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HomeMy WebLinkAbout1963-428 ORDINANCE NO. ,4Y AN ORDINANCE fixing the time of delinquency of installments of assess- ments levied for the payment of the cost of the improve- ment in Local Improvement District No. 893 , and providing for the issuance of Local Improvement District Installment Notes 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 $ 14,633.81 for the improvement made in Local Improvement District No. 891 0 as created and established by Ordinance No. 263 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 22nd day of February , 19 ,_with interest on the whole unpaid sum at the rate 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 4 per cent per annum shall be due and payable on or before the 22nd day of February in each year, and shall be collected 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 22 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 interest due thereon. Section 3. For the payment of the unpaid balance of the cost and expenserof said improvement in said Local Improvement District No. 8933 there shall be issued Local Improvement District Instal- lment Notes of the District payable out of said District Funds, said notes to be in the total amount of $ 14,633.81 , in the denomina- tion of $ 14,633.81 each, and payable to the CEMETERY TRUS Fund of the City of Yakima. Said notes shall be Air numbered from One upwards, consecutively, and shall bear interest at I OW 'the rate of 4 per cent per annum. Application of Local Improve ment 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 12 years. lop (1) � l Section 4.. 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 the City Charter. PASSED BY THE CITY COUNCIL , signed and approved this 4- day of MARCH , 196 3 • �lJr ATTEST: Mayor / /City Clerk 4110 (2)