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HomeMy WebLinkAbout1965-639 ORDINANCE NO. 111 AN ORDINANCE fixing the time of delinquency of installments of assessments levied for the payment of the cot of the improvement in Local Improvement. District No. 7/7 and providing for the issuance of Local Improvement District Installment Notes for the payment of the un- paid portion thereof. BE IT ORDAINED BY THE CITY OF YAKIMA! Sa•tion 1. That there is unpaid the sum of $116 Y5,5 for the•jAlprovement made in Local Improvement District No. ?/7 as created and established by Ordinance No. c ,5 G) 1 of the ordinances of the City of Yakima, which shall be paid in /62 equal annual in stallments, the first installment to be paid on or before the Nd day of dr: , 19 66, 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 thereon and onthe installments thereafter to become due at the rate of 4/ per cent per annum shall be due and on or before the ce/t/C/ 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 day of 14 of each year in which the same shall be payable, as provided in Section 1 hereof, the same shall thereupon bedome and be and shall be collected as provided by the Laws of the State of Washington and the ordinances of the City of Yakima, and said de- linquent assessments shall bear interest at the rate of 4 per cent per annum until paid and be subject to a charge of S 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/r there shall be issued Local Improvement District' . Installment Notes of the District Payable out of said District Funds, 4..pL4 said notes to be in the total ') ,amount of 3/0 ---, in the denom- ination of $14 8'55 each, and payable to the -44e_ ` 4.- Pe S A) _Fund_of'thity of Yakima. (1) • • Said notes shall be numbered from One upwards, consecutively, and shall bear interest at the rate of 1/ 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 IQ/ 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 BY THE CITY COUNCIL, signed and approved this az_ day of , 19 106" . Mayor • ATTEST: 4 7C it3r Clerk (2)