HomeMy WebLinkAbout1960-098 ORDINANCE NO. J
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 872 and providing for the issuance of bonds with
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coupons attached for the payMent of the unpaid portion thereof.
BE IT ORDAINED BY THE CITY OF YAKIMAt
Section I. That there is Unpai4 the sum of $ 14,7561 for the
improvement made in Local Improvement Distridt No. 872 as created and estab-
lished by Ordinance No. B-2305 of the Qrdiriances of the City of Yakima, which
shall be paid in 10 equal annual inStailMents the first installment to be paid
on or before the llth day of March 19 with interest on the whole
unpaid sum at the rate of 14. 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 rate of 4 per cent per annum shall be due and pay-
able on or before the llth day of March - 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 llthday of March of each year in which the
same shall be payable, as provided in Section 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 14. 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. 872 , there
• shall be issued bonds of the District in the sum of $ 1 4-$756.4-1 , said issue to
consist of 15 bonds in the denomination of 300.U0 each and one bond of the
denomination of LiA56,L1 to be numbered from one upwards consecutively, and
shall bear interest at the rate of 14. per cent per annum, payable annually on
the llgt day of March each year, the several installments of interest to
be evidenced by coupons attached to said bonds and both prncipal 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.,-/7 as amended of the Ord-
inances of the City of Yakima, Washington. They shall be issued under date of
arch 31 , 19 60 , and approximately March of said bond
issue ,shall be payable on or before the 31st day of arch of each year
thereafter, to and including the 31st day of March 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 16th day of
March' , 19 60
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Attest;
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/ • CITY CLERK