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870_00001ORDINANCENO. AN ORDINANCEORDESING THE IMFROVEMMENT ÒF MADISONAVENUE BE2WEEN NELSONROADANDBROWSSTREETBYGRADING,GRAVELING,CONSTÈUCTING AND INSTALLINGCURBS,STŒWAERS,SEWER SIDE LATERALS,ASPHALg CONCRETE PAVEMENTAND STORMDRAINAGEINACCORDANCEWITHRESOLUTION#852 OF THE CITY CÓUNCIL OF THECITYOFMOSESLAKE,WASHINGTON:ESTABLISHING LOCAL IMPROVEMENT DISTRICT I NO.41;PROWIDING THE METHOD OF ASSESSMENT IN SAID DISTRICT;PROVIDINGTHATPAYMENTFORSAIDIMPROVEMENTBEMADEBYSPECIALASSESSMENTSUPONPROPERTYINSAIDDISTRICTPAYABLEBYMODEOF"PAYMENT BY BONDS";AND PRO-VIDING FOR THE ISSUANCE FOR SALE OF LOCAL IMPROVEMENT DISTRICT WARRANTSREDEEMABLEINCASHANDLOCALIMPROVEMENTDISTRICTBONDS. WHEREAS,by Resolution.No.852,adopted December 20,1978,the City Council oftheCityofMosesLake,Washington,declared its intention to improve MadisonAvenuebetweenNelsonRoadandBrownstreetbygrading,graveling,constructingandinstallingcurbs,sidewalks,sewer side laterals,asphalt concrete pavementandstormdrainagerandfixedthe24thdayofJanuary,1978,at 8.00 o'clock p.m.,in the Council Chambers in City Hall,Moses Lake,Washington,as the time andplaceforhearingallmattersrelatingtosaidimprovementandallobjectionstheretoandfordeterminingthemethodofPaymentofsaidimprovement;and .WEEREAS,the City Engineer's Office has caused an estimate to be made of the costsandexpenseofeachcontinuousunitoftheproposedimprovementandhascertifiedsaidestimatetotheCityCouncil,together with all papers and information in itspossessiontouchingtheproposedimprovement,a description of the boundaries oftheDistrict,a statement of what portion of the cost and expense of the improvementshouldbeborneby.the property within the proposed.District,a statement in detailofthelocalimprovementassessmentsoutstandingorunpaidagainstthepropertyintheproposedDistrictandastatementoftheaggregateactualvaluationofthe-realestate,including 25%of the.actual valuation of the improvements in the proposedDistrict,according to the valuation last placed upon it for the purpose of generalitaxation;and WIŒREAS,said estimate is accompanied by a diagram of the proposed improvement show-ing thereon the lots,tracts,parcels of land,and other property which will bespecificallybenefitedbyeachcontinuous-unit of the proposed improvement,and theestimatedamountofthecostandexpensethereoftobebornebyeachlot,tract and .parcel of land or other property;and WIEREAS,9 due notice of the hearing on Resolution No.852 was given in the mannerprovidedbylawandsaidhearingwasheldbytheCityCouncilonJanuary24,1978,and all written protests filed.with the City Council on or before said dates weredulyconsideradaand WHEREAS,it has been further determined to be in the best interests of the City thatthesaidimprovement,as hereinafter described,he carried out and that a localimprovementdistrictbecreatedinconnectiontherewith,NOW.THEREFORE, THE CITY COUNCIE OF THE CITY OF MOSES LAKE,WASHINGTON,DO ORDAIN AS FOLLOWS: Section 1.It its hereby ordered that the improvement of the following describedstreetintheCityofMosesLake,Washington,and the construction,be carried out,to wit: By grading,graveling,constructing and installing curbs,sidewalks,sewer side laterals,asphalt concrete pavement,and storm drainageonMadisonAvenuebetweenNelsonRoadandBrownstreet. All of the foregoing shall be in accordance with the plans and specifications there-fore-prepared by the City Engineer's office. Section 2.The estimated cost and expense of said improvement is hereby declared tobe$74,682.32. The entire cost and expense of said improvement shall be borne by and assessedagainstthepropertyspeciallybenefitedbysuchimprovementtobeincluded in thelocalimprovementdistricthereinafterestablishedembracing,as near as may be,all properties specially benefited by such improvement. Section 3.There is hereby created and established a local improv eat district tobeknownas"Local Improvement District No.41",which District is dgsoribed asfollowsandincludesthefollowingdescribedproperties: Ordinance No.870,Fage 2 Lot 1 of St.Martin's Addition,Lots 1 and 2 of Von Marbod Additiony Lots 17 through 23 of Westview Tracts,Trabt 1 of Castor Addition No.1,Lots 1,2,.2A and 5 of Swanson Addition and an unplatted parcel bounded on the South by Westview Tracta,on the West by Assembly of God Addition,on the North by Brown street and on the East by Madison Avenue. Section 4.The nature of the improvement provided for herein is such that tlut . 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 therefore sand 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.41",hereinafter created,to bear interest from the date thereof at a rate to be hereafter fixed by ordinancer not to exceed 9%per annum,and to be redeemed in cash,and/or by local improvement dis- trict 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 ex- change for and in redemption of any and all warrants issued hereunder and not re- deemed in cash within a period not to exceed sixty days after the first publication by the City Treasurer of notice that the assessment roll for "Local Improvement District No.41"is in his hands for collection.The bonds shall he 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 ann er under the mode of "paymentby bonds,"as defined by law and the ordinandes 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 ordin- ance,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 the Ordinance shall include a statement that payment for s id work will be made in cash warrants drawn upon "Local Improvement Fund District N .41"of Local Improvement District No.41 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.41,a special fund to be known and designated as Local Improvement Fund District No.41;into which fund shall be deposited the principal amount plus accrued interest received from the sale of local improvement 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 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 this day of 1978. Robert E.Hill,M a yor Pro Tem ATTEST: fty Clerk (Acting) APPR D S TO FORM: City Attorney