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HomeMy WebLinkAbout1980-2381 ORDINANCE NO. g 38/ ��� ���N 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. IO20 , 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 $ 3 for the improvement made in Local Improvement District No 1020 , as created and established by Ordinance NV,2208 , as amended by Ordinance No. 2213 , 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 25th day of February , }9 , with interest on the whole unpaid sum at the rate of 8 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 8 per cent per annum shall be due and pa 'able on or before the 25th day of February 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 25th day of February 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 8 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. 1020 , there shall be issued bonds of the District in the sum of $ 35,09I,30 said issue to consist of 35 bonds in the denomination of S I each and one bond of the denomination of $ 91.30 to be numbered from one upwards consecutively, and shall bear int at the rate of 8 per cent per annum, payable annually on the 17th day of March 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 • ���W in the form prescribed by Section 8.12.140 of the City of Yakima Municipal Code. " They shall be issued under date of March 17 , 19 80 , and approximately 1/l0tb of said bond issue shall be payable on or before the 17th day Of March of each year thereafter, to and including the 17th day of March , 19 92 • 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 Cnh0CIL, signed and approved this ` // a' day oc , 19 ?/) . ~ ^ MAYOR ATTEST: Aii ^ 411P Cl, / CLERK .' '