HomeMy WebLinkAbout1972-1413 if
ORDINANCE NO. 7
AN ORDINANCE fixing the time of delinquency of installments of assess-
ments levied for the payment of the cost of the improve-
ments in Local Improvement District No. 978, and provid-
ing 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 $430,287.88 for the
improvement made in Local Improvement District No. 978 as creand and
established by Ordinance No. 1220 of the Ordinances of the City of
Yakima, which shall be paid in 20 equal annual installments, the first
installment to be paid on or before the 20th day of May, 1973, 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 20th day of May in each year, and shall be collected in the same
• manner as is provided by and the Ordinances of the said City.
Section 2. If any of the said installments of principal or
interest is not paid on or before the 20th day of May 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 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 expenses of said improvement in said Local Improvement District
No. 978, there shall be issued bonds of the district in the sum of
$430,287.88, said issue to consist of 430 bonds in the denomination of
$1,000 each and 1 bond of the denomination of $287.88 to be numbered
from 1 upwards consecutively, and shall bear interest at the follow-
ing rates:
•
Bond No. 1, in the amount of $287.88, shall bear interest at the
rate of 61/2% per annum;
Bonds No. 2 through 216, each in the amount of $1,000, shall
bear interest at the rate of 67 per annum; and
Bonds No. 217 through 431, each in the amount of $1,000, shall
• bear interest at the rate of 7% per annum,
payable annually on the 9th day of June of 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 Muni
cipal Code. They shall be issued under date of June 9, 1972, and
approximately 1/20th of said bond issue shall be payable on or before
the 9th day of June of each year thereafter, to and including the 9th
day of June, 1994.
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,
PASSED BY THE CITY COUNCIL, signed and approved this 30th day of
May, 1972.
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Mayor
ATTEST:
City Clerk
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