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HomeMy WebLinkAbout1978-2197 ORDINANCE NO,` c2/77 AN ORDINANCE fixing the time of delinquency of installments of assessments levied for the payment of the cost of the improvements in Local Improvement District No. 1001, and providing for the issuance of bonds with cou.ons attached for the payment of the unpaid portion faereof; and repealing City of Yakima Ordinance No, 2179, dated May 8, 1978. BE IT ORDAINED BY THE CITY OF YAKIMA: Section 1. That there is unpaid the sum of $1,323,419.80 for the improvement made in Local Improvement District No. 1001, as created and established by Ordinance No. 1720, as amended by Ordinance No. 1780, 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 29th day of April, 1979, with interest • on the whole unpaid sum at the rate of 7 percent 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 percent per annum shall be due and payable on or before the 29th day of April 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 29th day of April 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 col- lected 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 percent per annum until paid • and be subject to a charge of 8 percent 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. 1001, there shall be issued bonds of the district in the sum of $1,323,419.80, said issue to consist of 262 bonds in the denomina- tion of $5,000 each and 1 bond of the denomination of $2,764.80 to be numbered from 1 upwards consecutively, and shall bear interest at the following rates; Bond No. 1, in the amount of $2,764.80 shall bear interest at the rate of 6 1/4% per annum; Bonds No. 2 through 66, each in the amount of $5,000, shall bear interest at the rate of 6 1/4% per annum; Bonds No. 67 through 132, each in the amount of $5,000, shall -- bear interest at the rate of 6 1/2% per annum; Bonds No. 333 through 198, each in the amount of $5,000, shall bear interest at the rate of 6 3/4% per annum; and Bonds No. 199 through 263, each in the amount of $5,000, shall bear interest at the rate of 7% payable annually on the 19th day of May 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, Washingr ton; and there shall also be issued Local Improvement District Installment Note #1 in the amount of $20,655.00, to bear interest at 7 percent per annum. 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 19, 1978, and approximately 1 /20th of said bond issue shall be payable on or before the 19th day of May of each year thereafter, to and including the 19th day of May, 2000, The City Treasurer is authorized to negotiate the sale of said bonds for a price at • nothing less than par. The note shall be issued pursuant to Section 8.12.080'of the City of Yakima Municipal Code, Section 5. City of Yakima Ordinance No, 2179, enacted May 8, 1978, is hereby repealed. Section 6. This ordinance is one relating to local improve- ments or assessments therefor and shall become effective immediately upon its passage, approval and publication as provided by law and by the City Charter, PASSED BY THE CITY COUNCIL, signed and approved this 3/ day of , 1978, / ayor ATTEST: Ci,, C er O ,2_