HomeMy WebLinkAbout1960-073 •"
• ORDINANCE NO,
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. °71 , and providing for the issuance of bonds with
coupons attached for the payment of the unpaid portion thereof.
BE IT ORDAINED BY THE CITY OF YAKIMA:
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•
Section 1. That there is unpaid the sum of $ 6,581.52 for the
improvement made in Local Improvement DistriCt No. 871 as created and estab-
lished by Ordinance'No.B-2303 of the Ordinances of the City of Yakima, which
shall be paid in 10 equal annual installments the first installment to be paid
on before the 26thday of December , 19 , with interest on the whole
unpaid sum at the rate of II- 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 14. per cent per annum shall be due and pay-
able on or before the 26th day of Deceniber in each year, and shall be coll-
ected in 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 26thday of December 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. 871 , there
• shall be issued bonds of the District in the sum of $ 6,581.52 , said issue to
• consist of 21 bonds in the denomination of $ 300,00 each and one bond of the
denomination of $ 281.52 . to be numbered from one upwards consecutively, and
shall bear interest at the rate of 14. per cent per annum, payable annually on
the 16th day of January each year, the several installments of interest to
be evidenced by coupons attached to said bonds and both prj.nciPal and interest
shall be payable at the office of the City Treasurer in the City of Yakima, Wash-
ington.
Section I. The bonds provided for herein shall be substantially in
the form prescribed by Section 18 of Ordinance No.-13=2-3&3 as amended of the Ord-
inances of the City of Yakima, Washington. They shall be issued under date of
January 16, 19 60, , and approximately 1/10. of said bond
issue shnll be payable on or before the 16th day of January of each year
thereafter, to and including the 16thlay of January , 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.
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PASSED BY THE CITY „ signed and approved this 6th day of
Janauary , 19 60, .
MAYOR
Attest:
CITY CLERK