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HomeMy WebLinkAbout1989-3170 INTEREST RATES CHARGEABLE ON INSTALLMENT ASSESSMENT PAYMENTS 3170 ORDINANCE NO. 0 AN ORDINANCE relating to local improvement districts and assessments therein, defining the interest rates chargeable on installment assessment payments, describing costs for legal, financial, and appraisal services and any other City costs included within the expense for local improvement districts, and amending Section 8.12.070 and 8 12.100 of the City of Yakima Municipal Code , BE IT ORDAINED BY THE CITY OF YAKIMA. Section 1 Section 8 12 070 of the City of Yakima Municipal Code is hereby amended to read as follows. "8.12.070. Assessment district--Cost items to be included. A. There shall be included in the cost and expense of every local improvement for assessment against the property in the district created to pay the same, or any part thereof 0 (1) The cost of all of the construction or improvement authorized for the district including, but not limited to, that portion of the improvement within the street intersections, (2) The estimated cost and expense of all engineering and surveying necessary for the improvements done under the supervision of the City Engineer, (3) The estimated cost and expense of ascertaining the ownership of the lots or parcels of land included in the assessment district, (4) The estimated cost and expense of advertising, mailing, and publishing all necessary notices, (5) The estimated cost and expense of accounting, clerical labor, and of books and blanks extended or used on the part of the City Clerk and City Treasurer in connection with the improvement; (6) All cost of the acquisition of rights of way, property, easements, or other facilities or rights, whether by eminent domain, purchase, gift, or in any 4110 other manner; (7) The cost for legal, financial, and appraisal services and any other expenses incurred by the City for the district or in the formation thereof, or by the City in connection with such construction or improvement and in the financing thereof, including the issuance of any bonds and the cost of providing for increases in the local improvement guaranty fund, or providing for a separate reserve fund or other security for the payment of principal of and interest on such bonds. B The City Council may exclude any of the costs set forth in this section from the cost and expense to be assessed against the property in such local improvement district and such as may be from any other monies available therefor if the City Council so designates by ordinance at any time " • LEGAUbd Ordinance Ord A 5./ 210 9 1 Section Z Section 8 12.100 of the City of Yakima Municipal Code is hereby amended to read as follows. "8.12.100 Mode of payment by bonds -- Notice -- 11111 Delinquency. Whenever the cost and expense of any improvement shall be payable by the mode of 'Payment by Bonds' or by an installment note, the City Treasurer shall publish a notice in the official daily newspaper of the City one time each week for two consecutive weeks that said roll is in his hands for collection and that the whole or any portion of any assessment levied on account of such improvement may be paid without penalty, interest or costs during the first thirty days following the date of the first publication of such notice, and the unpaid balance, if any, may be paid in equal annual installments, the number of which shall be less by two than the number of years which bonds or installment note issued to pay for the improvement may run, or, the lien of any such assessment may be discharged at any time after such thirty day period by paying the entire unpaid portion thereof together with all interest thereon to the date of delinquency next falling due, and together with any interest for delinquency and penalty which may also be due at the time such payment is made The first installment shall become due and payable during the thirty day period succeeding a date one year after the date of first publication of such notice, and annually thereafter each succeeding installment shall become due and payable in like manner. If the whole or any portion of any assessment remains unpaid after the first thirty-day period herein provided for, interest on the whole unpaid sum shall be charged at the rate fixed by the City Coundil for such assessment , and each year thereafter one of such installments, together with the interest due upon the whole of the unpaid balance, shall be collected Any installment not paid prior to the expiration of the thirty day period during which such installment is due and payable shall thereupon become delinquent. All delinquent installments shall, until paid, be subject to a charge for interest at the rate as that charged on the unpaid assessment, and to an additional charge of twelve percent penalty levied upon such installment or installments. Section a . This ordinance shall be in full force and effect thirty (30) 411 days after its passage, approval and publication as provided by law and by City Charter PASSED BY THE CITY COLINCIL, signed and approved this & 4.1 day of _YjAIL__, 1989 P at ‘6 MAYOR ATTEST CITY CLERK Publication Date 04,2- 19 ? Effective Date LEGAUbd Ordinance Ord A 5/12/89 2