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HomeMy WebLinkAbout1777• • ORDINANCE NO. 177,7 AN ORDNANCE of the City of Port Angeles, Washington, pro- viding for the improvement of a certain area within the city by the construction and installation of curbs and gutters and sidewalks, and by doing all other work re- quired in connection with such improvements, all pur- suant to Improvement Resolution No. 195 of the City passed and approved January 16, 1973, creating a local improvement district therefor, providing for the payment of the cost of said improvements by special assessments upon the property in said District, providing for the creation of Local Improvement District No. 195 Fund and for the issuance and sale of local improvement district warrants and notes or bonds. WHEREAS, on January 16, 1973, the Council of the City of Port Angeles, Washington, adopted its Improvement Resolution No. 195 de- claring its intention to order the improvement of a certain area within the city by the construction and installation of curbs and gutters and sidewalks therein and by doing all work required in connection there- with, which resolution fixed the date of hearing thereon for February 6, 1973 in the City Council Chambers in Port Angeles, Washington; and WHEREAS, said resolution was duly published in the manner re- quired by law and notice of said hearing was also duly given by mailing as required by law; and WHEREAS, said hearing was held on February 6, 1973, as provided in said notice, various oral statements for and against the improvements were made and certain written protests were filed and after discussion of said improvements and due consideration thereof the Council has de- termined to order the construction and installation of the improvements hereinafter more particularly described and to create a local improve- ment district therefore; NOW,THEREPORE, BE IT ORDAINED by the City Council of the City of Port Angeles, Washington, as follows: Section 1. The following described property within the city shall be improved by the construction of curbs and gutters and sidewalks together / with all appurtenances and work required in connection therewith: Blocks 56 and 67, C.C. Leighton's Subdivision of Suburban Lot 24 Port Angeles Townsite and Block 67 J. H. Taylor's Subdivision of Suburban Lot 25 Port Angeles Townsite. p Section 2. The following described street shall be improved within the area described in Section 1 above, together with all necessar appurtenances and by doing all work necessary in connection therewith: Construct concrete curbs and gutters and sidewalks on Peabody Street between Second Street and Fourth Street. Section 3. The plans and specifications for the improvements described in Section 2 above as prepared by the City Engineer and now on file are hereby adopted and approved. Section 4. There is hereby established a local improvement district of the city to be known as "Local Improvement District No. 195" which said district shall include all the property described in Section 2 Above. Section 5. The estimated cost of said improvements is $1,200, all of which shall be borne by and assessed against the property within Local Improvement District No. 195 specially benefited by said improve- ments. Such assessments shall be made against the property within the said Local Improvement District in accordance with the special benefits said property will derive from said improvements. Section 6. There is hereby created a fund of the city to be known as "Local Improvement District No. 195 Fund" into which fund there shall be paid all of the assessments collected in said district as and when directed by the ordinance confirming said assessments and the assessment roll therefore. Interim revenue warrants bearing interest at a rate to be fixed by the City Council shall be drawn upon said fund based upon estimates of the City Engineer and shall be sold to such person, firm or corpora- tion or to such other funds of the city as may hereafter be provided by resolution of the City Council and in the manner provided by such reso- lution to furnish moneys for the payment of the costs of construction and installation of said improvements and costs incidental thereto as the same shall be incurred. The proceeds of sale of such interim revenu • warrants shall be deposited in said fund and cash warrants drawn thereon in payment of such costs. Upon completion of the improvements and after the expiration of the 30 -day assessment prepayment period, installment notes or bonds of said local improvement district bearing interest at a rate of not to exceed S14. % per annum payable on or before twelve years from date of issue shall be issued for the redemption of the outstanding revenue warrants and shall be payable both principal and interest by the collection of special assessments to be levied and assessed upon the property within the district payable in ten equal annual installments with interest at a rate of not to exceed gi % per annum, all as pro- vided by law and ordinances of the city. If bonds are issued they shall be in denominations of $1,000 each, except for Bond No. 1, the denomi- nation of which shall be hereafter provided by resolution of the City Council. Section 7. This ordinance shall become effective five days from and after its passage, approval and publication. PASSED by the Council of the City of Port Angeles, and approved by its Mayor at a regular meeting of said Council held on this G f• , day of /27 ,RIP O &JP)/ ATTEST: —' City -Cler APPROVED AS TO FORM: ,G City Attornp PUBLISHED: /-;„6 /a-1,7,g CITY OF PORT ANGELES, WASHINGTON By �• 2 L 14-4141.040.— Mayor