Ordinance 989ORDINANCE NO. —r _
AN ORDINANCE PROVIDING FOR THE IMPROVEMENT OF "A" STREET, IN THE
CITY OF EDMONDS. FROM ELM STREET TO FIR STREET, BY INSTALLING
STANDARD CURBS AND GUTTERS AND BY PAVING WITH ASPHALTIC TYPE
CONCRETE, AND ANY NECESSARY GRADING OR BASE PREPARATION AND
RELATED WORK NECESSARY TO MAKE A COMPLETE IMPROVEMENT IN AC-
CORDANCE WITH CITY STANDARDS; CREATING AN ASSESSMENT DISTRICT;
CREATING A CONSTRUCTION FUND THEREFOR; CREATING A LOCAL IMPROVE-
• MENT DISTRICT FUND THEREFOR; PROVIDING THAT PAYMENT FOR SUCH
IMPROVEMENT BE MADE BY SPECIAL ASSESSMENT ON SAID DISTRICT UNDER
THE MODE OF PAYMENT BY BONDS; PROVIDING THE RATE OF ASSESSMENT
SHALL BE FIXED ON THE BASIS OF THE SPECIAL BENEFITS CONFERRED AS
SET FORTH IN R. C. W. 35.44.040; AND FURTHER PROVIDING FOR PAYMENT
BY THE CITY OF COSTS EXCEEDING THE ENGINEER'S ESTIMATE BY MORE
THAN TEN (10%,) PER CENT.
W H E R E A.% by Resolution of Intention No. 166 passed by the City
Council of the City of Edmonds on April 16, 1963, proposing a local improvement
district as hereinafter set out, and doing all other work necessary in connection
therewith to make a complete improvement, in accordance with the plans and
specifications prepared by the City Engineer, a hearing date was set to consider
such improvement, and
WHEREAS, at said hearing on the preliminary assessment roll on
said local improvement as provided by Resolution of Intention No. 166, _-__
written objections were filed,
NOW, THEREFORE, THE CITY COT NCIL OF THE CITY OF EDMONDS
DOES ORDAIN:
Section 1. That "A" Street, in the city of Edmonds, from Elm Street to
Fir Street, be improved by installing standard curbs and gutters and by paving with
• asphaltic type concrete, together with any necessary grading or base preparation
and related work necessary to make a complete improvement in accordance with
City standards.
Section 2. That the cost and expense of such improvement shall be borne
by ..nd 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 H. C. W. 35.44.040; PROVIDED, in the event the cost of the said improvement
shall exceed by more than ten (10%) per cent the engineer's preliminary estimate,
or
the City of Edmonds shall pay, from its Street Fund, sums sufficient to make up
the difference between the actual cost of the improvement and the engineerts
estimated cost plus ten per cent; PROVIDED, further, that at the time of the
hearing on the final assessment roll on said improvement, if the City Council,
sitting as a Board of Equalization, shall determine that certain inequities exist,
• and adjustments are necessary, but in an amount less than the cost of re -assessing
the property in the local improvement district, then the Coudcil may, at its
discretion, decide to absorb the cost of such inequities and adjustments.
Section 3. That there is hereby established a local improvement district
to be called Local Improvement District No. 118, which district shall include the
following described property, to -wit:
Beginning at the intersection of the center line of Elm Street
and center line of "A" Street, thence east 168 feet; thence
north to the center line of Fir Street; thence west 328 feet;
thence south to the center line of Elm Street; thence east to
the point of beginning, situate in Snohomish County, Washington.
Section 4_ A special fund is hereby created, to be called Construction
Fund for Local Improvement District No. 118. Into said fund shall be paid the
proceeds from the sale of interest-bearing warrants by the City of Edmonds to
the purchasers of said warrants. Out of said c.)nstruetion fund shall be paid, by
cash warrants, the costs of the improvement as the same shall become due.
Section 5. A special fund is hereby created, to be called Local Improve-
ment District Fund No. 118, 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 district and the proceeds of the sale of bonds of the
said district. Out of said fund shall be paid the bonds, the interest thereon, and
the entire cost of such improvement.
Section 6. The cost of such improvement shall be defrayed by special
assessment payable in ten (10) equal annual insta'lments, with interest thereon
at no more than the rate of six (6016) per cent per annum, payable annually, under
the mode of payment by bonds, as provided by law and the ordinances of said City.
Bonds bearing .nterest at the rate of no more than six (60/6) per cent per annum,
payable on or before twelve (12) years from date of issue, shall be issued to pay
the costs and expenses of such improvement, or the City of Edmonds may, at its
election, sell said bonds and make payment in cash in the manner provided by
• law and the ordinances of said City.
Q
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MAYOR
ATTEST:
CITY TLERK
Passed:-----------�3------
Published:
Filed with City Clerk:
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