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City of ORDINANCE NO. AN ORDINANCE of the City of , , ordering the improvements of , all in accordance with Resolution No. of the City Commission; establishing Local Improvement District No. and ordering the carrying out of the proposed improvements; providing that payment for the improvements be made in part by special assessments upon the property in the District, payable by the mode of "payment by bonds"; and providing for the issuance and sale of local improvement district warrants redeemable in cash or other short-term financing and local improvement district bonds. WHEREAS, by Resolution No. adopted , 20 , the City Commission declared its intention to order the improvements of the properties within the area described in Exhibit A attached hereto and made part hereof by this reference, and fixed (date) , 20 , at p.m., local time, in the City of (courthouse name and address) , as the time and place for hearing all matters relating to the proposed improvements and all objections thereto and for determining the method of payment for the improvements; and WHEREAS, the Special Projects Coordinator caused an estimate to be made of the cost and expense of the proposed improvements and certified that estimate to the City Commission, and that the Ci ty Engineer's Office has provided all papers and information in it's possession touching the proposed improvements, a description of the boundaries of the proposed local improvement district and a statement of what portion of the cost and expense of the improvements should be borne by the property within the proposed district; and WHEREAS, that estimate is accompanied by a diagram of the proposed improvements showing thereon the lots, tracts, parcels of land, and other property which will be specially benefited by the proposed improvements and the estimated cost and expense thereof to be borne by each lot, tract and parcel of land or other property; and WHEREAS, due notice of the above hearing was given in the manner provided by law, and the hearing was held by the City Commission on the date and at the time above mentioned, and all objections to the proposed improvements were duly considered by the City Commission, and all persons appearing at such hearing and wishing to be heard were heard; and WHEREAS, the City Commission has determined it to be in the best interests of the City that the improvements as hereinafter described be carried out and that a local improvement district be create d in connection therewith; NOW THEREFORE, THE CITY COMMISSION OF THE CITY OF , , DO ORDAIN as follows: Section 1. The City Commission of the City of , (the "City"), orders the construction work and improvements on : roadway improvements; channelization; traffic control including signalization revisions; sidewalks; signage; storm drainage; street lighting; landscaping; street ameni ties, such as benches, bicycle racks, tree grates, and waste receptacles; and, necessary utility improvements. (the "Improvements"). All of the foregoing shall be in accordance with the plans and specifications therefore prepared by the City Engineer, and may be modified by the City Commission as long as such modification does not affect the purpose of the Improvements. Section 2. There is created and established a local improvement district to be called Local Improvement District No. of the City of , (the "District"), the boundaries or territorial extent of the District being more particularly described in Exhibit A attached hereto and by this reference incorporated herein. Section 3. The total estimated cost and expense of the Improvements is declared to be $ . The total cost and expense of the Improvements, after deducting any city contributions which currently are anticipated to be in the amount of approximately $ , shall be borne by and assessed against the property specially benefited by such Improvements to be included in a local improvement district to be establishe d embracing as nearly as practicable all the property specially benefited by the Improvements. Actual assessments may vary from estimated assessments as long as they do not exceed a figure equal to the increased true and fair value these Improvements add to the property. Section 4. In accordance with the provisions of , the City may use any method or combination of methods to compute assessments which may be deemed to more fairly reflect the special benefits to the properties being assessed than the statutory method of assessing the properties. Section 5. Local improvement district warrants may be issued in payment of the cost and expense of the Improvements herein ordered to be assessed, such warrants to be paid out of the Local Improvements Fund, District No. , hereinafter created and referred to as the Local Improvement Fund, and, until the bonds referred to in this section are issued and delivered to the purchaser thereof, to bear interest from the date thereof at a rate to be established hereafter by the City Clerk-Treasurer, as issuing officer, and to be redeemed in cash and/or by local improvement district bonds herein authorized to be issued, such interest-bearing warrants to be hereafter referred to as "revenue warrants." In the alternative, the City hereafter may provide by ordinance for the issuance of other short-term obligations pursuant to chapter . If the City shall authorize expenditures to be made for such Improvements (other than for any cost or expense expected to be borne by the City) prior to the date that any short-term obligations or local improvement district bonds are issued to finance the Improvements, from proceeds of interfund loans or other funds that are not, and are not reasonably expected to be, reserved, allocated on a long-term basis or otherwise set aside to pay the cost of the Improvements herein ordered to be assessed against the property specially benefited thereby, the City declares its official intent that those expenditures, to t he extent not reimbursed with prepaid special benefit assessments, are to be reimbursed from proceeds of short-term obligations or local improvements district bonds that are expected to be issued for the improvements in a principal amount not to exceed $ . The City is authorized to issue local improvements district bonds for the District which shall bear interest at a rate and be payable on or before a date to be hereafter fixed by ordinance. The bonds shall be issued in exchange for and/or in redemption of any and all revenue warrants issued hereunder or other short-term obligations hereafter authorized and not redeemed in cash within twenty days after the expiration of the thirty-day period for the cash payment without interest of assessments on the assessment roll for the District. The bonds shall be paid and redeemed by the collection of special assessments to be levied and assessed against the property within the District, payable in annual installments, with i nterest at a rate to be hereafter fixed by ordinance under the mode of "payment by bonds," as defined by law and the ordinances of the City. The exact form, amount, date, interest rate and denomination of such bonds hereafter shall be fixed by ordinance of the City Commission. Such bonds shall be sold in such manner as the City Commission hereafter shall determine. Section 6. The Local Improvement Fund for the District is created and established in the office of the City Clerk-Treasurer. The proceeds from the sale of revenue warrants or to other short-term obligations drawn against the fund which may be issued and sold by the City and the collections of special assessments, interest and penalties thereon shall be deposited in the Local Improvement Fund. Cash warrants to the contractor or contractors in payment for the work to be done by them in connection with the Improvements and cash warrants in payment for all other items of expense in connection with the Improvements shall be issued against the Local Improvement Fund. Section 7. Within 15 days of the passage of this ordinance there shall be filed with the City Clerk-Treasurer the title of the Improvements and District number, a copy of the diagram or print showing the boundaries of the District and the preliminary assessment roll or abstract of such roll showing thereon the lots, tracts and parcels of land that will be specially benefited thereby and the estimated cost and expense of such Improvements to be borne by each lot, tract or parcel of land. The City Clerk-Treasurer immediately shall post the proposed assessment roll upon his index of local improvement assessments against the properties affected by the local Improvements. INTRODUCED in a regular Commission meeting this day of , 20 . PASSED in a regular Commission meeting this ____ day of ______________, 20 .