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HomeMy WebLinkAbout1961-271 I a • OEDInNCE 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. and providing for the issuance of bonds with couporid 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 $ ,g, for the improvement made in Local Improvement District No. (7y as created and established by Ordinance No of the Ordinances of the City of Yakima, which shall be paid in equal annual install- ments the first installment to be paid on or before the y day of 4F , 19 44 with interest on the whoie unpaid at the rat- o / per cent per annum, and each year thereafter one of such installmen s together with, interest thereon and on' the installments thereafter to become due at the rate of ____ cent per annum shall be due and payable on or before the day of in each year, and shall be collected in tne same manner s i 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 paya e, as provith/i i / ection 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 Per cent per annum until paid and be subject to a charge of pe 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 District No , there shall be issued bonds of the District in the sum of $ A-I said issue to consist of bonds in the denomination o , „6" _ each and one bond of the denomination of $ to be numbered from one upwards consecutively, and shall bear interest at the rate of per cent per annum, payable annually on the g of # each year, the several in- stallments of interest to be evi./nced 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, Washington. Section 4. The bonds provided for herein shall be sub- stantially in the form prescribed by Section 18 of Ordinance No A.192 as amended of the Ordinances of the City of Yakima, Washington. They shall be i sued under date of g c , 19 and approxi- mately / ro r ' of said bond ssuds a •e payabi or before the day' of of each year thereafter, to and including the g - day of !‘74,44." , 19 47,3,. (1) Section 5 , This ordinance is one relating to local improve- ments or assessments therefor and shall become- effective immediately upon its passage, approval and publication as provided by the City Charter 411 PAFSED BY THE cyry COUNCIL, signed and approved this <9 day o, 1960 r _ 1- 0 era , ATTEST: 11,e' , • ( 2 )