HomeMy WebLinkAbout1969-1172 •
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.
972, and providing for the issuance of Local
Improvement District Installment Notes for the
111 payment of the unpaid portion thereof.
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. That there is unpaid the sum of
$27,942.96 for the improvement made in Local Improvement District
No. 972, as created and established by Ordinance No. 1062, as
amended by Ordinance No. 1070, 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 26th day of Sep-
tember, 1970, with interest 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 install-
ments thereafter to become due at the rate of 5 per cent per
annum shall be due and payable on or before the 26th day of
September, 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 prin-
cipal or interest is not paid on or before the 26th day of Sep-
tember 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 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 Im-
provement District No. 972 there shall be issued Local Improvement
District Installment Notes of the District payable out of said
District Funds, said notes to be in the total amount of $27,942.96
in the denomination of $27,942.96 each, and payable to the
Treasurer's Surplus Cash Fund of the City of Yakima. Said Notes
shall be numbered from one upwards, consecutively, and shall bear
interest at the rate of 5 per cent per annum. Application of
Local Improvement District Funds for the reduction of the princi-
pal and interest amounts due on said notes shall be made not
less than once each year for a period not to exceed 12 years.
Section 4. This Ordinance is one relating to local
improvements and 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
6th day of October, 1969.
4111 -.4
ATTEST: MAYOR
CITY CLERK