HomeMy WebLinkAbout1989-3181 LOCAL IMPROVEMENT DISTRICT NO. 1045 � ��
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ORDINANCE NO. ~~~^
AN ORDINANCE confirming the assessment roll covering Local
Improvement District No. 1045 as created and
4111 establisbed by Ordinance No. 3U3l of the Ordi-
oances of the City of Yakima.
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. The assessment roll of Local Improvement
District No. 1045 as created and established by Ordinance No.
3031 of the City of Yakima is now on file in the Office of the
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 approv-
ed 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 especial-
ly benefited thereby to the extent of the assessments respec-
tively 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
4111 �nd levied upon each tract and parcel of land by said asses-
sment roll or any portion of such sum, may be paid at any time
within thirty (30) days from tbedete of the first publication
of the Notice of the Director ot �finance and Budget herein-
after provided for, without pen�l'y,"=' ilKterest 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 news-
paper 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
post office address is known, which notice shall state that
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
III/ (l0) eguwl mnnual inotollmeota, or tbe lieo of any oucb
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 there-
of next falling due, and any installments not paid when due
shall become delinquent and be subject to a charge for inter-
est at the same rate as that charged on the unpaid assessment
and to an additional charge of 12% penalty upon such install-
ment or installments.
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
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URD/LID1045 - 1 -
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 41111
improvements or assessments therefore and shall become effec-
tive immediately upon its passage, approval, and publication
as provided by the City Charter.
P ASSED BY THE CITY COUNCIL; signed and approved this
4 ) . f) '
�r> day of Are, 1989.
Mayor
ATTEST:
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City '
cy u
4 110
Publication Date: 3/89
Effective Date: 06/24/89
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