HomeMy WebLinkAbout1969-1182 ORDINANCE NO. P
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. 971
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:
Section 1. That there is unpaid the sum of $ 69.677.05
for the improvement made in Local Improvement District No. 971
as created and established by Ordinance No. 1059 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 6th day of November, 19 70 , with interest
on the whole unpaid sum at the rate of h 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 6 per cent per annum shall be due and payable
on or before the 6fh day of Nnvembpr 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 princi-
pal or interest is not paid on or before the 6th day of NnvPmhPr
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 6 per
cent per annum until paid and be subject to a charge of 5 per
cent penalty upon both principal and interest due thereon.
410 Section 3. For the payment of the unpaid balance of
the cost and expense of said improvement in said Local Improvement
District No. 971 , there shall be issued bonds of the District
in the sum of $ 69,677_05 , said issue to consist of 139
bonds in the denomination of $ 500 each and one bond of the
_00
denomination of $ 177 05 to be numbered from one upwards
consecutively, and shall bear interest at the rate of 6 per
cent per annum, payable annually on the 2Rfh day of Nnvtramhpr
each year, the several installments 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
substantially in the form prescribed by Section 8.12.140 of the
City of Yakima Municipal Code. They shall be issued under date of
November 28 , 19 69 , and approximately 1/10th of
said bond issue shall be payable on or before the 28th day of
November of each year thereafter, to and including the 28th
day of November , 19 81 .
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.
411 PASSED BY THE CITY COUNCIL, signed and approved this
17th day of November , 19 69 .
II 54H44
MAYOR
ATTEST:
CITY CLERK