HomeMy WebLinkAbout1978-2179 ORDINANCE NO. v� / 7 L
AN ORDINANCE fixing the time of delinquency of installments of assess-
ments levied for the payment of the cost of the improve-
ments in Local Improvement District No. 1001,. and provid-
ing 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 $1,312,764.80 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 per cent per annum, and each year thereafter one of such
installments together with interest thereon and on the installments there-
after to become due at the rate of 7 per cent 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 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
expenses of said improvement in said Local Improvement District No. 1001,
there shall be issued bonds of the district in the sum of $1,312,764 said
issue to consist of 262 bonds in the denomination 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;
Bond%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. 133 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, 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 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.
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 8th day of
May, 1978,
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455,s-to.-w-t •Mayor
ATTEST •
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City Clerk
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