HomeMy WebLinkAbout1967-887 ORDINANCE NO.
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. 945 ,.
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 YAK/MA:
Section 1. That there is unpaid the sum of $ 5,845.57
for the improvement made in Local Improvement District No. :945 as
created and established by Ordinance No. 707 . of the Ordinances of
the City of Yakima, which shall be paid in ]0 equal annual install
ments, the first installment to be paid on or before the 17 h day of
February , 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 install-
ments thereafter to become due at the rate of 4 per cent per
rinum shall be due and payable on or before the 17th day of February
by law and the Ordinances of the said City.
*in each year„ and shall be collected in the same manner as is. provided:
Section 2. If any of the said installments of principal
or interest are not paid on or before the 17th, day of February
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. 945 , there shall be issued bonds of the District in the
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sum of $ 5.845.57 , said issue to consist of 11 bonds in the
denomination of $ 500.00 each and one bond of the denomination
of $ 345.57 to be numbered from one upwards consecutively, and
shall bear interest at the rate of 4 per cent per annum, payable
annually on the llth_ day of March 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,
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stantially in the form prescribed by Section 18 of Ordinance No. A - 191
as amended of the Ordinances of the City of Yakima, Washington. They
shall be issued under date of March 11 , 19 67, and approx-
mately 1 /10th of said bond issue shall be payable on or before
the 11th day of March of each year thereafter, to and
including the , 11th day of March , 19 79,
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
27th day of February, 1967 .
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A
MAYOR
ATTEST:
CITY CLERK
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