HomeMy WebLinkAbout1960-143 ORDINANCE NO
AN ORDINANCE fixing the time of delinquency of installments of
assessments levied for the payment of the cost of
the improvements in Local Improvement District O.
880, and providing for the method of payment of the
unpaid portion thereof.
BE IT ORDAINED BY THE CITY OF YAKIMA,:
Section 1. That there is unpaid the sum of $885.53 for
the improvement of Local Improvement District No. 880 as created
and established by Ordinance No. 32 of the ordinances of the City
of Yakima, which shall be paid in ten (10) annual installments,
the first of which shall be in the sum of $60.53 and the remainder
in the sum of $75.00 each, the first installment to be paid on or
bant the 5th day of August, 1960 with interest on the whole un—
paid sum at the rate of 4% per annum, and each year thereafter one
of such installments, together with interest thereon and on the
installments there-Ifter to become due at the rate of 4% per annum
shall be due and payable on or about the 5th day of August in each
year and shrill be collected 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 5th day of August of
each year in which the same shall be payable, as provided in Sec—
tion 1 hereof, 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 214 per
• annum until paid and be subject to a charge of 5% penalty upon
both principal and interest due thereon.
. • • .
Section 3. The City of Yakima shall issue Local Improve-
(' ment district warrants in the amount of the balance of the cost
of said improvement, said warrants to bear interest at the rate
of four per cent (4%) from the date of their issuance, such re-
gistered warrants to be held by the City of Yakima as an invest-
ment or to be sold by the City, and the proceeds thereof shall
be used to pay off the said existing warrants heretofore issued
to the contractor, such registered warr,ints, if issued, shall be
redeemed by local improvement district assessments as the same
are paid, and payment endorced thereon as said funds are receiv-
ed by the City.
Section 4. The warrants herein provided for shall be claims
and liens against the local improvement district fund prior and
40 superior to any right, lien or claim of any surety on any bond:
or bonds given to the City of Yakima by the contractor to secure
the pAyment of persons who h:ve performed work thereon, furnished
the materials therefor or provisions and supplies for the carrying
Ca Of the wOrk'0, -
PASSED BY THE CITY COUNCIL, signed and approved this 27th
day of j: 19600
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ATTEST:
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