HomeMy WebLinkAbout1969-1106 ORDINANCE NO. //C: (-
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. 960,
and providing for the issuance of bonds with coupons
attached for the payment of the unpaid portion thereof.
III BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. That there is unpaid the sum of $65,065.71
for the improvement made in Local Improvement District No. 960
as created and established by Ordinance No. 831, as amended by
Ordinance No. 846 of the Ordinances of the City of Yakima, which
shall be paid in 10 equal annual installment the first installment
to be paid on or before the 14th day of February, 1970, with in-
terest on the whole unpaid sum at the rate of 5 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 per annum shall be due and payable on
or before the 14th day of February in each year, and shall be col-
lected 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 princi-
pal or interest is not paid on or before the 14th day of February
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 and the Ordinances of the City of Yakima, and said
delinquent assessments shall bear interest at the rate of 5 per
cent per annum until paid and be subject to a charge of 5 per
III 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
District No. 960, there shall be issued bonds of the District in
the sum of $65,065.71, said issue to consist of 130 bonds in the
denomination of $500.00 each and one bond of the denomination of
$65.71 to be numbered from one upwards consecutively, and shall
bear interest at the rate of 5 per cent per annum, payable annually
on the 6th day of March each year, the several installments of in-
terest 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
substantially in the form prescribed by Section 8.12.140 of the
City of Yakima Municipal Code. They shall be issued under date of
March 6, 1969, and approximately 1/10th of said bond issue shall
be payable on or before the 6th day of March of each year thereafter,
to and including the 6th day of March, 1981.
Section 5. This ordinance is one relating to local
improvements or assessments therefor and shall become effective
110 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 February, 1969.
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MAYOR
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ATTEST:
CITY CLERK