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HomeMy WebLinkAbout1964-515 — „ ORDINANCE NO. AN ORDINANCE providing for the improvement of certain property by grading, ballasting, surfacing with asphaltic concrete, constructing concrete curbs and gutters, together with necessary drainage features; establishing a Local Improvement District, providing for the method of payment thereof, and creating a special fund. BE IT ORDAINED BY THE CITY OF YAKIMA: Section 1. That the following street shall be improved by grading, ballasting, surfacing with asphaltic concrete, constructing concrete curbs and gutters, together with necessary drainage features: Tieton Drive from South 34th Avenue to a point approxi- mately 560 feet West of South 40th Avenue, Section 2. There is hereby created a Local Improvement District, to be called "Local Improvement District No. 920 ," which said district shall include all of the property adjacent to the above-mentioned 111 improvements which are subject to assessnents. Section 3. The assessments shall be made according to special benefits Jerived from the improvements without regard to the zone and termini method. • SecAon 4. There shall be levied and assessed upon all of the property embraced within said Local Improvement District an amount not to exceed 30% of all costs and expenses in connection with the construc- tion of said improvements, including the cost and expense of engineering, inspection, advertising, publication of notices, and all other expenses incident thereto, to be levied •and assessed in the manner and as pro- vided by the laws of the State of Washington and the ordinances of the City of Yakima. The remaining costs and expenses of said improvements shall be paid by the City. Section 5. All of the aforesaid construction work shall be in • accordance with the plans and specifications, profiles, maps and de- tailed drawings which have been prepared by the City Engineer, filed with the City Clerk, and which are hereby approved and adopted. Section 6. All of the work necessary to be done in connection with the making of said improvement shall be done and made by contract upon competitive bids, and the City shall have the power to reject any and all bids. Section 7. There is hereby created a special fund, to be called "Local Improvement Fund, District No. 920 ," into which shall be placed all sums paid on account of the aforesaid special assessments, including all interest and penalties thereon, and in the event of the sale of local improvement bonds by the City, all premium and interest on said 0 bonds issued for said improvement. Section 8. Bonds bearing interest at the rate of 4% per annum, payable on or before 12 years from the date of issuance, shall be issued in payment of the costs and expense of said improvement, which bonds shall be redeemed by the collection of special assessments to be levied and assessed upon the property within said district, payable in ten equal annual installments with interest at the rate of 4% per annum, interest payable annually under the mode of payment "payment by bonds," as defined by the statutes of the State of Washington and the ordinances of the City of Yakima; provided that, this improvement may be financed by the issuance of promissory notes, under the authority of R.C.W. 35.45.150. Section 9. This ordinance is one relating to local improvements 411 or assessments therefor, and shall become effective immediately upon -2- . its passage, approval and publication as provided by law and by the . City Charter.. PASSED BY THE CITY COUNCIL., signed and approved this 20th day of April, 1964. I'% • iayor r ATTEST: f City. :Clerk • •