HomeMy WebLinkAbout1976-1949 •
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ORDINANCE NO. /7'V,
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. 1004 ,
and providing 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 $43,725.81
for the improvement made in Local Improvement District No. 1004 -
as created and established by Ordinance No. 1774 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 1st day of May , 19 77 , 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 1st day of May 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 princi-
pal or interest is not paid on or before the 1st 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 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 expense of said improvement in said Local Improvement
District No. 1004 , there shall be issued bonds of the District
in the sum of $ 43,725.81 , said issue to consist of 86
bonds in the denomination of $ 500,00 each and one bond of the
denomination of $ 225.81 to be numbered from one upwards
consecutively, and shall bear interest at the rate of per
cent per annum, payable annually on the 14th day of May
. ' 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
May 14 , 19 7 , and approximately 1/10th of •
said bond issue shall be payable on or before the 14th day of
May of each year thereafter, to and including the 14th
day of May , 19 88
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.
,
BY THE CITY C97CIL, signed and approved this
2.4/
//0day of A drer.
, 197
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471 MAYOR
ATTEST: :
e
• . -
CI : CLERK •