HomeMy WebLinkAbout1951-B-1228 217
ORDTNANCE N0. B -1228
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. 687, and providing for the issuance of bonds with coupons attached .
for tree payment of the unpaid portion thereof.
BE IT ORDAINED BY THE' CITY OF YAKIMA:
Section 1. That there is unpaid the sum of ;50,472.15 for the improvement
made in Local Improvement District No. 687, as created and established by Ordinance
No. B -1069 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 23rd day of
February, 1952, 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 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 23rd day of February 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 23rd 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 delin-
quent 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 inter-
est 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. 687, there shall be issued
bonds of the District in the sum of $50,472.15, said issue to consist of 100 bonds in
the denomination of $500.00 each and one bond of the denomination of $472.15, to be
numbered from one upwards consecutively, and shall bear interest at the rate of 4 per
cent per annum, payable annually on the 16th 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 16th, 1951,
and approximately 1 /10th of said bond issue shall be payable on or before the 16th day
of March of each year thereafter, to and including the 16th day of March, 1963.
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 12th day of
March, 1951.
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-1228 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. 687, and providing for the issuance of bonds with coupons
attached for the payment of the unpaid portion thereof. ", as passed on this 12th day
of March, 1951, and that same has been published as required by law.
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°CI CLERK