HomeMy WebLinkAbout1951-B-1277 •
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• ORDINANCE NO. B -1277
AN ORDINANCE fixing the time of delinquency of installments of assessments levied for
the payment of cost of the improvement in Local Improvement District
No. 701, 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. 'hat there is unpaid the sum of $3,500.98 for the'improvement
made in Local Improvement-District No. 701, as created'andestablished by Ordinance
No. B -1158 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 24th day. of •
July, 1951, with interest on the whole unpaid sum at the 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 therate of 4 per cent per annum shall be
due and payable on or before the 24th day of July in each year, and shall be collect-
ed 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 24th day of July of each year in which the same shall be
payable, as provided in Section 1 hereof, thesame shall thereupon become and be delin-
quent and shall b e 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. 701, there shall be issued
bonds of the District in the sum of 83,500.98, said issue to consist of 17 bonds in
the denomination of $200.00 each and one bond of the denomination of $100.98 to be
numbered from one upwards consecutively, and shall bear. interest at therate of 4 per
cent per annum, payable annually on the 14th day of August 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 August 14, 1951,
and approximately 1 /10 of said bond issue shall be payable on or before the 14th day
. of August of each year thereafter, to and including the 14th day of August, 1963.
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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 13th day of
August, 1951.
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ATTEST: PEARL BENJAMIN ( SEA L ) G. W. BURNS
.City Clerk 'Mayor
I hereby certify that the foregoing is a full,•true and correct copy of
Ordinance No. B -1277 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. 701, and providing for the issuance of bonds with coupons
attached for the payment of the unpaid portion thereof. ", as passed on'this 13th day
of August, 1951, and that same has been published as required by law.
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