Ordinance 2233MAE/bjf
9/10/81
ORDINANCE NO. 2233
AN ORDINANCE OF THE CITY OF EDMONDS, WASH-
INGTON, AMENDING ORDINANCE NO. 2217 WHICH
APPROVED AND CONFIRMED THE FINAL ASSESSMENT
AND ASSESSMENT ROLL OF LOCAL IMPROVEMENT
DISTRICT NO. 207 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 INSTALLATION
OF SANITARY SEWERS, WATER MAINS AND LINES AND
FIRE HYDRANTS AND ALL NECESSARY APPURTENANCES
INCLUDING PIPE, VALVES, FITTING, SURFACE
GRATINGS,AND REPLACEMENT OF PAVEMENT WHERE
NECESSARY AND RELATED WORK NECESSARY TO MAKE
A COMPLETE IMPROVEMENT IN ACCORDANCE WITH CITY
STANDARDS, AND WHICH LEVIED AND ASSESSED THE
AMOUNT OF SUCH COST AGAINST THE SEVERAL
LOTS, TRACTS, PARCELS OF LAND AND OTHER
PROPERTY SHOWN ON SAID ROLL, CHANGING THE
AMOUNT OF INTEREST CHARGED SUCH ASSESSMENTS,
DELINQUENCIES, AND CHANGING THE PENALTY.
WHEREAS, the City Council approved and confirmed the
final assessment and assessmenet roll for Local Improvement
District No. 207, created pursuant to Resolution of Intention No.
254 and Ordinance No. 2129, on July 28, 1981, and
WHEREAS, Section 3 of Ordinance No. 2217 set the
interest rate on the sum left unpaid at the end of the thirty -day
pre -payment period at twelve percent per annum with the proviso
that such rate could be reduced in certain circumstances, and
-1-
WHEREAS, Section 3 of Ordinance No. 2217 set the
interest rate on all delinquent installments at twelve percent
per annum, and the penalty for such delinquencies at five percent
of the principal due for each delinquent installment, and
WHEREAS, after a substantial marketing effort, the City
Council finds that it will not be able to sell such bonds at the
terms provided in Section 3 of Ordinance No. 2217, and
WHEREAS, the City Council finds that it is in the best
interests of the City that Ordinance No. 2217 be amended to pro-
vide for an adjustable interest rate to make the interest on
delinquencies the same as the interest for installments, and that
the percentage of the penalty assessed delinquent installments be
raised, now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN AS FOLLOWS:
Section 1. Ordinance No. 2217, Section 3, passed by
the City Council on July 28, 1981 is hereby amended to read as
follows:
"Section 3. The assessment roll as approved
and confirmed shall be filed with 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 his hands for collection and that pay-
ment of any assessment thereon or any portion thereof
may be paid at any time within thirty (30) days from
the date of the first publication of the City
Treasurer's notice that the assessment roll has been
placed in his hands for collection without penalty,
interest or costs, and thereafter the sum remaining
unpaid, if any, may be paid in equal annual instal-
lments with the interest on the whole unpaid sum of the
rate of 12 percent (12%) per annum; provided, however,
that if the net effective interest rate fixed on the
-2-
local improvement bonds hereafter issued is less than
eleven and one half percent (11-1/2%) per annum or
greater than twelve percent (12%) per annum, the
interest rate on the unpaid assessments shall be re-
vised to a rate of one half of one percent (1/2 of 1%)
in excess of the net effective interest rate on such
bonds. Any installment not paid prior to the annual
anniversary of said thirty (30) day period shall be
deemed delinquent. All delinquent installments shall
be subject to a charge for interest at the same rate as
that set for an installment which is not delinquent and
for an additional charge of ten percent (10%) penalty
levied upon the principal due upon such installment or
installments. The collection of such delinquent in-
stallments will be enforced in the manner provided by
law."
Section 2. The Finance Director is hereby instructed
to publish and mail a second Notice of Collection of Assessments
as provided by law, informing the property owners hereby assessed
of a second thirty -day pre -payment period during which they may
pay their assessment without a penalty, interest or costs.
Section 3. All other sections and provisions of
Ordinance No. 2217 shall remain effective and shallnot be
affected by the terms of this Ordinance except as expressly set
forth herein.
Section 4. This Ordinance shall be in full force and
effect five (5) days after passage and publication by posting as
provided by law.
APPROVED:
�iAYOR,H.11. HARRISON
ATTEST/AUTHENTICATED:nz&6�ijz 1 0,1 , h
CITY CLERK, IRENE r
RNEY MORAN
APPROVED AS TO FORM:
OFFICE OF THE CITY ATTORNEY:
BY
-3-
FILED WITH THE CITY CLERK:
PASSED BY THE CITY COUNCIL:
POSTED: September 15, 1981
EFFECTIVE DATE: September 21,
PUBLISHED: September 18 and 25,
September 11, 1981
September 14, 1981
1981
1981
AFFIDAVIT OF POSTING ORDINANCE
STATE OF WASHINGTON )
) ss:
COUNTY OF SNOHOMISH )
IRENE VARNEY MORAN
, being first duly sworn
on oath deposes and says that s he is over the age of eighteen (18)
years and is competent to testify as to the matter stated herein.
There is no official newspaper or other newspaper printed and
published within the City. In accordance with RCW 35A.12.160, on
the 15 day of September , 1981, affiant posted true and
correct copies of the attached Ordinance No. 2233, passed by the
City Council on
the 14 day of
September
, 19 81, at the
official posting
places for City
notices which
are the public
bulletin boards at the following locations:
Edmonds Civic Center
250 Fifth Avenue North
Edmonds, Washington 98020
Edmonds Public Library
Civic Center, 250 Fifth Avenue North
Edmonds, Washington 98020
Edmonds Branch of United States Post Office
201 Main Street
Edmonds, Washington 98020
DATED this 15 day of
September
, 1981 .
SUBSCRIBED AND SWORN to before me this /,�5 day of
19 8/
ota y Public in and for the
State of Washington, residing
at �-