HomeMy WebLinkAbout1959-B-2265 179
ORDINANCE NO. B-2265
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. 867, 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 uripaid the sum of $11,700.85 for
II the improvement made in Local Improvement District No. 867 as created and
established by Ordinance No. B-2193 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 b6fore the 8th day of March, 1960, 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 there-
on and on the installments thereafter to become due at the rate of 4 per
cen per annum shall be due and payable on or before the 8th day of March,
in each year, and shall be collected 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 8th day of March 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 Ordinance 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. 867,
there shall be issued bonds of the District in the sum of $11,700.85, said
issue consist of 23 bonds in the denomination of $500.00 each and one
bond of the demonination of $200.85 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 27th day of March each year, the several instal-
lments of interest to be evidenced by coupons attached to said bonds and
both principal and interest shall be pauable at the office of the City
Treasurer in the City of Yakima, Washington.
Section 4. The bonds provided for herein shall be substan-
tially 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 March 27, 1959, and approximately 1/10th of said
bond:issue shall be payable on or before the 27th day of March of each
year thereafter, to and including the 27th day of March, 1971.
Section 5. This Urdinance 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 Charter.
PASSED BY THE CITY COMMISSION, signed and approved this llth
day of March, 1959.
ATTEST: J.A. SMITH ( S E A L ) JOE K. ALDERSON
CITY CLERK MAYOR
II I hereby certify that the foregoing is a true, full and correct
copy of Ordinance No. B-2265 entitled "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. 867, and pro-
viding for the issuance of bonds with coupons attached for the payment
of the unpaid portion thereof." as passed on the llth day of March, 1959,
and that the same has been published as required by law.
7 1 : f CLERK