HomeMy WebLinkAbout1973-1557 ORDINANCE
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. 986 ,
and providing for the issuance of Local Improvement
District Installment Notes 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 $ 9,505.09
for the improvement made in Local Improvement District No. 986 ,
as created and established by Ordinance No. 1409 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 _ 17th day of August , 19 74 , 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 installments thereafter. to become due at •
the rate of 61/2 per cent per annum shall be due and payable en or
before the 17th day of August , 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 principal
or interest is not paid on or before the 17th day of August
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 6j per
cent per annum until paid and be subject to a charge of 8 per
III 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. - 986 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 $ 9,505.09 , in the
denomination of $ 9,505.09 each, and payable to the Irriga-
tion Fund of the City of Yakima. Said Notes shall be
numbered from One upwards, consecutively, and shall bear interest at
the rate of 6 1/2 per cent per annum. Application of Local Improve-
ment 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 become effective
immediately upon its passage, approval and publication as provided
by the City Charter.
PASSED BY THE CITY COUNCIL, signed and approved this
27th day o f August , 19 73
AO"
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ATTEST: MAYOR
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CI CLERK