Ordinance 1023P . -
ORDINANCE NO. __'t! 23
AN ORDINANCE PROVIDING FOR THE IMPROVEMENT OF CERTAIN PROPERTY,
BEING LAUREL STREET WEST FROM TENTH AVENUE TO THE CUL DE SAC,
IN THE CITY OF EDMONTDS, BY INSTALLING STANDARD CURBS AND GUTTERS
AND BY PAVING WITH ASPHALTIC TYPE CONCRETE, AND DOING ANY NECES-
SARY GRADING OR BASE PREPARATION AND RELATED WORK NECESSARY TO
MAKE A COMPLETE IMPROVEMENT IN ACCORDANCE WITH CITY STANDARDS;
CREATING AN ASSESSMENT DISTRICT; CREATING A CONSTRUCTION FUND
• THEREFOR; CREATING A LOCAL IMPROVEMENT 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 B)L THE CITY OF COSTS EXCEED-
ING THE ENGINEER'S E _TIMATE BY MORE THAN TEN PER CENT_________
WHEREAS, by petition duly signed and conforming to law, submitted to the
Edmonds Citv Council on October 7th, 1963, petitioning for an improvement as
hereinafter set forth, a sufficiency of property owners in the affected area requested
that such improvement be :rade,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EDMONDS
DOES ORDAIN:
Section 1. That Laurel Street, west from Tenth Avenue to the cul-de-sac,
in the City of Edmonds, be improvt d by the installation of 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 accordance with city standards.
Section 2. That the cost and expense of such improvemen: shall be borne
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; PROVIDED, in the event the cost of the said im-
provement shall exceed by more than ten (10%) per cent the engineer's preliminary
estimate, 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 asses-ment roll on said improvement, if the City
Council, sitting as a Board of Equalization, shall determine that certain inequities
'a�-
exist, but that the adjustments necessary are in an amount less than the cost
of reassessing the property in the local improvement district, then the Council
may, at its discretion, deck(, to absorb the cost of such inequities and adjust-
ments.
• Section 3. That there is hereby established a local improvement district
to be called Local Improvement District No. 124, which district shall include
the following described property, to -wit:
0
Section 4. A special fund is hereby created, to be called Construction
Fund for Local Improvement District No. 124. Into said fund shall be paid the
proceeds from the sale of interest-bearing warrants by the City of Edmonds to
the purcha,,ers of said warrants. Out of said construction fund shall be paid,
40 by cash warrants, the cor.ts 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. 124, 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 saled 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 and expense of such improvement shall be defrayed
by special assessment payable in ten (10) equal annual installments, with inte-
rest thereon at no more `ban the rate of six (6%) 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 interest at the rate of no more than six
(6%) per cent per annum, payable on or before twelve (12) years from date of
issue, shall be issued in payment of 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.
MAYOR
• ATTEST: c
CITY C
Passed: -------- ---------- --
r ;
Published:
Filed with City Clerk /-_.' _ __ _ .' = •�_