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HomeMy WebLinkAboutORD 1859r y . ORDINANCE NO. 1859 AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON PROVIDING FOR THE CONSTRUCTION AND INSTALLATION OF A SANITARY SEWER LINE ALONG AND WITHIN 112TH AVENUE SOUTHEAST FROM ITS INTERSECTION WITH SUNSET BOULEVARD EAST TO ITS INTERSECTION WITH SOUTHEAST 112TH STREET, IN THE CITY OF RENTON, ALL IN ACCORDANCE WITH RESOLUTION NO. 1061 OF THE CITY COUNCIL; CREATING A LOCAL IMPROVEMENT DISTRICT THEREFOR; PROVIDING THAT PAYMENT FOR SAID SANITARY SEWER LINE BE MADE BY SPECIAL ASSESSMENT UPON PROPERTY IN SAID DISTRICT, PAYABLE BY THE MODE OF "PAYMENT BY BONDS"; CALLING FOR BIDS FOR THE PURCHASE OF LOCAL IMPROVEMENT DISTRICT WARRANTS TO BE ISSUED IN CONNECTION THEREWITH; AND AUTHORIZING THE CALL FOR BIDS FOR THE CON- STRUCTION WORK. BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL of the CITY OF RENTON, WASHINGTON AS FOLLOWS: SECTION I: Pursuant to Resolution No. 1061 of the City Council of the CITY OF RENTON adopted on the 27th day of -September, 1960, declaring the in- tention of the City Council to order the improvements hereinafter described, a hearing on said.Resolution having been duly and regularly held on the 25th day of October, 1960, after notice thereof having been given in the manner pro- vided by law, IT IS HEREBY ORDERED that the following system of sanitary sewer lines be immediately constructed and installed, together with all necessary man- holes, accessories and equipment appropriate thereto, and other work incidental thereto, to -wit: An eight inch diameter lateral sanitary sewer pipe line 2000 feet more or less in length, to be constructed and installed along and within 112th Avenue Southeast from its intersection with Sunset Boulevard East at or near the juncture thereof with Ninth Avenue No., to the intersection of said 112th Avenue .Southeast with South- east 112th Street, also known as 12th Avenue North; together with appropriate manholes, wyes, accessories and equipment; all in accordance with plans prepared by the City Engineer which are on file in his office and in the office of the City Clerk. SECTION II: The cost and expense of said improvements, including all necessary and incidental expenses, shall be borne by and assessed against the property included in the assessment district hereinafter created, in accordance with lawland the CITY OF RENTON shall not be liable in any manner for any portion of the cost and expense of such improvements. SECTION III: There is hereby established a Local Improvement District to be called "Local Improvement District N0.247 it, which District shall include all the property within the following described area, all within the limits of the CITY OF RENTON, WASHINGTON, to -wit: Beginning at a point on the south line of S. E. 112th Street said point being 150 feet west of the N. E. corner of Tract 26 of Harries Garden Home Tracts as recorded in Volume 34 of.Plats, Page 38, records of King County, Washington; thence southerly parallel with and 150 feet west of the westerly right of way line of 112th Avenue S. E. to the southerly line of Tract 15 of said addition; thence East along said southerly line and said line extended east to the easterly Right of 'Way Line of 112th Avenue S. E.; thence so herly along said Right of Way Line to the northwesterly Right of'WayYo'r Sunset Highway; thence northeasterly along said Right of Way Line to a line which is parallel with and 150 feet east of the easterly Right of Way Line of 112th Avenue S. E.; thence northerly along said parallel line to the southerly Right of Way Line of S. E. 112th Street; thence westerly along saidRightof Way Line to the point of beginning. SECTION IV: All property included within the limits of the Local Improvement. District above created shall be considered to be the property specially benefited by the Local Improvement and shall be the property to be assessed to pay the cost and expense thereof. The. nature of the Improvement is such that the special benefits conferred on the property are properly and thoroughly reflected by the use of the zone and termini method of assessment, and it is hereby provided and ordered that the assessment shall be made against the property of the -District in accordance with said method. SECTION V: There are hereby created and established in the office of the City Treasurer of the City of Renton for Local Improvement District No. 247 the following funds, to -wit: (a) "Local Improvement Fund, District No. 2_71, into which Fund shall be deposited all payments made upon assessments in said District for the redemption of the warrants and bonds herein authorized; and (b) "Construction Fund", into which fund shall be deposited the amount received from the sale of the Local Improvement District.Warrants of the District herein authorized to be issued and sold', and against which Fund warrants shall be issued to the contractor or contractors in payment of the work to be done by them in connection with said improvements and against which Fund warrants shall be issued in payment of all other items of expense in connection with said improvements. SECTION .VI: Local Improvement District -Warrants shall be issued from time to time, in such amounts as the CITY may.determine, to obtain the fund with which to pay the cost and expense of the improvements. Such Warrants shall be payable out of said "Local Improvement Fund, District.No.247 ", and shall bear interest from date hereof at -a rate not to .exceed five per cent (5%) per annum, all Warrants to bear the same rate of interest, and shall be redeemed either in cash or by local improvement district bonds herein authorized to be issued. Bonds bearing interest at the .same rate as said warrants and payable on or before -2- twelve (12) years from the date of issuance shall be issued in exchange for and in redemption of any and all warrants drawn on the "Local Improvement Fund, District No. 247 ", and issued hereunder not redeemed in cash within a period of not to exceed sixty (60) days after the first publication of Notice of Collection of Assessments by the City Treasurer. Said bonds shall be redeemed by the coll- ection 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 not to exceed five per cent (S%) per annum and not less than the said bonds shall bear, under the mode of "Payment by Bonds" as defined by law and 'the Ordinances of the CITY OF RENTON. The exact amount, form, date, interest rate and denomination of said warrants and bonds and the interest rate on said special assessments shall be fixed hereafter by Ordinance of the City Council of the CITY OF RENTON. SECTION VII; The City Treasurer of the CITY OF RENTON is hereby directed to cause to be publishedin the Renton News Record in the CITY OF RENTON And also in the Daily Journal of Commerce published in the City of _Seattle, in two successive weeks, at the appropriate times, a Notice of Warrant .Sale calling for sealed bids for the purchase of said Local Improvement District Warrants, redeemable in cash and bonds as herein provided, to be received by the City Treasurer at her office in the City Hall, .Renton, all bids received to be publicly opened by said Treasurer and the City Council. The bids submitted shall specify either (a) the lowest rate of interest and premium, if any, above par at which said bidder will purchase said warrants, or (b) the lowest rate of interest at which the bidder will purchase said warrants at par. The CITY reserves the right to reject any and all bids submitted. The CITY will furnish the warrants and the bonds issued in redemption thereof, together with an approving legal opinion by bond counsel without cost to the purchaser. SECTION VIII; The City Engineer of the CITY OF RENTON is hereby authorized and directed to call for bids, in the manner provided by law, for the construction and installation of the improvements authorized herein and said -3- call for bids shall include a statement that payment for said construction and installation will be made in cash warrants drawn upon the "Construction Fundy of Local.Improvement District No. 247 of the CITY OF RENTON. PASSED BY THE CITY COUNCIL this day of -November, 19600 � a Morrfs,.City Clerk ,7 nnvanrrp„ Rv m� ��YO this day of November-, 4-%Q. css t-r[�4aa a x c k Frank Aliment, Mayor APPROVED AS TO FORM: i SEMEOMNSF 21 11 A ,psis bit t C' ttorney� Date of Publication - November 17, 1960 without signature of the Mayor. -44