HomeMy WebLinkAbout1992-3464 Local Improvement District ORDINANCE NO. 3 4 6 4
AN ORDINANCE confirming the assessment roll covering Local Improvement District
No. 1048 as created and established by Ordinance No. 3317 of
the Ordinances of the City of Yakima.
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. The assessment roll of Local Improvement District No. 104 as created
and established by Ordinance No. 3317 of the City of Yakima is now on file in the Office of
the City Clerk of the City of Yakima, and the assessments contained therein are all in accordance
with the laws of the State of Washington and the ordinances of the City of Yakima, and all
objections filed herein have been duly considered. The assessments and each and every part
thereof are hereby approved and confirmed, and the tracts and parcels of land described therein
as being assessed for the improvement made in said Local Improvement District are hereby
declared to be especially benefited thereby to the extent of the assessments respectively assessed
against them in said assessment roll, and said tracts and parcels of land are hereby assessed and
charged in the respective amounts specified in said assessment roll.
• Section 2, The amount of the assessment charged against and levied upon each tract
and parcel of land by said assessment roll or any portion of such sum, may be paid at any time
within thirty (30) days from the date of the first publication of the Notice of the Director of
Finance and Budget hereinafter provided for, without penalty, interest or costs; and thereafter the
sum remaining unpaid may be paid in ten (10) annual installments with interest on the whole
unpaid sum so charged.
Section 3. The City Clerk is hereby directed forthwith to furnish the Director of
Finance and Budget a certified copy of said assessment roll, and the Director of Finance and
Budget shall thereupon publish a notice in the official newspaper of the City one time each week
for two (2) consecutive weeks, and mail like notices to every owner of any tract or parcel of land
within said Local Improvement District whose said assessment roll is in his hands for collection
and any assessments thereon, or any part or portion thereof, may be paid any time within thirty
(30) days from the date of the first publication of' said notice, without penalty, interest or costs,
and that the unpaid balance, if any, may be paid in ten (10) equal annual installments, or the lien
of any such assessment may be discharged at any time after the said thirty (30) days by paying
the entire unpaid portion thereof, with all penalty and costs attached, together with all interest
thereon to the date of delinquency of the installments thereof next falling due, and any
installments not paid when due shall become delinquent and be subject to a charge for interest at
the same rate as that charged on the unpaid assessment and to an additional charge of 12%
penalty upon such installment or installments.
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In the event such improvement is financed solely by bonds, the interest rate shall be set at
the bond rate of interest plus one percent. In the event such improvement is financed by
installment notes purchased by the City, the interest rate shall be set at the market rate of interest
plus one percent. The market rate of interest shall mean that rate of.interest which the City could
earn on its money for a term comparable to the installment note term as established by the
Director of Finance and Budget. In the event such improvement is financed by installment notes
which are refunded by bonds at a lower interest, the interest rate shall be the lower of the two
rates plus one percent.
Section 4 This ordinance is one relating to local improvements or assessments
therefore and shall become effective immediately upon its passage, approval and publication as
provided by law and by City Charter vd
PASSED BY THE CITY COUNCIL, signed and approved this --fit day of
June , 1992.
AgJ
MAYOR
ATTEST
CITY CLERK
Publication Date: C \� ` 2
Effective Date. ce
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