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ORDINANCE NO.
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AN ORDINANCE of the City of Kent,
Washington, relating to Local Improvement
District No. 283; amending Ordinance 2102
entitled
AN ORDINANCE of the City of Kent,
Washington ordering the improvement of
a portion of the City by the con-
structing and installation of
asphaltic -concrete surface on 72nd
Avenue South, 70th Avenue South, South
216th and South 220th Street in the
area bounded by South 212th Street on
the north a point approximately 340
feet north of the proposed South 224th
Street alignment on the south, 68th
Avenue South (West Valley Highway) on
the west and 72nd Avenue on the east,
to provide two (2) through traffic
lanes, together with curbs, gutters,
storm drains and street lighting; also
by the widening improvement of West
Valley Highway from approximately 600
feet south of South 220th Street to
approximately 600 feet north of South
216th Street together with left turn
channelization, street lighting,
underground power and street drainage;
and by the construction and install-
ation of ten -inch water mains and
eight -inch and 12 -inch sewer mains or
stubs within the above described area;
all in accordance with Resolution 842
of the City Council; establishing Local
Improvement District No. 283; providing
the payment for the cost of the im-
provements be made by special assess-
ments upon the property in the
district, payable by the mode of
"Payment by Bonds", "Note in Lieu of
Bonds"; and providing for the issuance
and sale of local improvement district
warrants redeemable in cash and local
improvement district bonds or note in
lieu of bonds.
to delete interest limitations contained in
Section 5 therein and to provide that interest
shall be set at a rate to be hereafter fixed by
ordinance.
WHEREAS, Ordinance 2102 was adopted by the City Council
of the City of Kent on June 19, 1978, and approved by the Mayor or
June 20, 1978; and
WHEREAS, Section 5 of Ordinance 2102 limits the rate of
local improvement district bonds or note in lieu of bonds to 8.5%
per annum; and
WHEREAS, said rate of interest is no longer justified or
appropriate as a result of changed conditions during the
construction of this LID; and
WHEREAS, a public hearing was scheduled for June 4, 1984
at 7:00 p.m. in the Council Chambers in the Kent City Hall at the
time and place for hearing of matters relating to the proposed
amendment to Ordinance 2102; 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 June 4, 1984, and no protest being received concerning
the amendment to said Ordinance; and
WHEREAS, the City Council has determined it to be in the
best interest of the City and the Local Improvement District to
amend said Ordinance; NOW THEREFORE
THE CITY OF KENT, WASHINGTON, DOES ORDAIN AS FOLLOWS:
Section 1. Section 5 of Ordinance 2102 is amended to
i read as follows:
Section 5. Local improvement district warrants shall be
;issued in payment of the cost and expense of the improvement
i
herein ordered to be assessed, such warrants to be payable out of !
the "Local Improvement Fund, District No. 283," hereinafter
created and referred to as the "Local Improvement Fund" to bear
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interest from the date thereof at a rate to be hereafter fixed by
Ordinance (( )) and to be redeemed in j
i
cash, and/or by local improvement district bonds, or note in lieu
of bonds, herein authorized to be issued, such interest-bearing
warrants to be hereafter referred to as "revenue warrants." The
City is authorized to issue local improvement district bonds or
i �
note in lieu of bonds for the district which shall bear interest
at a rate to be hereafter fixed by ordinance, shall be payable on
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or before twelve (12) years from the date of issuance, the life of
the improvement ordered being not less the term of the bonds, and
shall be issued in exchange for and in the redemption of any and
all revenue warrants issued hereunder and not redeemed in cash
within a period of not to exceed sixty (60) days after the first
publication by the Supervisor of Treasury Accounting of notice
that the assessment roll for Local Improvement District No. 283 is
in her hand for collection. The bonds or note in lieu of bonds
shall be redeemed by the collection of special assessments to be
levied and assessed against the property within the District,
payable in ten (10) equal annual installments, with interest at a
rate to be hereafter fixed by ordinance ((,
ami)), under the mode of "Payment of Bonds", or "Note in Lieu of!
Bonds," as defined by law and the ordinances of the City. 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 ( (rrtrt -t0- _ ) ) and
a penalty of 6% which shall also be collected. The exact form,
amount, date, interest rate and denominations of the revenue
warrants and local improvement district bonds shall be hereafter
fixed by ordinance of the City Council. she warrants and bonds
shall be sold in such manner as the City Council shall hereafter
determine.
Section 2. Any act consistent with the authority and
prior to the effective date of this ordinance is hereby ratified
and confirmed.
Section 3. Effective Date. This ordinance shall take
effect and be in force five (5) days from and after its passage,
approval and publication as provided by law.
ATTEST:
MARIE JEN Y , CITY LERK
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APPROVED AS TO FORM:
ie
P. STEP DiJULIO, -ITY ATTORNEY
PASSED the day of - 1984.
APPROVED the day of ��.� s 1984.
PUBLISHED the � day of 1984.
I hereby certify that this is a true copy of Ordinance
No.. passed by the City Council of the City of Kent,
Washington, and approved by the Mayor of the City of Kent as hereon
indicated.
100280-010
(SEAL)
MARIE JENSEN, CITY CLERK
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