HomeMy WebLinkAbout1961-236 ORDINANCE NO. 2,-56
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.,,W,3 and providing for the issuance of bonds with
411 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 $,;/pr,/,4,/ for the
improvement made in Local Improvement Distridt No.ai5 as created and estab-
lished by Ordinance No. /4:)• of the Ordinances of the City of Yakima, which
shall be paid in ft; equal annual installments, the first installment to be paid
on Or before the 2. of„ 44d41 with interest on the whole
II) unpaid sum at the rate of 4 , pee cent per annum, and each year thereafter one
of such installments together with intrest thereon and on the installments there-
after to become due at the rate of a per cent per annum shall be due and pay-
able on or before the2dday of in each year, and shall be coll-
ected in the same manner as is provided 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 ,7,:..4„.." of each year in which the
same shall be payable, as provided in Section 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 ,5 per cent penalty upon both principal and inter-
est due thereon.
Section 3. For the payment of the unpaid balance of the cost and ex _
40 pense of said improvement in said Local Improvement District No. ,a--) there
shall be issued bonds of the District in the sum of L.,37:1/47 said issue to
consist of 41 b7dp the denomination of $k.2 each and one bond of the
denomination of $g L to be nulOered from one upwards consecutively, and
shall bear interest ./ the rate of / per cent per annum, payable annually on
the 4Idday of each year, the several installments of interest to
be evidenced by cou. 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.
411 Section I. The bonds provided for herein shall be substantially in
the form prescribed by Section 18 of Ordinance No. - P.as amended of the Ord-
inailces of the City of Yakima, Washington. They shall be issued under date of
and approximately of said bond
1SS shall be payable on or before the of ,*/ of each year
thereafter, to and including the ..3fday of
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 NIMMggJ@N, signed and approved this ../ of •
, 19 ‘,/(.
MAYOR
Attest:
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--/-CA CITY CLI RK
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