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HomeMy WebLinkAbout3397CITY OF KENT, WASHINGTON ORDINANCE NO. 3277 0 0 AN ORDINANCE ordering the construction of an 8" sanitary sewer .., system in and near the "Big K" Addition of the City, with side sewer stubs and related improvements, all in accordance with Resolution No. 1504 of the City *� Council; establishing Local Improvement District No. 350 and ordering the ocarrying 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, and for interfund loans.S�c�az ,&�, Re-Re.c.ov-ded fo V^eNove c.CC ! 181TA AMA Cory -e,+ Le941 o-esC-P. WHEREAS, by Resolution No. 1504 adopted February 3, 1998, the City Council declared its intention to order the construction of an 8" sanitary sewer system in and near the "Big K" Addition of the City, with side sewer stubs and related improvements, and fixed En March 3, 1998, 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 improvement and all comments thereon and objections thereto and for determining the method of payment for the improvement; and WHEREAS, the City's Director of Public Works 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 improvement should be borne by the property within the proposed 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 which will be specially 0325749 01 benefited by the proposed improvement 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, 0 � and the hearing was held by the City Council on the date and at the time above mentioned, no I .n objections to the proposed improvement were made and all persons appearing at such hearing a Q and wishing to be heard were heard; and 0 •cv 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 KENT, WASHINGTON, DOES ORDAIN as follows: Section 1. The City Council of the City of Kent, Washington (the "City"), orders the construction of an 8" sanitary sewer system in and near the "Big K" Addition of the City, with side sewer stubs and related improvements, All of the foregoing shall be in accordance with the plans and specifications therefor prepared by the Director of Public Works of the City, and may be modified by the City Council as long as such modification does not affect the purpose of the improvement. Section 2. There is created and established a local improvement district to be called Local Improvement District No. 350 of the City of Kent, Washington (the "District"), the boundaries or territorial extent of the District being more particularly described in Exhibit B attached hereto and by this reference incorporated herein. 0325749 01 -2- Section 3. The total estimated cost and expense of the improvement is declared to be $603,852.00, and approximately $66,044.40 of that cost and expense shall be paid by the City and the balance thereof (approximately $537,807.60) shall be borne by and assessed against the 0 a G' property specially benefited by such improvement included in the District which embraces as nearly as practicable all property specially benefited by such improvement. v Section 4. In accordance with the provisions of RCW 35.44.047, the City may use any 0 t method or combination of methods to compute assessments which may be deemed to more fairly reflect the special benefits to the properties being assessed than the statutory method of assessing the properties. Section 5. Local improvement district warrants may be issued in payment of the cost and expense of the improvement herein ordered to be assessed, such warrants to be paid out of the Local Improvement Fund, District No. 350, 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 purchaser thereof, to bear interest from the date thereof at a rate to be established hereafter by the Finance Division Director of the City, 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 of other 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, 0325749 01 -3- 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 LM o City declares its official intent that those expenditures, to the extent not reimbursed with prepaid 0 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 $537,807.60. The City is authorized to issue local improvement district bonds for the District which shall bear interest at a rate and 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, including the mterfund loans authorized by Section 6, and not redeemed in cash within twenty days after the expiration of the thirty -day period for the cash payment without interest of assessments 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 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 6. For the purpose of paying all or a part of the costs of carrying out the improvements within the District pending the receipt of the proceeds of the issuance and sale of the bonds or short-term obligations referred to in Section 5, interfund loans from the General Fund, Water Fund and/or Sewer Fund to the Local Improvement Fund in the maximum 0325749 01 -4- aggregate amount of not to exceed $537,807.60 are authorized and approved, those loans to be o repaid on or before the issuance of such bonds or obligations from the proceeds thereof. Each 6 of the interfund loans shall bear interest at a variable rate, adjusted the 15th and last day of each n, month, equal to the interest rate of the State of Washington Local Government Investment Pool 0 on the 15th and last day of each month. The initial interest rate on the date of each interfund loan shall be determined as of the last preceding interest payment adjustment date. 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 Finance Division Director of the City. The proceeds from the sale of revenue warrants or other short-term obligations drawn against the fund which 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 Finance Division Director of the City the title of the improvement and District number, a copy of the diagram or print showing the boundaries of the District and the preliminary assessment roll or abstract of such roll showing thereon the lots, tracts and parcels of land that will be 0325749 01 -5- IM specially benefited thereby and the estimated cost and expense of such improvement to be borne by each lot, tract or parcel of land. The Finance Division Director immediately shall post the proposed assessment roll upon her index of local improvement assessments against the properties affected by the local improvement. Section . This ordinance shall take effect and be in force five (5) days from and after its passage and five (5) days following its publication as required by law. ATTEST: Counsel for the City Passed the /7 day of March, 1998. Approved the /7 day of March, 1998. Published the oW day of March, 1998. 0325749.01 M U. r ¢-s CET V" O O I aI9 tl I certify that this is a true copy of Ordinance No. -3,-31-7 passed by the City Council of the City of Kent, Washington, and approved by the Mayor of the City of Kent as hereon indicated. 0325749 01 X4 e tL� `a-cc—� (SEAL) Y-... ` Brenda Jacober, ty lerk Ail'` r t EXHIBIT B LID 350 BIG'K' SANITARY SEWER (124TH AVENUE SE & SE 270TH STREET) BOUNDARY LEGAL DESCRIPTION The East half of the Southeast quarter of the Southwest quarter of Section 28 Township 22 North Range 5 East W.M. and that portion of the Southwest quarter of Southeast quarter in said Section lying southerly of Kent Kangley Highway except the west 470.00 feet thereof lying northerly of Big K Addition as recorded in Volume 67, page 66 in King County, Washington. AND ALSO P �7 In Q�j CZD 0 .�— Lmv98006 ut7 O Q`V cm O aro , �r a�;" Y� 0 0 N Y M CITY OF KENT 220 - 4th Avenue South Kent WA 98032-5894 (253) 859-3370 ORDINANCE NO. Grantor(s): N/A said domament(s) wen "Sc0lc by Pacific N)orthareg `ccgW"a.l,on on;y it has Grantee(s): N/A gamin° as 10 proper exe ,a10W i*, This document is an esti improvement District No Legal Description: 1. 2. C1It-7 aNui�r w2CICI I fled for Iltle ta- rot beer 17Etnr fo of 350 -t2 Abbreviated form: The East half of the Southeast quarter of the Southwest juarte of Section 28 Township 22 North Rance 5 East W.M. Additional legal description j3 Exhibit B cfithc document Assessor's Property Tax Parcel Account C �Lo C L�Lft-.e " i S �qe iv, -g ie r P �C�Iblt 4 1�av-,J Cor' {-7ti wfA y�Ve 1 TOTAL NUMBER OF PAGES 30 (INCLUDING THIS COVER SHEET AND ALL Number(s): N/A � Cl✓C� PQ YQVVL(vwe IBITS AND ATTACHMENTS)