:
. FO,.H. H. HARRISO-9
ATTEST:
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CITI CLERK, IRENE ARNEY MORAN
FILED WITH THE CITY CLERK: December 21, 1976
PASSED BY THE CITY COUNCIL: December 21, 1976
PUBLISHED: December 29, 1976
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