HomeMy WebLinkAbout1959-031 ORDINANCE NO. g/
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. 863 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:
SeCtion 1. That there is unpaid-the sum of $ 3,135.07 for the
improvement made in Local Improvement District No. 863 as created and estab-
lished by Ordinance No. B-2158 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 19thday of September 19 60, with interest on the whole
unpaid sum at the rate of ij. per cent per annum, and each year thereafter one
of such installthents 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 19th day of September 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 19thday of September 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 L. 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.
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Section 3. For the payment of the unpaid balance of the cost and ex-
pense of said improvement in said Local Improvement District No. 863 , there
0 shall be issued bonds of the District in the sum of $ 3,135.07 , said issue to
consist of 20 bonds in the denomination of 150.00 each and one bond of the
denomination of $ 135,07 to be numbered from one upwards consecutively, and
shall bear interest at the rate of ) per cent per annum, payable annually on
the 10tIday of October 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 t. The bonds provided for herein shall be substantially in
the form prescribed by Section 18 of Ordinance No.#4:E_ as amended of the Ord-
inances of the City of Yakima, Washington. They s a be issued under date of
October 10, , 1959 and approximately 1/10 of said bond
issue shall be payable on or before ore the 10th day of October of each year
thereafter, to and including the 10th day of October 19 71 .
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 NiviseEfil signed and approved this 23rdday of
September , 1959 .
44
MAY'' ,pro tern
Attest:
CITY CLERK •