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HomeMy WebLinkAbout1443CITY OF KENT, WASHINGTON ORDINANCE NO. AN ORDINANCE ordering the improvement of South 212th Street from the West Valley High- way to the East Valley Highway by constructing and installing asphaltic concrete pavement of a variable width from 60 to 72 feet with concrete curbs and gutters and drainage facilities, all in accordance with Resolution No. 566 of the City Council of the City of Kent, Washington; establishing Local Improvement District No. 253; providing the method of assessment in said District; providing that payment for said improvement be made in part by special assess- ments upon the property in said District, pay- able by the mode of "payment by bonds"; and providing for the issuance and sale of local improvement district warrants redeemable in cash and local improvement district bonds. WHEREAS, by Resolution No. 566, adopted February 22, 1967, the City Council of the City of Kent declared its intention to order the im- provement of South 212th Street from the West Valley Highway to the East Valley Highway by constructing and installing asphaltic concrete pavement of a variable width from 60 to 72 feet with concrete curbs and gutters and drainage facilities and fixed the 20th day of March, 1967, at 8:00 o'clock (PST) in the Council Chambers of the City Hall in the City of Kent, Wash- ington, as the time and place for hearing all matters relating to said pro- posed improvement and all objections thereto and for determining the method of payment for said improvement; and WHEREAS, Hill & Ingman, consulting engineers to the City, caused an estimate to be made of the cost and expenses of the proposed improvement and certified said estimate to the City Council, together with all papers and information in their possession touching the proposed improve- ment, a description of the boundaries of the District, a statement of what portion of the cost and expense of the improvement should be borne by the property within the proposed 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 valuation of the real estate, including 25% of the actual valuation of the improvements in the proposed district, according to the valuation last placed upon it for the purpose of general taxation; and WHEREAS, said 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 benefited by the proposed improve- ment, and the estimated amount of the cost and expense thereof to be borne by each lot, tract, and parcel of land or other property; and WHEREAS, due notice of the hearing upon said Resolution No. 566 was given in the manner provided by law and said hearing was held by the City Council on March 20, 1967, and all written protests filed with the City Council on or before said date were duly considered and overruled and all persons appearing at said hearing were heard; and WHEREAS, the City Council has determined it to be in the best interests of the City that said 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 KENT, WASHINGTON, DO ORDAIN as follows: Section 1. The improvement of South 212th Street from the West Valley Highway to the East Valley Highway by constructing and installing asphaltic concrete pavement of a variable width from 60 to 72 feet with concrete curbs and gutters and drainage facilities in the City of Kent, Washington, is hereby ordered. All of the foregoing shall be in accordance with the plans and specifications therefor prepared by Hill & Ingman, consulting engineers to the City. Section 2. There is hereby created and established a local improvement district to be called "Local Improvement District No�`I of the -2- City of Kent, Washington, " which District is described as follows: Beginning at the Northwest corner of the S/2 of the N/2 of the N/2 of Section 12, Township 22 North, R 4 E W.M., King County, Washington; Thence easterly along the north line of said subdivision to the east line of said Section 12; Thence southerly along the said east line to the southeast corner of the N/2 of the S/2 of the N/2 of said Section 12; Thence westerly along the south line of said subdivision to the west line of said Section 12; Thence northerly along the said west line to the Point of Beginning. Section 3. The estimated cost and expense of said improve- ment is hereby declared to be $754,000.00. Not to exceed $190,000.00 of the cost and expense of said improvement shall be borne by and assessed against the property specially benefited by such improvement included in the local improvement district herein established embracing as near as may be all property specially benefited by such improvement. Approximately $377,000-00 of the cost and expense of the improvement shall be paid from a grant anticipated to be received from the Economic Development Administration of the United States Department of Commerce, pursuant to the Public Works and Economic Development Act of 1965 (P. L. 89-136) Project #07-1-00100, the Offer of Grant being made May 24, 19 66 , and duly accepted by the City on June 2, 19 66 , The balance of the cost and expense of the improvement shall be paid from the proceeds received from the issuance and sale of "General Obligation Bonds, 19 66 , " of the City issued as of December 1, 19 66 , pursuant to Ordinance No. 1384 of the City and/or from such other funds of the City as may be available therefor. Section 4. The nature of the improvement provided for herein is such that the special benefits conferred upon the property in the local improvement district herein created are not fairly reflected by the use of the zone -and -termini method of assessment therefor, and it is hereby provided and ordered that the assessments shall be made against the property of the -3- District in accordance with the special benefits it will derive from the improvement without regard to the zone -and -termini method provided by statute. Section 5. Local improvement district warrants shall be issued in payment of that portion of the cost and expense of the improvement herein ordered to be assessed, such warrants to be payable out of the "Local Improvement Fund, District No. 253, " hereinafter created, 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 dis- trict bonds, herein authorized to be issued, said interest-bearing warrants to be hereafter referred to as "revenue warrants. " Such bonds shall bear inter- est at a rate to be hereafter fixed by ordinance not exceeding 6% per annum, shall be payable on or before twelve (12) years from the date of issuance, the life of the improvement ordered being not less than twelve 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 of not to exceed 60 days after the first publication by the City Treasurer of notice that the assess- ment roll for Local Improvement District No. 253 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 (10) equal annual installments, 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 by law 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 60/c which shall also be collected. The exact form, amount, date, interest rate and denominations of said war- rants 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. -4- Section 6. 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 re- ject any and all bids. The call for bids for work authorized pursuant to this ordinance shall include a statement that payment for said work will be made in cash warrants drawn upon the "Local Improvement Fund, District No. 253." Section 7. There is hereby created and established in the office of the City Treasurer of the City of Kent, for Local Improvement District No. 253, a special fund to be known and designated as "Local Improvement Fund, District No. 253," into which fund shall be deposited the moneys to be received by way of grant from the Economic Development Administration of the United States Department of Commerce, pursuant to the Public Works and Economic Development Act of 1965 (P.L. 89-136) Project #07-1-00100 allocated to the portion of the improvement to be under- taken in such District the portion of proceeds received from the issuance and sale of the limited general obligation bonds as aforesaid allocated to such District and/or other funds contributed by the City, 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 said improvement, and against which fund cash warrants shall be issued in payment of all other items of expense in connection with said improvement. PASSED by the City Council and APPROVED by the Mayor of the City of Kent, Washington, at a regular meeting thereof, this 3rd day of April, 1967. Mayor - 5 - ATTEST: City C1 r FORM APPROVED: ity Attorney