HomeMy WebLinkAbout1950-B-1114 88
ORDINANCE NO. B -1114
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. 675, 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. T hat there is unpaid the sum of $2,144.25 for the improvement
made in Local Improvement,District No. 675 as created and established by Ordinance No.
B -1028 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 16th day of February
1951, with interest on the whole unpaid sum at the rate, of 14 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 or before the 16th day of February 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 16th day of February 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. 675, there shall be issued
bonds of the District in the sum of $2,144.25, said issue to consist of 20 bonds in
the denomination of $100.00 each and one bond of the denomination of $$144.25 to be
numbered from one upwards consecutively, and shall bear interest-at the, rate of
4 per cent per annum, payable annually on the 9th day of March each year, the several
installments of interest to be evidenced by 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 substantially in
form prescribed by Section 18 of Ordinance No. A -192 as amended by the ordinances of
the City of Yakima, Washington. They shall be issued under date of March 9th, 1950,
and approximately 1 /10th of said bond issue shall be payable on or before the 9th
day of March of each year thereafter, to and including the 9th day of March, 1962.
Section 5. This ordinance is one relating to local improvements 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 9th day of
March, 1950.
ATTEST.: PEARL BENJAMIN (SEAL) ' N. K. BUCK
City Clerk Mayor
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I hereby certify that the foregoing is a full, true and correct copy of
Ordinance No. B -1114 entitled, "AN ORDINANCE fixing the time of delinquency of in —.
stallments of assessments levied for the payment of the cost of the improvement in
Local Improvement District No. 675, and providing for the issuance of bonds with
coupons attached for the payment of the unpaid portion thereof," as passed on this 9th
day of March, 1950, and that same has been published as required by law.
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CLERK
TY G