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HomeMy WebLinkAbout1958-B-2190 • 67 ORDINANCE NO. B-2190 AN ORDINANCE fixing the time of delinquency or installments of assess- ' ments levied for the payment of the cost of the improvement in Local Improvement DistrictjTo. 861, 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 $3,671.35 for the improvement made in Local Improvement District No. 861 as created and established by Ordinance No. B-2125 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'22nd day of July, 1959, with • interest on the whole unpaid sum at the rate of 4 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 4 per cent per annum shall be due and payable on orbefore the 22nd day of July in each year, and shall be tollected 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 are not paid on or before the 22nd day of July of each year in which the 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 saidA.elinquent assessments shall bear interest at the rate of 4 per cent per annum until paid and be subjedt to a charge of 5 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. 861, there shall be issued bonds of the District in the sum of $3,761,35, said issue to consist of 11 bonds in the denomination of $300.00 each and one bond of the denomination of $371.35 to be numbered from one upwards consecutively, and shall bear interest at the rate of 4 per cent per annum, payable annually on the 12th day of August each year, the several installments of interest to be evidencedtby 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 sub- stantially in the form prescribed by Section 18 ofOrdinance No. A as amended of the Ordinances of the City of Yakita, Washington. They shall be issued under date of August 12, 1958, and approximately 1/10th of said bond issue shall be payable on or before the i2th day of August of each year thereafter, to and including the 12th day of August, 1970. Section 5. This Ordinance is one relating to local im- provements or assessments therefor and shall become effective immediately upon its passage, approval and publication as provided by City Charter. • PASSED BY THE CITY COMMISSION, signed and approved this 30th day of July, 1958. ATTEST: J.A. SMITH (SEAL) JOE K. ALDERSON CITY CLERK MAYOR I hereby certify that the foregoing is a true, full and correct copy of Ordinance No. 3-2190 entitled 'AN ORDINANCE fixing the time of delinquency of installments of assessments levied for the payment of . the costof improvement in Local Improvement District No. 861, and providing for the issuance of bonds With coupons attached for the pay- ment of the unpaid portion thereof.", as passed on the 30th day of July, 1958, and that the same has been published as reqUired by law. , ■ 0 1 1 $ , Y C L E R K •