HomeMy WebLinkAbout1951-B-1305 305
•
ORDINANCE N 8-1305
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. 686, 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:
t Section 1 That there is unpaid the sum of $4,113.87 for the improvement
made in Local Improvement District No. 686 as created and established by Ordinance
No. B -1067 of the Ordinances of the City of Yakima, which shallbe paid in 10 equal
annual installments, the first installment to be paid on or before the 20th day of
September, 1952, vin th interest on the w.ole 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 20th day of September 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 20th`day of September 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 L cal. Improvement District No. 686, there shall b e
issued bonds of the District an the sum of $4,113.87,. said issue° to consist of 13
bonds in the denomination of $300.00 each and one bond of the denomination of $213.87
to be numbered from one upwards consecutively, and shall bear interest at the rate
of 4 per cent per annum, payable annually on the llth day of October 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.
r .
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 October llth,
1951,, and approximately 1 /l0th of said bond issue shall be payable on or before the
llth day of October of each year thereafter, to and including the llth day of
October, 1963.
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 ap pr oved this 8th day of
October, 1951. .
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. 8-1305 entitled "AN ORDINANCE fixing the time of delinquency, of
installments of assessments levied for the payment of the cost of the imir ovement
in Local Improvement District No. 686, and providing .for the issuance of bonds with
coupons attached for the. payment of the unpaid portion thereof. ", as passed on this
8th day of October, 1951,, and that same has been published as required by law.
/ r �
C I T Y / L E R K