HomeMy WebLinkAbout1980-2445 LOCAL IMPROVEMENT DISTRICT BONDS ORDINANCE NO. • r2s/4-/S
AN ORDINANCE relating to local improvement districts; adopting
procedures for paying for improvements by the mode
of immediate payment and providing for a penalty
4110 for delinquent payment; establishing the maximum
term of local improvement district bonds and authoriz-
ing bond interest; and amending Sections 8.12.090
and 8.12.130 of the City of Yakima Municipal Code.
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. Section 8.12.090 of the City of Yakima Municipal
Code is hereby amended to read as follows:
"8.12.090 Mode of immediate payment--Penalty for
delinquency. Whenever the cost and expense of any improve-
ment shall be payable by the mode of 'Immediate Payment'
the City Treasurer shall upon receipt of the assessment
roll publish a notice in the official newspaper of the
city one time each week for two consecutive weeks that
the roll is in his hands for collection and that any assess-
ment thereon or any portion of any such assessment may
be paid at any time within thirty days from the date of
the first publication of said notice, without penalty,
interest or costs, and that unless payment be made within
such time, such assessment or unpaid portion thereof will
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become delinquent. Upon delinquency a penalty at a rate
to be fixed by the City Council shall attach to and become
a part of all such assessments. Delinquent assessments
shall: bear interest at a rate to be fixed by the
Council until paid. Such delinquent assessments, with
penalty and interest, shall be collected and the lien
thereof shall be enforced in the manner provided by law
and the ordinances of the City of Yakima."
Section 2. Section 8.12.130 of the City of Yakima Municipal
Code is hereby amended to read as follows:
"8.12.130 Term of bonds--Interest. Bonds by their
terms shall be made payable on or before a date not to
exceed thirty years from and after the date of the issuance
of such bonds, the term of which bonds shall be fixed by
ordinance of the City Council. Such bonds shall bear
interest at the rate provided by the ordinance ordering
• the improvement. Each bond shall have attached thereto
interest coupons for each interest payment."
Section 3. This ordinance shall be in full force and effect
thirty days after its passage, approval and publication as provided
by law and by the City Charter.
CL
PASSED BY THE CITY COUNCIL, signed and approved this "7
day of ; J , 1980.
. • ,
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1' silarier_AW;(:4
. Mayor
ATTEST:
CITY CLE'