HomeMy WebLinkAbout1950-B-1167 141
ORDINDIGE Nu. B -1167
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. 682, 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 df $3,239.16 for the improve-
ment made in Local Improvement District No. 682 as created a.nd by Ordin-
ance No. B -1047 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 5th day
of August, 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 there-
on 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 5th day of August 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 5th day of August 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•ordinance,s 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. 682, there shall be issued
bonds of the District in the sum of $3,239.16, said issue to consist of 10 bonds in
the • denomination of $300.00 each and one bond of the denomination of $239..16 to be
numbered from one upwards consecutively, and shall bear interest at the rate'of 4
per cent per annum, payable annually on the 25th day of August each year, the several
installments of interest to be evidenced by 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 August 25th, 1950,
and approximately 1 /10th of said bond issue shall be payable on or before the 25th day
of August of each year thereafter, to and including the 25th day of August, 1962.,
Section
5. This ordinance is one relating to local improvements or
assessments therefor and become effective immediately upon its passage, approval
and publication as provided•by City Charter. •
PASSED BY THE CITY COMMISSION, signed and approved this 28th day of
August, 1950. . .
ATTEST: PEARL BENJAMIN (9 E A L) G. W. BURNS
City Clerk • Mayor •
•
I hereby certify that the foregoing is a full, true and correct copy of
Ordinance No. B -1167 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.. 682, and providing for the issuance of bonds with coupons
attached for the payment of the unpaid portion thereof.. ", 'as passed on this 28th day •
of August,.1950, and that same has been published as required by law.
CI, LERK