Ordinance 679•
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ORDINANCE NO. (. 7(;'
AN ORDINANCE PROVIDING FOR THE IMPROVEMENT OF ALL OF BLOCK
12, PLAT OF EDMONDS, ACCORDING TO 1 HE PLAT THEREOF, RECORDS
OF SNOHOMISH COUN'I Y, WASHINGTON, BY THE PAVING THEREOF AND
SUCH OTHER WORK AS MAY BE NECESSARY TO MAKE A COMPLETE AIL Y
IMPROVEMENT; PROVIDING THAT THE PAYMENT FOR SAID IMPROVEMENT
BE MADE BY SPECIAL ASSESSMENT ON THE PROPERTY IN SAID DISTRICT
UNDER THE MODE OF PAYMENT BY BONDS FOR MATERIAL USED, FIXED
ESTIMATE AND ALL OTHER EXPENSES, ALL IN ACCORDANCE WITH RES-
OLUTION OF INTENTION NO. 125 PASSED BY THE CITY COUNCIL OF ED-
MONDS ON MAY 1, 1956; CREATING AN ASSESSMENT DISTRICT; CREATING
A CONSTRUCTION FUND THEREFOR; CREATING A LOCAL IMPROVEMENT
DISTRICT FUND THEREFOR, AND PROVIDING THAT PAYMENT FOR SUCH
IMPROVEMENT BE MADE BY SPECIAL ASSESSMENT ON SAID DISTRICT
UNDER THE MODE OF PAYMENT BY BONDS, AND PROVIDING THE RATE
OF ASSESSMENT SHALL BE KIXED ON THE BASIS OF THE SPECIAL BENE-
FITS CONFERRED AS SET FORTH IN R. C. W. 35. 44. 040.
WHEREAS, by Resolution of Intention No. 125 passed by the City
Council of the City of Edmonds on May 1, 1956, proposing a local improvement
district as shown and outlined above, and doing all other work necessary in
connection therewith to make a complete improvement in accordance with tiie
plans and specifications prepared by the City Engineer, and
WHEREAS, at the hearing on tie Prelimi nary Assessment Roll on
said local improvement as provided by Resolution of Intention No. 125, no
written objections were filed and no one appeared and objected to the said
improvement, NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS DOES ORDAIN:
Section 1. That all of Block 12, Plat of Edmonds, according to
the plat t:rereof, records of Snohomish County, Washing,on, be improved by
the paving thereof and such other work as may be necessary to make a com-
plete alley improvement.
Section 2. That the cost and expense of sucn improvement shall
be borned by and assessed against the property included in the assessment
district created in accordance with law, and provided the rate of assessment
shall be as set forth in R. C. W. 35. 44. 040.
Section 3. That there is hereby established a local improvement
district to be called Local Improvement Disti ict No. 76, which district shall
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include the following described property, to -wit:
All of Block 12, Plat of Edmonds, according to the Plat
thereof, records of Snohomish County. 'Washington.
Section 4. A special fund is hereby neat ed to be called Construc-
tion Fund for Local Improvement District No. 76. Into said fund snail be paid
the proceeds from the sale of interest -bearing warrant s by the City of Edmonds
to the purchasers of the said warrants. Out of said const ruction fund shall be
paid, by cash warrants, t'te costs of the improvement as the same shall be-
come due.
Secti,n 5. A special fund is hereby creat ed to be called Local
Improvement District Fund No. 76 which shall consist in the aggregate of the
several amounts assessed, levied and collected on the several lots and parcels
of land in said local improvement distri ct and the proceeds of the sale of
the bonds of the said district . Out of said fund shall be paid the bonds, the
interest tnereor,, and the ent ire cost of such improvement.
Sectiot. 6. The cost and expense of such improvement shall be defrayed
by special assessment payable in t en (10) equal annual installment s, with in-
terest thereon at no more than the rate of five (5%) per cent per annum, payable
annually, under the mode of payment by bonds, as provided by law and tiie
ordinances of said City. Bonds beari ng int erest at the rate of no more than
five per cent (5%) per annum, payable on or before t welve (12) years from date
of issue, shall be issued in payment of tite costs and expenses of such improve-
ment, or the City of Edmonds may, at it s election, sell said bonds and make
payment in cash in the manner provided by law and ordinances of said City.
Ai est:
Passed:
Puhlisned:
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City Clerk
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MA1O
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