HomeMy WebLinkAbout1950-B-1163 137
ORDINANCE NO. B -1163
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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. 670, 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 X8,791.59 for the improvement
made in Local Improvement District No. 670, as created and established by Ordinance No.
B -1020 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 percent 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 the 9th day of February in each year, and shall be collected
in the .s.am.e: 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 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 penalty upon both principal and interest due thereon.
Section 3. For the payment of the unpaid balance of the cost and expense
of improvement in said Local Improvement District No. 670, there shall be issued
bonds of the District in the sum of $8,791.59, said .issue to consist of 28 bonds in the
denomination of $300.00, each and one bond of the denomination of $391.59 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 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 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 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.
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ATTEST: PEARL BENJAMIN (S E A L) G. W. BURNS
"ity Clerk Mayor
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I hereby certify that the foregoing is a full true and correct copy of
Ordinance No. B -1163 entitled: "AN ORDINANCE fixing the time of delinquency of install—
ments of assessments levied for the payment of the cost of'the improvement in Loaal
Improvement District No. 670, 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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CITY CLERK
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