HomeMy WebLinkAboutORD 1276(Improvement Ordinance Bond Form)
ORDINANCE NO.--- N---.
AN ORDINANCE PROVIDING FOR THE IMPROVEMENT OF
Shattuck Street between Third Avenue and Fifth'Avenue
(insert streets or portions thereof to be improved) by (specifying nature of improvement)
paving with asphaltic concrete
all in accordance with Resolution No ----- 6B1 -------- of the City Council of the City of Renton, creating a local
improvement district therefor, and providing that payment for said improvement be made by special assess-
ments upon property in said district payable by the mode of "Payment by Bonds."
THE CITY COUNCIL OF THE CITY OF RENTON DOES ORDAIN AS FOLLOWS:
That Shattuck Street between Third Avenue and Fifth Avenue
(insert streets or portions thereof to be .improved) be improved by (specifying nature of improvement)
paving with asphaltic concrete
and that such other work be done as may be necessary in connection therewith, according to the plans and
si.ecifica;,ions therefor prepared under the direction of the City Engineer and on file in the office of the City
Clerk.
Section 2: That the cost and expense of said improvement. including all necessary and incidental ex-
penses, shall be borne by and assessed against the property included in the assessment district hereinafter
created in accordance with law. The City of Renton shall not be liable in any manner for any portion of the
cost and expense of said improvement, except as herein provided.
(insert appropriate proviso for contribution from the General Fund if any)
That 50% of the cost of said improvement be Im id from the
funds allocated to the City by the Vashington State Development
Board and 16 2/3% from the General Fund of the City,
Section 3: That there is hereby established a local improvement district to be called "Local Improve-
ment District No. -22 .....-," which said district is described as follows:
"All the property between the termini of said improvement abutting upon, adjacent, vicinal or proxi-
mate to such portion of said streets and avenues to 'a distance back from the marginal lines thereof, as pro-
vided by law."
--Section 4: Bonds bearing interest at the rate of ------ s_ix ------ per cent per annum payable on or before
--- A-bven --- years from the date of issuance shall be issued in payment of the cost and expense of this
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-----five---------equal annual installments with interest at the
rate of-----a-ix-----------per cent per annum under the mode of "Payment by Bonds," as defined by law and the
charter and ordinances of the City of Renton. These bonds shall be delivered to the contractor in redemption
of warrants on the Local Improvement District Fund issued on estimates of the City Engineer, or the City
of Renton may, at its election, sell said bonds and make such redemption in cash.
Section 5: This ordinance shall be in full force and effect five (5) days from and after its passage,
approval and legal publication.
Approved this ----- .-M2-th-:da of -------- 1 ---, 194--7--.
- ------------
Mayor
Passed this------ a0th-day of------------- dgy------------------------- 194 -7 ---•
------- ----------
City Clerk
Date of first publication ------ Yay... 221ad-.. 494.?'.--------------------