HomeMy WebLinkAbout1967-905 ORDINANCE NO. 7 o 6
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. 943
and providing for the issuance of bonds with coupons
attached for the payment of the unpaid portion thereof.
II/ BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. That there is unpaid the sum of $ 87,413.24
for the improvement made in Local Improvement District No. 943 as
created and established by Ordinance No. 673 as amended by Ordinance
No, 701 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 13th day of April 1968 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 there-
on and on the installments thereafter to become due at the rate of
4 per cent per annum shall be due and payable on or before the
13th day of April 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 13th day of April
of each year in which the same shall be payable, as provided in Sec-
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 said Local Improvement Dis-
trict No. 943 there shall be issued bonds of the District in the
sum of $ 87,413.24 , said issue to consist of 174 bonds in the
denomination of $ 500.00 each and one bond of the denomination of
$ 413.24 to be numbered from one upwards consecutively, and shall
bear interest at the rate of 4 per cent per annum, payable annual-
ly on the 4th day of May 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 May 4 , 197, and
approximately 1/10th of said bond issue shall be payable on or
before the 4th day of . May of each year thereafter, to and
including the 4th day of May , 1979 .
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 the City Charter.
PASSED BY THE CITY COUNCIL, signed and approved this
24th day of April , 1967 .
77
/// MAYOR
ATTEST:
Ad
CITY CLERK
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