HomeMy WebLinkAbout1964-572 •
ORDINANCE NO.
II/
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.
and providing for the issuance of Local Impro\rement
District Installment Notes for the payment of the un-
paid portion thereof.
iBE IT ORDAINED BY THE CITY OF YAKIMA:
\6.6
Section 1. That there is unpaid the sum of 32e/4) for
:the improvement made in Local Improvement District No. 9/0 as
created and established by Ordinance No. 41:5" of the ordinances
of the City of Yakima, which shall be paid in /0 equal annual'in-
stallmens, the first installment to be paid on or before the :36
day of ' _ 19C/ , with interest on the whole unpaid sum
at the/ate of 4;') per cent per annum, and each year thereafter
one of such installments together with interest thereon and on the
installments thereafter to become due at the rate of ,-/) per cent
pe annum shall be due and payable on or before the _.- e- day of
, in each year, and shall be collected in the same
inner :s 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 day of
of each year in which the same shall be payable, as provi
sed in
Section 1 hereof, the same shall thereupon become and be delinquent
III and shall be collected as provided by the Laws of the State of
Washington and the ordinances of the City of Yakima, and said de-
linquent assessments shall bear interest at the rate of per
cent per annum until paid and be subject to a charge of per
cent penalty upon both principal and interest due thereon.
Section 3. For the payment of the unpaid balance of the
cost and expense of said improvement in said Local Improvement Dis-
trict No. )1/e7 there shall be issued Local Improvement District
Installment Notes of the District Payable out of said Funds,
said notes to be in the total,amount of S27-7,/,e in the denTri-
inayyn of S) each, and payable to the
• r 1 /. 4 .14. 4 „ 71 ,4/(Fund.of the City of Yakima. /
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(1)
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Said notes shall be numbered from One upwards, consecutively, and
shall bear interest at the rate of per cent per annum.
• Application of Local Improvement District funds for the reduction
of the principal and interest amounts due on said notes shall be
made not less than once each year for a period not to exceed
/7/ years.
Section 4. This ordinance is one relating to local im-
• provements or assessments therefor and shall become effective
immediately upon its passage, approval and publication as provided
by the City Charter.
PASSED BY THE CITY COUNCIL, signed and approved this
day of _ , 196'6 •
Mayor
ATTEST:
/City Clerk
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(2)