HomeMy WebLinkAbout1973-1571 ORDINANCE NO. A5
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. 989,
and providing for the issuance of bonds with coupons
attached for the payment of the unpaid portion thereof.
411 BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1, That there is unpaid the sum of $55,688.60
for the improvement made in Local Improvement District No. 989 as
created and established by Ordinance No. 1453 as amended by
Ordinance No. 1478 of the Ordinances of the City of Yakima, which
shall be paid in 10 equal annual installments, the first install-
ment to be paid on or before the 17th day of September, 1974, with
interest on the whole unpaid sum at the rate of 61 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 per cent per annum shall be due and payable
on or before the 17th day of September in each year, and shall be
collected in the same manner as is provided by law and the Ordin-
ances of the said City.
Section 2. If any of the said installments of princi-
pal or interest is not paid on or before the 17th day of September
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 §a per
cent per annum until paid and be subject to a charge of 8 per
cent penalty upon both principal and interest due thereon.
111 Section 3. For the payment of the unpaid balance of
the cost and expense of said improvement in said Local Improvement
District No. 989 , there shall be issued bonds of the District in
the sum of $55,688.60, said issue to consist of 111 bonds in the
denomination of $500.00 each and one bond of the denomination of
$188.60 to be numbered from one upwards consecutively, and shall
bear interest at the rate of 6 per cent per annum, payable annually
on the 5th 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 5, 1973 and approximately one/tenth of said bond issue
shall be payable on or before the 5th day of October of each year
thereafter, to and including the 5th day of October, 1985.
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
410 24th day of September, 1973.
I
•!_t_•
'YOR
ATTEST:
,atsk.rair
Of CIT/ CLERK