HomeMy WebLinkAbout1972-1456 • . .
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ORDINANCE NO. je6
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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. 984 ,
and providing for the issuance of Local Improvement
District Installment Notes for the payment of the
III unpaid portion thereof. .
BE IT ORDAINED BY THE CITY OF YAKIMA; _
Section 1. That there is unpaid the slim of-$ 10,700.47
for the improvement made in Local Improvement District No. 984
as created and established by Ordinance No. 1355 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 13th . .
day of October , 19 73 , with interest on the whole unpaid sum at
the rate of 61/2 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 61/2 per cent per .
annum shall be due and payable on or before the 13th day of
October , 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 principaU•
or interest is not paid on or before the 13th day of October
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 Wash-
ington and the Ordinances of.the City of Yakima, and said delinquent
assessments shall bear interest at the rate of VI 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 Dis-
trict No. 984 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 $ 10,700.47 , in the denom-
ination of $ 10,700.47 each, and payable to the L.I. Guaranty Fund
of the City of Yakima. Said Notes shall be numbered from One upwards,
consecutively, and shall bear interest at the rate of 61/2 per cent
per annum. Application of Local Improvement District Funds for the
reduction of the principal 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 or assessments therefor and shall be come effective
immediately its passage, approval and publication as provided
by the City,Charter.
PASSED BY THE CITY signed and approved this
24th day of October . 19 72 .
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MAYOR
ATTEST: , ,
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. . - CITY CLERK •
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