HomeMy WebLinkAbout1950-B-1197 185
ORDINANCE NO.. B -1197
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. 661, 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 $25,612.91 for the improve-
ment made in Local Improvement District No. 661, as created and established by Ordin-
ance No. B -1007 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 10th day
of November, 1951, with interest on the whole unpaid sum atthe rate of 4 per cent per
annum, andeach 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 10th day of November 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 oh or before the 10th day of November 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 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. 661, there shall be issued
bonds of the.District in the sum of 825,612.91, said issue to consist of 51 bonds in
the denomination of 4500.00 each and one bond of the denomination of 4112.91 to be
numbered from one upwards consecutively, and shall bear interest at the rate 'of 4 per
cent per annum, payable annually on the 1st day of December 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 .bf the ordinances of
the City of Yakima, Washington. They shall be issued under date of December 1st,
1950, and approximately. 1 /10th of said bond issue shall be payable on or before the
1st day of December of each year thereafter, to and including the 1st day of December,
19 62 .
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.
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PASSED BY THE CITY COMMISSION, signed and approved this 27th day of
I ovember, 1950.
ATTEST: PEARL BENJAMIN ( SEA L ) G. W. BURNS
City Clerk Mayor
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I hereby certify that the foregoing is a full, true and correct copy of
Ordinance No. B -1197 entitled: "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. 661, and providing for the issuance of bonds with
coupons attached for the payment of the unpaid portion thereof." as passed on this
27th day of November, 1950, and that same has been published as required by law.
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CIT CLERK
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