No preview available
HomeMy WebLinkAbout1960-158 . , . . , . . . ORDINANCE NO. 4.4( / S AN ORDINANCE fixing the time of delinquency of installments of assessments levied for the payment of the cost of the improvement in Local Improvement District No 877, and providing for the issuance of bonds with S coupons att for the payment of the unpaid portion thereof. BE IT ORDAINED BY THE CITY OF YAKIMA: Section 1. That there is unpaid the sum of $10,495.90 for the improvement made in LocaLImprovement DiStriOt No, 877 as created and estab- lished by Ordinance No. 25 of the Ordinances of the City of Yakima, which shall be paid in 10 equal annual installments,, the first installment to be paid _ on or before the 3 day 'Qf September 2 1961 ) with interest on the whole unpaid sum at the rate of 4 per cent per annum, and each year thereafter one of such installments together with interest thereon and on the installments there- after to become due at the late of 4 per cent per annum shall be due and pay- able on or before the 3rd 4ay of Seotembe in each year, and shall be coll- ected in the same manner as Is provided by law and the Ordinances of the said City. Section 2. If any of the said installments of principal or interest are not paid on or before the 3rd day of Senternber of each year in which the same shall be payable, as prdvided in Section rhereof, the same shall thereupon become and be delinquent and shall be collected as provided by the laws of the State of Washington and the Ordinances of the City of Yakima', and said delinquent assessments shall bear interest at the rate of 4 per cent per annum until paid and be subject to a charge of 5 per cent penalty upon both principal and inter- est due thereon. Section 3. For the payment of the unpaid balance of the cost and ex- pense of said improvement in said Local Improvement District No. 877 , there 0 shall be issued bonds of the District in the sum of $ 10,495.90 , said issue to consist of 20 bonds in the denomination of !f, 500.00 each and one bond of the denomination of $ 495.90 to be numbered from one upwards consecutively, and shall bear interest at the rate of 4 per cent per annum, payable annually on the 23rd day of September each year, the several installments of interest to be evidenced by coupons attached to said bonds and both principal and interest shall be payable at the office of the City Treasurer in the City of Yakima, Wash- ington. . Section 4. The bonds provided for herein shall be substantially in the form prescribed by Section 18 of Ordinance No.. amended of the Ord- inances of the City of Yakima, Washington. They shall be issued under date of September 23, , 19 60 , and approximately 1 of said bond issue shall be payable on or before the 23 day of /10th Setp. of each year thereafter, to and including the 23rd day of September , 19 72 * Section 5. This Ordinance is one relating to local improvements or assessments therefor and shall become effective immediately upon its passage, approval and publication as provided by City Charter. PASSED BY THE CITY COMMISSION, signed and approved this 7th day of September , 19 -60 4 III MAYOR Attest: ,-1 - CITY CLERK 7....... ., . . .., - , •