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HomeMy WebLinkAbout1958-B-2207 105 ORDINANCE NO. B-2207 AN ORDINANCE fixing the time of delinquency of installments of assessments levied for the payment of the cost of the improvement in Local Improvement District No. 862, and providing for the issuance of bonds with coupons attached for the pgyment of the unpaid portion thereof. BE IT ORDAINED BY THE CITY OF YAKIMA: Section 1. That there is unpaid the sum of $ 36,573.64 for the improvement made in Local Improvement District No. 862 as created and established by Ordinance No. B-2140 of the Ordinances of the City of Yak- ima, which shall be paid in 10 equal annual installments, the first instal- lment to be paid on or before the 4th day of October, 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 thereafer to become due at the rate of 4 per cent per annum shall be due and payable on or before the 4th day of October, in each year, and shall be collected in the same manner as is provided by law and the ordinances , Jf the said City. Section 2. If any of the said installments of principal or interest are not paid on or befcre the 4th day of October of each year in which the same 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 said delinquent assessments shall bear interest at the rate of 4 per cent per annum until paid and be subject 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. 862 there shall be issued bonds of the District in the sum of $ 36,573.64, said issue to consist of 73 bonds in the denomination of $ 500.00 each and one bond of the denomination of $ 73.64 to be numbered from one upwards con- secutively, and shall bear interest at the rate of 4 per cent per annum, payable annually on the 25th day of October, each year, the several instal- lments of interest to be evidenced by coupons attached to 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 substanti- ally in the form prescribed by Section 18 of Ordinance No. A-192 as amended of the Ordinances of the City of Yakima, Washington. They shall be issued under date of October, 25, 1958, and approximately 4110th of said bond issue shall be payable on or before the 25th day of October of each year thereafter, to and including the 25th day of October, 1970. Section 5. This Ordinance is one relating to local improve- ments or assessments therefor and shall become effective immediately upon its passage, approval and publication as provided by City "'harter. PASSED By THE CITY COMMISSION, signed and approved this 15th day of October, 1958. ATTEST: J.A. SMITThby Marie ponelson Joe K. Alderson City Clerk Dep. Clerk Mayor I hereby certify that the foreeping is a true, full and correct copy of Ordinance No. 8-2207 entitled "AN ORDINANCE fixing the time of delin- quency of installments of assessments levied for the payment of the cost of the improvement in Local Improvement District No. 862, and providing for the issuance of bonds with coupons attached for the payment of the unpaid portion thereof." as passed on the 15th day of October, 1958, and that the same has been published as required by law. • y CLERK