HomeMy WebLinkAbout1960-084 ORDINANCE NO. ' f e z/
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. 874 , and providing for the issuance of bonds with
u,
• coupons attached 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 $1,004.74 for the
improvement made in Local Improvement District No. 8 74- as created and estab-
lished by Ordinance No. 15 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 7th day of February ,. 19 _ 61 , 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 befoi'e the 7th day of February 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 7th day of February 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 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. 874 , there
shall be issued bonds of the District in the sum of $1,004.74 , said issue to
consist of 13 bonds in the denomination of $t 75.00 each and one bond of the
denomination of $ 29974 to be numbered from one upwards consecutively, and
shall bear interest at the rate of L per cent per annum payable annually on
the 27thday of February 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 14. The bonds provided for hereln shall be. substantially
the form prescribed by Section 18 of Ordinance No. ft-/9-'as amended of the Ord-
inances of the City of Yakima, Washington. They shall be issued under date of
February 27th , 1960 , and approximately 1/10 of said bond
issue shall be payable on or before the 27th day of February of each year
thereafter, to and including the 27thday of February , 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 : signed and approved this 10thday of
February , 19 60
•
MAYOR
Attest:
CITY CLERK