HomeMy WebLinkAbout1950-B-1132 106
ORDINANCE NO. B -1132
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. 677, 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 cf '32, -13.02 for the improvement
made in Local Improvement District No. 677 as created and established by Ordinance
No. B -1036 of the Ordinances of the City of Yakima, which shall be paid in 10, equal
annual installments, the first installments to be paid on or before the 17th day of
March, 1951, 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 or before the 17th day of March in each year, and shall be col-
lected 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 prinicpal or interest are
not paid on or before the 17th day of March of eadh 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 ,cnet penalty upon both prinicipal and interest due thereon..
Section 3. For the payment of the unpaid balance of the cost and expense
of said improvement in said Local Im ro`ment District No. 677, there shall be issued
bonds of the District in the sum of 2,413.02, said issue to consist of 11 bonds in
the denomination of $200.00 each and one bond of the denomination of $213.02 to be
numbered from one upwards consecutively, and shall bear interest at the rate of 4
per cent per annum, payable annually on the 7th day of April 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 shalllbe substantially 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 April 7th, 1950,
and approximately 1 /10th of said bond issue shall be payable on or before the 7th
dpy of April of each year thereafter, to and including the 7th day of April, 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 10th day of
April, 1950.
ATTEST: PEARL BENJAMIN (SEAL) N. K. BUCK
City Clerk Mayor
I hereby certify that the foregoing is a full, true and correct copy of
Ordinance No. B -1132 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. 677, and providing for the issuance of bonds with
coupons attached for the payment of the unpaid portion thereof," as passed on this
10th day of April, 1950, and that same has been published as required by law.
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-la1 IT CLERK