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HomeMy WebLinkAboutO-2148 - LID No. 67 (Special)> .,.7--··~-r. /-~~. 1_~'71-0 I-~ I <:9-JL'f.;,tk CITY OF MARYSVILLE,WASHINGTON ORDINANCE NO.~ AN ORDINANCE ordering the construction and installation ot sewer mains and appurtenances along 92nd Place NEall in accordance with Resolution No. 1848 ot the City Council;establishing Local Improvement District No. 67 and ordering the carrying out of the proposed improvement;providing that payment for the improvement be made in .part by special assessments upon the property in the District,payable by the mode of "payment by bonds";and providing for the issuance and sale of local improvement district warrants redeemable in cash or other short-term financing and local improvement district bonds. WHEREAS,by Resolution No. 1848 adopted July 7,1997,the City Council declared its intention to order the improvement of the construction and installation of sewer mains and appurtenances along 92nd Place NE,and fixed August 4,1997,at 7:00p.rn..local time, in the Council Chambers at the Public Safety Building located at 1635 Grove Street in Marysville,Washington,as the time and place for hearing all matters relating to the proposed improvement and all objections thereto and for determining the method of payment for the improvement;and WHEREAS,Hammond,Collier &Wade -Livingstone Associates, lnc.,the consuiting engineer of the City,caused an estimate to be made of the cost and expense of the proposed improvement and certified that estimate to the City Council,together with all papers and information in its possession touching the proposed improvement.a description of the boundaries of the proposed local improvement district and a statement of what portion of the cost and expense of the improvement should be borne by the property within the proposed district;and WHEREAS,that estimate is accompanied by a diagram of the proposed improvement showing thereon the lots, tracts,parcels of land,and other property which will be specially benefitted by the proposed improvement and the estimated cost and expense thereof to be borne by each lot.tract. and parcel of land or other property:and WHEREAS,due notice of the above hearing was given in the manner provided by law,and the hearing was held by the City Council on the date and at the time above mentioned,and all objections to the proposed improvement were duly considered by the City Council,and all persons appearing at such hearing and wishing to be heard were heard;and WHEREAS,the City Council has determined it to be in the best interests of the City that the improvement as hereinafter described be carried out and that a local improvement district be created in connection therewith;NOW,THEREFORE, THE CITY COUNCILOF THE CITY OF MARYSVILLE,WASHINGTON,DO ORDAINas follows: \working\mv\lid67ord.doc Section 1. The City Council of fhe City of Marysville.Washington (the "CITY"), orders the construction and installation of 1200lineal feet of 8-inch sewer main and appurtenances along 92nd Place NE. All of the foregoing shall be in accordance with the plans and specifications therefor prepared by Hammond,Collier &Wade - Livingslone Associates lnc.,consulting engineers,and may be modified by the City Council as long as modification does not affect the purpose of the improvement. Section 2. There is created and established a local improvement district to be called Local Improvement District No. 67 of the City of Marysville,Washington (the "District").the boundaries or territorial extent of the District being more particularly described in Exhibit A attached hereto and by this reference incorporated herein. Section 3. The total estimated cost and expense of the improvement is declared to be $303,960.00 and shall be borne by and assessed against the property specially benefitted by such improvement included in the District which embraces as nearly as practicable all property specially benefitted by such improvement. Section 4. In accordance with the provisions of RCW 35.44.047,the City may use any method or combination of methods to compute assessments which may be deemed to more fairly reflect the special benefits to the properties being assessed than the statutory method of assessing the properties. Section 5. No property,any portion of which is outside the District,may connect to those improvements constructed or made a part of such District unless either that property shall have been subject to the special assessments on the assessmentroll for that District or the owners of that property shall have paid prior to such connection a charge in lieu of assessment which shall be at least the equivalent of those assessments which would have been applied to that property had it been included within that District. Section 6. Local improvement district warrants may be issued in payment of the cost and expense of the improvement herein ordered to be assessed,such warrants to be paid out of the Local Improvement Fund, District No. 67,hereinafter created and referred to as the Local Improvement Fund,and,until the bonds referred to in this section are issued and delivered to the purchaser thereof, to bear interest from the date thereof at a rate to be established hereafter by the City Finance Officer, as issuing officer,and to be redeemed in cash and/or by local improvement district bonds herein authorized to be issued, such interest-bearing warrants to be hereafter referred to as "revenue warrants".In the alternative,the City hereafter may provide by ordinance for the issuance of other short-term obligations pursuant to chapter 39.50 RCW. If the City shall authorize expenditures to be made for such improvement (other than for any cost or expense expected to be borne by the City) prior to the date that any short-term obligations or local improvement district bonds are issued to finance the improvement,from proceeds of interfund \working\mv\lid67ord.doc loans or other funds that are not,and are not reasonably expected to be,reserved,allocated on a long-term basis or otherwise set aside to pay the cost of the improvement herein ordered to be assessed against the property specially benefitted thereby,the City declares its official intent that those expenditures,to the extent not reimbursed with prepaid special benefit assessments,are to be reimbursed from proceeds of short-term obligations or local improvement district bonds that are expected to be issued for the improvement in a principal amount not exceeding $303,960.00. The City is authorized to issue local improvement district bonds for the District which shall bear interest at a rate and be payable on or before a date to be hereafter fixed by ordinance.The bonds shall be issuedin exchange for and/or in redemption of any and all revenue warrants issued hereunder or other short-term obligations hereafter authorized and not redeemed in cash within twenty days after the expiration of the thirty-day period for the cash payment without interest of assessments on the assessmentroll for the District. The bonds shall be paid and redeemed by the collection of special assessments to be levied and assessed against the property within the District,payable in annual installments,with interest at a rate to be hereafter fixed by ordinance under the mode of "payment by bonds",as defined by law and the ordinances of the City. The exact form,amount,date,interest rate, and denominations of such bonds shall be fixed by ordinance of the City Council.Such bonds shall be sold in such manner as the City Council hereafter shall determine. Section 7. In all cases where the work necessary to be done in connection with the making of such improvement is carried out pursuant to contract upon competitive bids (and the City shall have and reserves the right to reject any and all bids), the call for bids shall include a statement that payment for such work will be made in cash warrants drawn upon the Local Improvement Fund. Section 8. The Local Improvement Fund for the District is created and established in the office of the City Finance Director.The proceeds from the sale of revenue warrants or other short-term obligations drawn against the fund which may be issued and sold by the City and the collections of special assessments,interest and penalties thereon shall be deposited in the Local Improvement Fund. Cash warrants to the contractor or contractors in payment for the work to be done by them in connection with the improvement and cash warrants in payment for all other items of expense in connection with the improvement shall be issued against the Local Improvement Fund. Section 9. Within 15 days of the passage of this ordinance there shall be filed with the City Finance Director the title of the improvement and District number,a copy of the diagram or print showing the boundaries of the District and the preliminary assessment roll or abstract of such roll showing thereon the lots, tracts,and parcels of land that will be specially benefitted thereby and the estimated cost and expense of such improvement to be borne by each lot,tract,or parcel of land.j The City Finance Director immediately shall post the proposed assessmentroll upon his index of local improvement assessments against the properties affected by the local improvement. \working\mv\lid67ord.doc PASSED by the City Council and APPROVED by the Mayor of the City of Marysville,Washington, at a regular open public meeting thereof,this dd(,lJ.day of ~, 19 97. Mayor ATIEST: APPROVED AS TO FORM: City Attorney \worldng\mv\lid67ord.doc