HomeMy WebLinkAbout1971-1338 ORDINANCE NO. /33
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. 980 ,
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:
411 Section 1. That there is unpaid the sum of $41,072.23
for the improvement made in Local Improvement District No. 980
as created and established by Ordinance No. 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 10th day of September , 19 , with interest
on the whole unpaid sum at the rate of 7 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 7 per cent per annum shall be due and payable
on or before the 10th day of Septembe 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 10 th day of S22
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 colleeted 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 7 per
cent per annum until paid and be subject to a charge of 8 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
District No. 980 , there shall be issued bonds of the District
in the sum of $ 41,072 , said issue to consist of 82
bonds in the denomination of $ 500.00 each and one bond of the
denomination of $ 72.23 to be numbered from one upwards
consecutively, and shall bear interest at the rate of 61/2 per
cent per annum, payable annually on the 1st 1 day of October
- 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
October 1 • , 19 71 • , and approximately 1/10th of
said bond issue shall be payable on or before the 1st day of
October • of each year thereafter, to and including the 1st
day of October 19 83 .
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.
20th day
PASSED BY THE CITY COUNCIL, signed and approved th is
September 19 71
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MAYOR
ATTEST: (/'
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CITY CLERK-