HomeMy WebLinkAbout1974-1714 LID 995 • ORDINANCE NO. /7./j/
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. 995, and providing for theissu-
ance of bonds 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 $13,303.59
for the improvement made in Local Improvement District No.
995 as created and established by Ordinance No. 1566, as amended
by Ordinance No. 1670 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 27th day of September,
1975, 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 th 27th day of September .
in each year, and shall be collected in the same manner as
is.provided by law and the Ordinancesof the said City.
Section'2. If any of the said installments of principal or
interest is not paid on or before the 27th-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 delin-
quent 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 expense of said improvement in said Local Improvement
• District No. 995, there shall be issued bonds of the District
in the sum of $13,303.59, said issue to consist:of 26 bonds in
the denomination of $500.00 each and bond of the denomina-
tion of $303.59 to be numbered from one'upwards consecutively,
and shall bear interest at the rate 6-1/2 per cent per annum,
payable annually on the 17th 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 sub-
stantially in the form prescribed by Section 8.12.140 of the
City of Yakima Municipal Code. They shall be issued under date
of October 17, 1974, and approximately 1/10th of said bond
issue shall be payable on or before the 17th day of.October of
each year thereafter, to and including the 17th day of October,
1986.
Section 5. This ordinance is one relating to local improve-
, ments or assessments therefor and shall become effective immedi-
ately upon its passage, approval and as provided by
the City Charter.
PASSED BY THE CITY COUNCIL, signed and approved this 7th
day of October, 1974.
MAYOR
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ATTEST:
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CITY i ERK
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