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HomeMy WebLinkAbout2431ORDINANCE NO.�j / AN ORDINANCE ordering the construction and installation of certain street and drainage improvements to 72nd Avenue S. and the P-2 Drainage Channel, within the City of Kent, all in accordance with Resolution No. 974 of the City of Kent; establishing Local Improvement District No. 310; providing that payment for the improvements be made by special assessments upon the property in the district, payable by the mode of "payment by bonds" or "note in lieu of bonds"; and providing for the issuance and sale of local improvement district warrants or bond anticipation notes redeemable in cash and local improvement district bonds or note in lieu of bonds. WHEREAS, by Resolution No. 974, adopted October 4, 1982, the City Council declared its intention to order the construction and installation of certain street, and drainage improvements to 72nd Avenue S. and the P-2 Drainage Channel within the City of Kent, and fixed November 1, 1982, at 7:00 p.m., local time, in the Council Chambers of the City Hall as the time and place for hearing all matters relating to the proposed improvements and all objections thereto and for determining the method of payment for the improvements; and WHEREAS, the Public Works Director of the City caused an estimate to be made of the cost and expense of the proposed improvements and certified that estimate to the City Council, together with all papers and information in his possession touch- ing the proposed improvements, a description of the boundaries of the district, a statement of what portion of the cost and expense of the improvements should be borne by the property within the improvement district, a statement in detail of the local improve- ment assessments outstanding or unpaid against the property in the proposed district, and a statement of the aggregate actual valua- tion of the real estate, including 25% of the actual valuation of the improvements in the proposed district, according to the valua- tion last placed upon it for the purpose of general taxation; and WHEREAS, that estimate is accompanied by a diagram of the proposed improvements showing thereon the lots, tracts, parcels of land, and other property which will be specially benefited by the proposed improvements 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 no written protests or persons having appeared at said hearings; and WHEREAS, the City Council has determined it to be in the best interests of the City that the improvements as hereinafter described be carried out and that a local improvement district be created in connection therewith; NOW, THEREFORE, THE CITY OF KENT, WASHINGTON DOES ORDAIN AS FOLLOWS: Section 1. The City Council of the City of Kent, Washington (the "City"), hereby orders the improvement of a (portion of the City by the construction and installation of certain street and drainage improvements on 72nd Avenue S. and the P-2 Drainage Channel more fully described in Exhibit B, attached hereto and by this reference made a part hereof. All of the foregoing shall be in accordance with the plans and specifications therefor prepared by the City Engineer, and may be modified by the City Council as long as such modifica- tion does not affect the purpose of the improvements. Section 2. There is created and established a local improvement district to be called Local Improvement District No. 310 of the City, which district is more particularly described in Exhibit A, attached hereto and by this reference incorporated herein. Section 3. The total estimated cost and expense of the improvements is declared to be $343,932.00, the entire amount of i said expense shall be borne by and assessed against the property specially benefited by such improvements included in the local improvement district herein established embracing as near as may be all property specially benefited by such improvements. 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 reflect fairly the special benefits to the properties being assessed. -2- Section 5. Local improvement district warrants or bond anticipation notes shall be issued in payment of the cost and expense of the improvements herein ordered to be assessed, such warrants or notes to be payable out of the "Local Improvement Fund, District No. 310," hereinafter created 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 not in excess of 16% per annum to be hereafter fixed by the Director of Finance and to be redeemed in cash and/or by local improvement district bonds or note in lieu of bonds herein author- ized to be issued, such interest-bearing warrants or bond antici- pation notes to be hereinafter referred to as "revenue warrants," or "BANs," respectively. The City is authorized to issue local improvement district bonds or 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 or before a date to be deter- mined later by the City Council, the life of the improvements ordered being not less than the term of the bonds, and shall be issued in exchange for and in redemption of any and all revenue warrants or BANS issued hereunder and not redeemed in cash within a period of not to exceed sixty days after the first publication by the City Treasurer of notice that the assessment roll for Local Improvement District. No. 310 is in her hands 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 property within the district, payable in annual installments, with interest at a rate to be hereinafter fixed by ordinance under the mode of "payment by 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 and a penalty at a rate to be hereafter fixed by ordinance. The exact form, amount, date, interest rate and denominations of such warrants, BANS, bonds or note in lieu of bonds shall be hereafter fixed by ordinance of the City. Such warrants, BANS, bonds or note in lieu of bonds shall be sold in such manner as the City shall hereafter determine. Section 6. All the work necessary to be done in connec- tion with the making of such improvements shall be done 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 -3- statement that payment for such work will be made in cash warrants drawn upon the "Local Improvement Fund, District No. 310." Section 7. There is created and established in the office of the Treasurer of the City for Local Improvement District No. 310 a special fund to be known and designated as "Local Improvement Fund District No. 310," into which fund shall be deposited the proceeds from the sale of revenue warrants drawn against the fund which may be issued and sold by the City and collections pertaining to assessments, and against which fund shall be issued cash warrants to the contractor or contractors in payment for the work to be done by them in connection with the improvement, and against which fund cash warrants shall be issued in payment for all other items of expense in connection with the improvement. Section 8. 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. SABEL HOGAN, MAYO ATTEST: BETTY GRAf, DEPUTY AITY CLERK APPROVED AS TO FORM: P. STEPHEN DiJULIO, CITY ATTORNEY PASSED the tk day of , 1983. APPROVED the _day of - L"&1g&Z, 1983. PUBLISHED the day of -4- 1983. 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. 9580-168A (SEAL) BETTY GRAY, DEPUTY C TY CLERK -5- EXHIBIT "A" BOUNDARY LEGAL DESCRIPTION L.I.D. 310 72nd AVE. S. P-2 CHANNEL CR06SING Lots 2 thru 9 Daon Addition recorded in Volume 116 of Plats pages 57, 58 and 59 King County, Washington and lots 1 thru 4 City of Kent Short Plat No. 80-6 King County Recording #8003260556 (AKA) Northwest Distri- bution Center.Short Plat and lots 5 and 6 O'Brien Station Garden Tracts recorded in Volume 12 of Plats King County Washington, except that portion of Tract 6 lying northerly of the following described line. Beginning at the Northwest corner of said Tract 6 being the beginning of line herein described; thence in a Southeasterly direction on a curve with a radius of 500.88 feet a distance of 422.811more or less to a point on the east line of said Tract 6 being the terminus of line herein described. Also that portion of the East half of the Southwest quarter of the Southwest quarter in Section 1, Township 22 North, Range 4 East, lying Northerly of of said Daon plat. EXCEPT the North 60.00 feet thereof of said subdivision Subject to revision upon examination of record title, EXHIBIT B 72nd AVENUE SOUTH P-2 CHANNEL CROSSING STREET IMPROVEMENTS Description: Includes the installation of street improvements wide including curb and gutter, sidewalk, a 44 footchanneloinway, and drainage improvements across the existingch hfuture accordance with the requirements of the prop osed channel. Said street improvements shall connectttoohehpro- with the existing roadway south of the crossing north of the posed improvements (to be constructed by other)crossing.