HomeMy WebLinkAbout1965-711 ORDINANCE NO. r e 77/
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. 9727
and providing for the issuance of Local Improlement
District Installment Notes for the payment of the un-
paid portion thereof.
BE IT ORDAINED BY THE CITY OF YAKIMA:
Sect4on 1. That there is unpaid the sum of qz9,r) for
,---. made in Local Improvement District No. p7, as
created and established by Ordinance No. ,65 of the ordinances
of the City of Yakima, which shall be paid in /0 equal annual in
f ll -
stallmen,s, the first installment to be paid on or before the
day of 1964 , with interest on the whole unpaid sum
at the rate of , 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 5/ per cent
411 pr annum sha be due and,payable on or before the / /e2: 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
,,,,„interest are not paid on or before the 77,- - C; day of _
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 the ordinances of the City of Yakima, and said de-
linquent assessments shall bear interest at the rate of per
cent per annum until paid and be subject to a charge of per
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 Dis-
trict No. 7 there shall be issued Local Improvement Distritt
Installment Notes of the District Payable out of said,District Funds,
said notes to-be in the total amount of 3,2(yr>"' in the den, -
inati of S each, and payab / le to th---„;,,
1111 ,Rundcif of Yakima.
(1)
Said notes shall be numbered from One upwards, consecutively, and
shall bear interest at the rate of 7Z per cent per annum.
Application of Local Improvement 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
/7— years,
Section 4. This ordinance is one relating to local im-
provements or assessments therefor and shall become effective
immediately upon its passage, approval and publication as provided
by the City Charter.
PASSED i gY THE CITY COUNCIL, signed and approved this
day of _d 19
1
•
, • I •
Jlayor 4°F
ATTEST:
City erk
(2)