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Ordinance 720ORDINANCE NO. AN ORDINANCE PRCVIDING FOR THE IMPROVEMENT OF THE SIDEWALK .,REA OF THE WEST SIDE OF THIRD -VENUE NORTH IN THE CITY OF EDMONDS, FROM. n POINT THAT IS 1 ,., FEET NORTHEnSTERLY tiLONG THE CENTER LINE OF THIRD AVENUE NORTH FROM THE INTERSECTION OF THE CENTER LINES OF THIRD AVENUE NORTH AND EDMONDS STREET, TO THE SOUTH MARGIN OF CnSPER STREET BY THE INSTALLhTION OF CONCRETE SIDE1dnLBS (WHERE THE SAME DO NOT ALREr,DY EXIST) AND CURBS, IN ACCORDANCE WITH CITY STANDARDS, AND SUCH OTHER WORK AS MhY BE NECESSARY TO MnKs; A CGMPLETE IMPROVEMENT; CREnTING nN nSSESSMENT DISTRICT; • CREATING A CONSTRLCTION FUND THEREFOR; CREATING A LOC" IMPROVE- MENT DISTRICT FUND THEREFOR; PROVIDING THAT PAYMENT FOR SUCH iMPROVEMENT BE M.DE BY SPECIAL ASSESSMENT ON SAID DISTRICT UNDER THE MODE OF PAYMENT BY BONDS; AND PRCVIDING THE; RATE OF ASSESS- MENT SHALL BE FIXED ON THE BASI'Z OF THE SPECIAL BENEFITS CONFERRED AS SET FORTH IN R.C.W. 35 44.o4). WHEREAS, by Resolution of Intention No. 130 passed by the City ODuncil of the City of Edmonds on April 1, 1958, 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 the plans and specifications prepared by the City Engineer, and WHEREAS, at the hearing on the Preliminary Assessment Roll on said local improvement as provided by Resolution of Intention No. 130, no written objections were filed, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EDMONDS DCES ORDAIN: Section 1. That certain property in the City of Edmonds be improved by installation of concrete sidewalks (where the same do not already exist) and curbs, in accordance with City standards, and such other work as may be necessary to make complete improve- ment. Section L. That the cost and expense of s.:ch improvement bhall be borne by and assessed against the property included in the assessment district created in accordance with law, tnd provided the rate cf assessment shall be as set forth in R.C.W. 35.44.040. Section 3. That there is hereby established a local im- provement district to be called Local Improvement District No. 84, which district shall include the following described property, tc-wit: (1) Commencing at the intersection of the centerlines of Edmonds St. and 3rd Ave. N.; thence northeasterly along the centerline of 3rd Ave. N., 155.5 feet to the true point of beginning; thence northwesterly at a right angle to 3rd kve. N., 158 feet; thence northeasterly 140 feet mcre or less to the SW corner of Lot 19, Sunset „ddition; thence continuing northeasterly to the northwest corner of Lot 12, Sunset Addition; thence continuing northeasterly to the Southeast corner of Lot 11, Morse Addition; thence continu- ing northeasterly to the northwest corner of Lot 12, said Morse • Addition; thence continuing northeasterly on the last mentioned line extended, to the south margin of Casper St.; thence easterly along said south margin of Casper St. to the centerline of 3rd ,;ve. N.; thence southwesterly along said centerline of 3rd „ve. to the true point of beginning; (situate in Edmonds, Snohomish County, State of Washington.) Section 4. A special fund is hereby created to be called Con- struction Fund for Local Improvement District No. 84. 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 construction 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 Improvement District Fund No. 84, which shall consist in the aggre- gate of the several amounts assessed, levied and collected on the several lots, and parcels of land in said local improvement dis- trict 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 and expense of such improvoent shall be defrayed by special assessment payable in ten (10) equal annual installments, with interest thereon at no more than the rate of six (6�q 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 ( °�) 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, J at its election, sell said bonds and make payment in cash in the manner provided by lav and the ordinances of sa-d City. _7 MAYOR �Ld-lit ATTEST: tin CLERK y Passed: May 6, 1958 Published: May 15, 1958 (3)