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Ordinance 997ORDINANCE No._-- _ AN ORDINANCE PROVIDING FOR THE IMPROVEMENT OF CERTAIN PROPERTY IN THE CITY OF EDMONDS 1 INSTALLING A WATERMAIN, TOGETHER WITH RELATED WORK NECESSARY TO MAKE A COMPLETE IMPROVEMENT IN AC- CORDANCE WITH CITY STANDARDS; ESTABLISHING THE ROUTE THEREFOR; CREATING AN ASSESSMENT DISTRICT; CREATING A CONSTRUCTION FUND; CREATING A LOCAL IMPROVEMENT DISTRICT FUND THEREFOR; 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; A''D FURTHER PROVIDING FOR PAYMENT BY THE CITY OF COSTS EXCEEDING EEDING THE ENGINEER'S ESTIMATE BY MORE THAN TEN (1016) PER. CENT___ W H E R E A S, by Resolution of Intention No. 170 passed by the City Council of the City of Edmonds on May 21, 1963, proposing a local improvement district as hereinafter set out, including all work necessary in connection therewith to make a complete improvement, in accordance with plans and specifications pre- pared 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. 170, the written objections filed did not constitute a majority of the lineal frontage of the im- provement and/or of the area within the limits of the proposed improvement • district, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EDMONDS DOES ORDAIN: Section 1. That certain property in the City of Edmonds be improved by the installation of a watermain, as follows: 100th Ave. W., from Cherry St. (191st St. S.W.) south approxir-ately 300 feet; Sound View Place from Cherry St. northerly to a point approximately • 600 feet northerly of Wharf St.; Wharf St. from Olympic View Drive (Olympic Ax enue) to Ocean Avenue (vacate : d); 189th Pl. S.W. from Soundview Place westerly to the end of cul-de-sac; Water Street from Sound View Place west to Ocean Avenue; Ocean Avenue from Water Street southwesterly approximately 500 feet; together with related work necessary to make a complete improvement. Section 2. That the t h e cost and expense of such improvement shall be borne by and assessed against the property included in the assessment district created in accordance with law, wid 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 improvement sliall exceed by more than ten (1016) per cent the engineer's preliminary estimate, the City of Edmonds shall pay, from its Water & Sewer Fund, sums sufficient to make up the difference between the actual cost of the improvement and the engineer's estimated cost plus ten per ccut; 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 Equallration, 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 improve- ment district, then the Council 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. 122, which district shall include the following described property, to -wit: E 0 LEGAL DESCRIPTION FOR BOUNDARY OF L. I. D. NO. 122 Beginning at a point 10 feet East of the NW corner of the SW 1/4, SE1/4 Section 13, • T27N, R3E, W. M.; thence North 66 feet; thence West to the East margin of Ocean Avenue; thence Northeasterly along the East margin of Ocean Avenue to a point at a perpendicular distance of 150 feet North of the North margin of Water Street; thence East to a point at a perpendicular distance of 150 feet West of the West margin of Sound View Place; thence Northeasterly parallel to the West margin of Sound View Place to the extended South line of Lot 5, Lindsayts Addition, as recorded in Volume 18, page 1, records of Snohomish County, Washington; thence Northwesterly to the Southwest corner of said Lot 5; thence Northeasterly to the Northwest corner Lot 7 said Lindsay's Addition; thence Southeasterly to the extended mid -block line of Block A, Edmonds Sea Vi ew Tracts, as . ecorded in Volume 3, page 76, records of Snohonish County, Wash- ington; thence Northeasterly to a point on the West line of Lot 16, Block B, said Edmonds Sea View Tracts, at a distance of 50 feet Northeasterly from the Southwest corner of said Lot 16; thence Southeasterly to the East margin of Sound View Place; thence -Southwesterly to the North margin of Wharf Street; thence Southeasterly along the North margin of Wharf Street to the Southeast corner of Lot 1, Block C, said Edmonds Sea View Tracts; thence Southwesterly to the South margin of Block D, said Edmonds Sea View Tracts; thence continuing Southwesterly 56. 36 feet; thence SoL `heasterly to a point at a perpendicular distance of 150 feet Southeasterly of the East margin of Sound View Place; thence Southwesterly parallel to and 150 feet from the East margin of Sound View Place to a point 100 f eet North of the North margin of 191st Street S.W. ; • thence East 120 feet; thence Northeasterly to a point 150 feet North of the North margin of 191st Street S.W. ; thence East to a point 240 feet West of the West margin of Olympic Avenue; thence South 50 feet; thence East 90 f eet; thence South 300 feet; thence West to a point 150 f eet East of the East margin of 100th Ave. W.; thence South 150 feet; thence West to Point of Beginning. C� Section 4. A special favid is hereby created, to be called Construction Fund for Local Improvement Disirict No. 122. Into said fund shall be paid the proceeds from the Baled 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 Improve- ment District Fund No. 122, 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 sha11 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 interest thereon at no more than the rate of six (6%) per cent per annum, payable annually, under the mode of pay.nent 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 bef..re 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. --- --------------------- ATTJ�EST: MAYOR CITY CLERK=---�----- Y..ssed Published: Filed with City Clerk: