HomeMy WebLinkAbout1950-B-1161 •
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ORDINANCE NO. B -1161 •
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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. 665, 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:
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Section 1. s hat there is unpaid the sum of $15,129•.90 for the improvement
made in Local Improvement.District No. 665 as created and established by Ordinance No.
B -1010 of the Ordinances of the City of Yakima, Which shall be in 10 equal annual
installments, the first installment to b e paid on or before the 9th day of February,
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 9th day of February in each year, and shall be collected
in the same manner as is provided bylaw 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 9th 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 de—
linquent 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. ror the payment of.the unpaid balance of the cost and expense
of said improvement in said Local Improvement District No. 665, there shall be issued
bonds'of the District in the.sum of $15,129.90, said issue to consist of 30 bonds in
the denomination of $500.00 each and one bond of the denomination of $129.90 to be .
numbered from one upwards consecutively, and shall bear interest at the rate of 4 per
.cent per annum, payable annually on the 2nd dray of March each year, the several install —
ment.e <-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 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 2, 1950, and
approximately 1 /10th of said bond issue shall be payable on or before the 2nd day .of
March of each year thereafter, to and including the 2nd 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 7th day of
August, 1950. •
. ATTEST: PEARL BENJAMIN (S E A L) G. W. BURNS
City (clerk Mayor
I hereby certify the foregoing is a full, true and correct copy of
Ordinance No.'B -1161 entitled: "AN ORDINANCE fixing the time of delinquency of install—
ments of assessments levied for the payment of the cost of the improvement in Local
Improvement District No. 6b5, and providing for the-issuance of`bonds with coupons
attached for, the payment of the unpaid portion thereof." as passed on this 7th day of
August, 1950, and that same has been published as required by law.
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O I T • C L E R K
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