HomeMy WebLinkAbout1967-969 ORDINANCE NO. j;7
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. 950 ,
and providing for the issuance of bonds with coupons
attached for the payment of the unpaid portion thereof.
BE IT ORDAINED BY THE CITY OF YAKIMA:
4IP Section 1. That there is unpaid the sum of $ 22,083.51
for the improvement made in Local Improvement District No. 950 as
created and established by Ordinance No. 773 of the Ordinances of
the City of Yakima, which shall be paid in 10 equal annual instal]
ments, the first installment to be paid on or before the 23 day
of October , 19 68 , 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 on the in-
stallments thereafter to become due at the rate of 4 per cent per
annum shall be due and payable on or before the 23 day of
October 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 not paid on or before the 23 day of October
of each year in which the same shall be payable, as provided in Sece
tion 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 assess-
ments 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.
Section 3. For the payment of the unpaid balance of the
cost and expense of said improvement in Local Improvement Dis-
ill trict No. 950, there shall be issued bonds of the District in the
sum of $22,083.51 , said issue to consist of 44 bonds in the
denomination of $ 500.00 each and one bond of the denomination
of $ 83.51 to be numbered from one upwards consecutively, and
shall bear interest at the rate of 4 per cent per annum, payable
annually on the 11 day of November each year, the several in-
stallments of interest to be evidenced 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 issued under date of November 11 , 1967, and
approximately 1/10th of said bond issue shall be payable on or
before the 11 day of November of each year thereafter, to and
including the 11 day of November ' , 19, 79.
Section 5. Whis ordinance is one relating to local
improvements 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
5 day of November 19 67
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AM&
1 11,
Air
MAYOR
ATTEST:
CITY CLERK