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ORDINANCE NO.��
An Ordinance of the City of Kent, Washington
rep.aiingSection 3 and adding new Sections
3, 4 and 5 to Kent City Ordinance No. 12541
passed by the Kent City Council on the 6th
day of July, 1964. The City Council of the
City of Kent, do ordain as follows:
Section 1. Section 3 of Kent City Ordinance No. 1254
passed the 6th day of July, 1964, which reads as follows:
Bonds of said Local Improvement District, bearing
interest at a rate of .not to exceed 6% per annum
and payable on or before 12 years from date of
issue, shall be issued in payment of the cost and
expense of the improvements provided for herein,
which bonds shall be redeemed by the collection
of special assessments to be levied and assessed
upon the property within the district as above
provided, such assessments to be payable in 12
equal installments, and with interest at a rate
of not to exceed 6% per annum under the mode of
"payment by bonds", as defined by law and the
Ordinances of the City of Kent.
Any assessments or installments thereof when de-
linquent, and the interest due thereon, shall bear
a penalty of 50 of the total amount thereof from
the date of said delinquency.
That there be and there is hereby created a fund
of the City to be known as "Local Improvement
District No. 245 fund".
Warrants bearing interest at a rate of not to exceed
6% per annum shall be drawn on said fund, based on
estimates of the City's Engineer, in payment of the
cost of construction of said improvements and all
costs incidental thereto.
The money received from the sale of said warrants
shall be placed in the Local Improvement District
No. 245. Construction Fund of the City which is
hereby created, and shall be used to pay all of said
costs.
The rate of interest to be borne by said warrants,
bonds and installments of said assessments shall be
as hereafter fixed by the City Council. The bonds
of this district to be issued shall be delivered to
the owner or owners of said Local Improvement
District No. 245. Fund warrants, in redemption of the
same.
IT IS HEREBY REPEALED
Section 2. The following Section 3 is hereby added
to Ordinance No. 1254, passed by the City Council of the City of
Kent on the. 6th day of July, 1964:
Local Improvement District warrants shall be issued
in payment of that portion of the cost and expense
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of the improvement herein ordered to be assessed
such warrants to be payable out of the 'Local
Improvement Fund, District No. 245" hereinafter
credted, to bear interest from the date thereof
at a rate to be hereafter fixed by ordinance, not
to exceed 6% per annum and to be redeemed in cash
and/or by Local Improvement District bonds, here-
in authorized to be issued, said interest bearing
warrants to be hereafter referred to as "revenue
Warrants." Such bonds shall bear interest at a
rate to be hereafter fixed by ordinance, not ex-
ceeding 6% per annum, shall be payable on or before
the twelve (12) years from the date of issue, the
life.of the improvement order being not less than
twelve (12) years, and shall be issued in exchange
for and in redemption of any and all revenue warrants
issued hereunder and not redeemed in cash within a
period not to exceed sixty (60) days after the first
publication by'.the City Treasurer of notice that the
assessment rule for Local Improvement District No.
245. is in his hands for collection. The bonds shall
be redeemed by the collection of special assessments
to be levied and assessed upon the property within
said District, payable in ten (lA) equal annual in-
stallments, with interest at a rate to be hereafter
fixed by ordinance not exceeding 6% per annum under
the mode of "Payment by Bonds;, as defined bylaw
and the Ordinances of the City of Kent. 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, not to
exceed 6% per annum, and a penalty of 6% which shall
also be collected. The exact form, amount, 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 3. The following Section 4 is hereby added
to Ordinance No. 1254, passed by the City Council of the City
of Kent on the 6th day of July, 1964:
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 pur-
suant to this ordinance shall include a statement that
payment for said work will be made in cash warrants
drawn from the "Local Improvement Fund, District No.245"
Section 4. The following Section 5 is hereby added
to Ordinance No. 1254, passed by the City Council of the City
of Kent on the 6th day of July, 1964
There is hereby created and established in the office
of the City Treasurer of the City of Kent, for Local
Improvement District No. 245, a special fund to be
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known and designated as "Local Improvement Fund,
District No. 245.113, into which fund shall be deposited
the monies to be contributed to pay the costs of con-
struction of said improvements and all costs inciden-
tal thereto, the proceeds from sale of revenue warrants
drawn against said 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 said im-
provement, and against which fund cash warrants shall
be issued in payment of all other items of expense
in connection with said improvement.
Section 5. This ordinance shall become effective five
(5) days after itspassage, approval and publication as provided
by law.
Attest:
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Approved as to Form:
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y ttorney
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Passed the CQt) day of July, 1964.
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Approved the �,91 day of July, 1964.
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Published the Lday of July, 1964.
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M
R
y�
Attest:
e
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Approved as to Form:
16
y ttorney
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Passed the CQt) day of July, 1964.
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Approved the �,91 day of July, 1964.
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Published the Lday of July, 1964.
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