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HomeMy WebLinkAboutO-2827 - Overpass construction; establishes LID No. 71 (Special)CITY OF MARYSVILLE,WASHINGTON ORDINANCE NO.).'81l AN ORDINANCE OF THE CITY OF MARYSVILLE ORDERING THE CONSTRUCTION OF AN ThTTERSTATE 5 OVERPASS,AT 156th STREET NE,PURSUANT TO PROPERTY OWNERS'PETITION THEREFOR; ESTABLISHING LOCAL IMPROVEMENT DISTRICT NO.71 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,a petition for the creation of a local improvement district to provide for the construction of an Interstate 5 overpass at 156th Street NE,a portion of the cost thereof to be borne by the property included in the local improvement district and benefited by those improvements,was filed with the City Clerk;and WHEREAS,the City Engineer has 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 his 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 improvements should be borne by the property within the proposed improvement 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 that will be specially benefited by the proposed improvement and the estimated cost and expense thereof to be borne by each lot,tract,and parcel ofland or other property;and -1- 510972151 WHEREAS,the City Council,by Resolution No.2292 adopted July 26,2010,fixed September 20,2010 at 7 p.m.,local time,in the Council Chambers,Marysville City Hall,1049 State Avenue,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,due notice of the above hearing was given in the manner provided by law and Resolution No.2292,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 and overruled 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 COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON,DO ORDAIN as follows: Section 1.The City Engineer has examined such petition and has certified that he has determined such petition to be sufficient and that it has been signed by the owners of 64%of the area included in the proposed district. Section 2.The City Council of the City of Marysville,Washington (the "City"),orders the improvement ofthe properties within the area described in Exhibit A,attached hereto,and by reference made a part hereof,by constructing an overpass at 156th Street NE in Marysville,over Interstate 5,along with road transitions at each end to connect to existing streets.The -2- 51097215.1 construction project will also include the design,right of way acquisition,and all other items associated with the design,construction and management of the project,and all other costs permitted under State law to be assessed in connection with the project. All of the foregoing shall be in accordance with the plans and specifications therefor prepared by Berger/Abam Engineering,consulting engineers,and may be modified by the City as long as such modification does not affect the general purpose of the improvement. Section 3.There is created and established a local improvement district to be called Local Improvement District No.71 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 4.The total estimated cost and expense of the improvement is declared to be $16,000,000.Approximately 50 percent ofthe cost and expense shall be borne by and assessed against the property specially benefited by such improvement included in the District that embraces as nearly as practicable all property specially benefited by such improvement and the balance of such cost and expense,up to a maximum of$8,000,000,shall be paid by the City. Section 5.In accordance with the provisions of RCW 35.44.047,the City may use any method or combination of methods to compute assessments that may be deemed to more fairly reflect the special benefits to the properties being assessed than the statutory method ofassessing the properties. Section 6.Local improvement district warrants may be issued in payment ofthe cost and expense of the improvement herein ordered to be assessed,such warrants to be paid out of the Local Improvement Fund,District No.71,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 -3- 510972151 purchaser thereof,to bear interest from the date thereof at a rate to be established hereafter by the City Finance Director,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 ofother 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 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 benefited 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 $8,000,000. The City is authorized to issue local improvement district bonds for the District that shall bear interest at a rate and to be payable on or before a date to be hereafter fixed by ordinance. The bonds shall be issued in 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 of assessments without interest on the assessment roll 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 -4- 51097215.1 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 hereafter 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 Clerk.The proceeds from the sale of revenue warrants or other short-term obligations drawn against the fund that 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 Clerk the title of the improvement and District number,a copy of the diagram or print showing the boundaries ofthe District and the preliminary assessment roll or abstract of such roll showing thereon the lots,tracts,and parcels of land that will be specially benefited thereby and the estimated cost and expense of such improvement to be borne by each lot,tract,or parcel of land.The City Clerk shall immediately post the proposed assessment roll upon her index of local improvement assessments against the properties affected by the local improvement. -5- 5)097215.1 PASSED by the City Council and APPROVED by the Mayor of the City of Marysville, Washington,at a regular open public meeting thereof,this 20th day of September,2010. 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