HomeMy WebLinkAbout1999-39 Central Ave LIDRESOLUTION NO. 99- 3 7
A RESOLUTION AUTHORIZING AND ORDERING IMPROVEMENTS
FOR PAVING, CURBS, GUTTERS, STORM DRAINS AND SIDEWALKS
ON CENTRAL AVENUE FROM ITS EXISTING TERMINUS EAST OF
HELMAN STREET TO WATER STREET, FOR THE CENTRAL
AVENUE LOCAL IMPROVEMENT DISTRICT AND AUTHORIZING
THE ASSESSMENT OF THE COST OF THE IMPROVEMENTS
AGAINST PROPERTY TO BE BENEFITTED.
RECITALS:
A. The Council has declared by resolution its intention to develop the improvements described
in the above title and in the improvement resolution previously adopted and to assess upon each
lot or part of lot benefitted by the improvement its proportional share of the cost of the
improvement; and
B. Notice of such intention was duly given, a public hearing was held and it appears to the
Council that such improvements are of benefit to the city and all property to be assessed will be
benefitted to the extent of the probable amount of the respective assessments to be levied for the
costs.
THE CITY COUNCIL OF THE CITY OF ASHLAND RESOLVES:
SECTION 1. A local improvement district is created and shall consist of all the tax lots
described in the attached Exhibit A. The district shall be called the Central Avenue Local
Improvement District, No. t~E)
SECTION 2. The council intends to make local improvements to provide the improvements
described in the above title. Such improvements will be in accordance with costs estimated to be
$60,600.00 all of which will be paid by special assessments on benefitted properties. Costs will
be allocated to benefited tax lot described as 39 1E 9BB Tax Lot 400, fronting on central Avenue
between Water Street and Helman Street.
SECTION 3. The City of Ashland is authorized to borrow money and issue and sell notes for the
purpose of providing interim financing for the actual cost of the local improvement. The notes
may be payable from the proceeds of any bonds, issuance of additional notes or from any other
sources from which the bonds are payable. This borrowing shall be issued according to the terms
of ORS 223.235(7).
SECTION 4. The assessment imposed upon benefitted properties is characterized as an
assessment for local improvement pursuant to ORS 305.583(4).
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SECTION 5. The city recorder is directed to prepare the estimated assessment of the respective
lots within the local improvement district and file it in the lien records of the city.
SECTION 6. The City of Ashland expects to make expenditures from its available funds to pay
for the costs of the improvement project. The City reasonably expects to issue bonds or other
obligations (the "Reimbursement Bonds") and to use the proceeds of the Reimbursement Bonds
to reimburse the City for the expenditures it makes from its available funds for the improvement
project. To permit interest on the Reimbursement Bonds to be excludable from gross income,
the Internal Revenue Code of the United States requires the City declare its intent to reimburse
itself from Reimbursement Bond proceeds within 60 days after the expenditures are made. The
City expects that the principal amount of the Reimbursement Bonds will not exceed $61,000.
This resolution was read by title only in accordance with Ashland Municipal Code Section
2.04.090 and duly PASSED and ADOPTED this /,5' day of
Z
Barbara Christensen, City Recorder
SIGNED and APPROVED this
day of ~ ,1999.
,1999.
Paul Nolte, City Attorney
~~aw, Mayor
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PROPOSED CENTRAL AVENUE
ASS~MENT DISTRICT
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