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HomeMy WebLinkAbout1950-B-1162 1 36 ORDINANCE NO.B -1162 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. 667, 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 of x'10,823.71 for the improvement made in Local improvement District No. 667 as created and established by Ordinance No. B -1016 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 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 onec:of such installmentsc :together with inzere thereon and on the installments thereafter to become due Et 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 collect- ed 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 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. .For the payment of the unpaid balance of the cost and expense of.said improvement in said Local Improvement District No. 667, there shall. be issued bonds of the District ±n. the sum of $10,823.71, said issue to consist of 21 bonds in the denomination of $500.00 each and one bond of the denomination of $323.71 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 day of March each year, the several install- ments 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 by the ordinances of the City of Yakima, Washington. They shall be issued under date of March 2nd, 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 Mayor I hereby certify that the foregoing is a full, true and correct copy of Ordinance No. B -1162 entitled: "AN ORDINANCE fixing the time of delinquency of instal- ments of assessments levied for the payment of the cost of the improvement in Local Improvement District No. 667, 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]aw. i f 0 yr . R 4.