HomeMy WebLinkAbout1966-788 ORDINANCE N0.
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. 938
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 YAKIEA:
Section 1. That there is unpaid the sum of $ 13,462.98 for
the improvement made in Local Improvement District No. 938 as
created and established by Ordinance No. 637 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
18th day of March , 19 67 , 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
411 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 be-
fore the 18th day of March , 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 18th day of March
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 delin-
quent 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.
110 Section 3. For the payment of the unpaid balance of the cost
and expense of said improvement in said Local Improvement District
No. 938 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 $ 13,462.98 in the denomin-
ation of $ 13 each, and payable to the FIREMEN'S
RELIEF & PENSION Fund of the City of Yakima. Said Notes
shall be numbered from One upwards, consecutively, and shall bear
interest at the rate of 4 per cent per annum. Application
of Local Improvement District Funds for the reduction of the principa
and interest amounts due on said notes shall be made not less than
once each year for a period not to exceed 12 years.
Section 4. This Ordinance is one relating to local improvements
111 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 28th
day of March , 19 66 •
Mayor
ATTEST:
City Clerk