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771_00001235 ORDINANCE NO.771 e AN ORDINANCE ORDERINGTHE IMPROVEMENT OF BEAUMONTDRIVE BY GRADING,GRAVELING,CONSTRUCTINGAND INSTALLING STORM DRAINS,SIDE LATERALSEWERCONNECTIONS,CURBS,SIDEWALKS,AND ASPHALTIC CONCRETE PAVEMENT,IN ACCORDANCEWITH RESOLUTIONNO.765 OF THE CITY COUNCILOF THE CITYOFMOSESLAKE,WASHINGTON;ESTABLISHING LOCAL IMPROVEMENTDISTRICTNO.29 PROVIDING THE METHODOF ASSESSMENT IN SAID DISTRICT:PROVIDINGTHATPAYMENTFORSAIDIMPROVEMENTBEMADEBYSPECIALASSESSMENTS I UPON PROPERTYIN SAID DISTRICT PAYABLE BY THE MODEOF "PAYMENTBYBONDS";AND PROVIDING FOR THE ISSUANCE AND SALE OF LOCAL IMPROVEMENTDISTRICTWARRANTSREDEEMABLEINCASHANDLOCALIMPROVEMENTDISTRICTBONDS. WHEREAS,by Resolution No.765,adopted July 12,1976,the City Council of the cityofMosesLake,Washington declared its intention to improve Beaumont Drive by grading,graveling,constructing and installing storm drains,side lateral sewer connections,curbs,sidewalks,and asphaltic concrete pavement,and fixed the 10th day of August1976,at 8:00 o'clock p.m.,in the Council Chambers in the City Hall,Moses Lake,Wash-ington,as the time and place for hearing all matters relating to said improvement and all objections thereto and for determing the method for payment of said improvement;and WHEREAS,the City Enginear's Office has caused an estimate to be made of the costs and expense of each continuous unit of the proposed improvement and has certified said gy estimate to the City Council,together with all papers and information in its possessiontouchingtheproposedimprovement,a description of the boundaries of the District,a24statementofwhatportionofthecostandexpenseoftheimprovementshouldbeborne12bythepropertywithintheproposedDistrict,a statement in detail of the local improve-ment assessments outstanding or unpaid against the property in the proposed Districtandastatementoftheaggregateacturalvaluationoftherealestate,including 25%of the actual valuation of the improvements in the proposed District,according to thevaluationoftheimprovementsintheproposedDistrict,according to the valuationlastplaceduponitforthepurposeofgeneraltaxation;and i WHERKAS,said estimate is accompanied by a diagram of the proposed improvement showingthereonthelots,tracts,parcels of land,and other property which will be specificallybenefitedbyeachcontinuousunitoftheproposedimprovement,and the estimated amountofthecostandexpensethereoftobebornebyeachlot,tract and parcel of land orotherproperty;and WHEREAS,due notice of the hearing on Resolution No.765 was given in the manner providedbylawandsaidhearingwasheldbytheCityCouncilonAugust10,1976,and all writtenprotestsfiledwiththeCityCouncilonorbeforesaiddatesweredulyconsidered;and WHEREAS,it has been further determined to be in the best interests of the City thatthesaidimprovement,as hereinafter described,be carried out and that a local improve-ment district be created in connection therewith,NOW,THEREFORE, THE CITY COUNCIL OF THE CITY OF MOSES LARE,WASHINGTON,DO ORDAIN,AS FOLLOWS: Section 1.It is hereby ordered that the improvement of the following described streetintheCityofMosesLake,Washington,and the construction,be carried out,to wit: Beaumont Drive from Inglewood Avenue to the south boundary of Montlake #2 Addition bygrading,graveling,constructing and installing storm drains,side lateral sewer connec-tions,curbs,sidewalks,and asphaltic concrete pavement;and All of the foregoing shall be in accordance with the plans and specifications therefor i prepared by the City Engineer's Office. Section 2.The estimated cost and expense of said improvement is hereby declared tobe$24,278.53. The entire cost and expense of said improvement shall be borne by and assessed againstthepropertyspeciallybenefitedbysuchimprovementtobeincludedinthelocalimprove-ment district hereinafter established ambracing,as near as may be,all propertiesspeciallybenefitedbysuchimprovement. ORDINANCE NO.771:2 Section 3.There is hereby created and established a local improvement district to be known as "Local Improvement District No.29,"which District is described as follows and includes the following described properties: All property in Lots #90 through 96 of Montlake Addition #1 lying within 150 feet of the center line of Beaumont Drive;plus all the property in Lots #32 throuth 40 of Montlaka #2 lying within 150 feet of the center line of Beaumont Drive. Section 4.The nature of the improvement provided for herein is such that the special benefits conferred upon the property in the local improvement district herein created are fairly reflected by the use of zone-and-termini method of assessment therefor and it is hereby provided and ordered that the assessments shall be made against the property of the District in accordance with the zone-and-termini method provided by statute. Section 5.Local improvement district warrants shall be issued in payment of the cost and expense of the improvement herein ordered,such warrants to be payable out of the "Local Improvement Fund,District No.29,"hereinafter created,to bear interest from the date thereof at a rate to be hereafter fixed by ordinance,not to exceed 9%per annum, and to be redeemed in cash,and/or by local improvement district bonds herein authorized to be issued.Such bonds shall bear interest at a rate to be hereafter fixed by ordinance,not to exceed 9%per annum,shall be payable on or before twelve years from the date of issuance,and shall be issued in exchange for and in redemption of any and all warrants issued hereunder and not redeemed in cash within a period not to exceed sixty days after the first publication by the City Treasurer of notice that the assess- ment roll for "Local Improvement District No.29"is in his hands for collection.The bonds shall be redeemed by the collection of special assessments to be levied and assessed upon the property within said District,payable in ten equal annual installments,with interest at a rate to be hereafter fixed by ordinance,not exceeding 9%per annum,under the mode of "paymentby bonds,"as defined by law and the ordinances of the City of Moses Lake.In the case of default in the payment of any assessment when the same shall become due,there shall be added interest at a rate to be hereafter fixed by ordinance, not to exceed 9%per annum,and a penalty of 9%which shall also be collected.The exact amount,form,date,interest rate,and denominations of said warrants and bonds shall be hereafter fixed by ordinance of the City Council.Said warrants and bonds shall be sold in such manner as the City Council shall hereafter determine. Section 6.All the work necessary to be done in connection with the making of said improvement shall be done by and made by contract upon competitive bids and the City shall have and reserves the right to reject any and all bids.The call for bids for work authorized pursuant to this Ordinance shall include a statement that payment for said work will be made in cash warrants drawn upon the "Local Improvement Fund District No.29"of Local Improvement District No.29 of the City of Moses Lake,Washington. Section 7.There is created and established in the Office of the City Treasurer of the City of Moses Lake,for Local Improvement District No.29,a special fund to be known and designated as Locial Improvement Fund District No.29: (a)"Local Improvement Fund,District No.29"into which fund shall be deposited all payments made upon assessments in said District for the redemption of the warrants and bonds herein authorized;and (b)Into which fund shall be deposited the principal amount plus accrued interest received from the sale of local improvmenet district revenue warrants of the District herein authorized,to be issued and sold and collections pertaining to assessment and against which fund cash warrants shall be issued to the contractor or contractors in payment of the work to be done by them in connection with said improvement and against which fund cash warrants shall be issued in payment of all other items of expense in connection with said improvement. PASSED by the City Council and APPROVED by the Mayor of the City of Moses Lake, Washington,at a regular meeting thereof,this 24th dy of August,1976. *Donald E.Swanson,M a yor ATTE (ÉmnC.Burton,Acting City Clerk Patrick R.A'yfes,City Attorney