HomeMy WebLinkAbout1950-B-1201 189
ORDINANCE NO. B -1201
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..692, 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. That there is unpaid the sum of $7,125.05 for the improvement
made in Local Improvement District No. 692 as created and established by Ordinance
No. B -1124 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 17th day of
November, 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 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. 17th 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 on or before the 17th day of November of each year in which the same shall
be payable, as provided in Section l 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. 692, .there shall be issued
bonds of' the District in the sum of E 7,125.05, said issue to consist of 14 bonds in
the denomination of $500.00•each and - one bond of the denomination of $125.05 to be
numbered from one upwards consecutively,.and shall bear interest at the rate of 4 per
cent per annum, payable annually on the 8th day of December each year, the several
installments of interest to be evidenced by coupons attached to said bonds and both prin-
cipal 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 December 8th, 1950,
and approximately 1 /10th of said bond issue shall be payable on or before the 8th day
of December of each year thereafter, to and including the 8th day of December, 1962.
Section 5. This ordinance is one relating to local improvements or assess-
ments 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 27th day of
November, 1950.
ATTEST: PEARL BENJAMIN ( S 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 -1201 entitled: "AN ORDINANCE fixing the time of delinquency of in-
stallments of assessments levied . for the payment of the cost of the improvement in
Local Improvement District No. 692, 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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SCI' CLERK