HomeMy WebLinkAbout1962-370 ORDINANCE NO. 3y
41, AN ORDINANCE fixing the time of delinquency of installments of assess-
ments levied for the payment of the cost of tbe improve-
ment in Local Improvement District No. , 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 3/1•771,,<X/ for the
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improvement made in Local improvement District No. j7 aS
and established by Ordinance No of the ordinances of the City
of Yakima, which shall be paid in /0 equal annual installments,
the first installment to be paid on or before the €2Z- day of
19, with interest on the whole unpaid sum at the
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ate if 7 per cent per annum, and each year thereafter one Of
such installments together with interest thereon and on the install-
ments thereafter to become due at the rate of E.,/ per cent per
annum shall be due and payable on or before the day of
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 in-
terest are not paid on or before the,2,ett_day of .
of each year in which the same shall be payable, as provided in Sec-
tion 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 assess-
ments shall bear interest at the rate of per cent per annum
until paid and be subject to a charge of s per cent penalty upon
0 both principal and interest due thereon.
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Alb Section 3. For the payment of the unpaid balance of the cost
and expense of said improvement in said Local Improvement District
No. L J2 there shall be issued Local Improvement District Install-
ment Notes of the District payable out of said District Funds, said
notes to be in the total amount of $77,,,f/ , in the denomina-
tion of $ 7 2 each, and payable to the
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Fund of the City of Yakima. Said
notes shall be numbered froth One upwards, consecutively, and shall
bear interest at the rate of c per cent per annum. Application
of Local Improvement District funds for the reduction of the princi-
pal and interest amounts due on said notes shall be made not less
than once each year for a period not to exceed /2 years.
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 .,?e day
411
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Mayor
ATTEST:
A
/ City Clerk
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