HomeMy WebLinkAbout1951-B-1306 306
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ORDINANCE NO. B-1306
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. 702, 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 $28,616..69 for the improvement
made in Local Improvement District No. 702, as created and established by Ordinance
No. B -1159 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 20th day of
September-, . 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 20th day of September in each year, and shall
be collected in the same manner as is provided by law and the ordinances of 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 yrovided 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 paw ment of the unpaid balance of the cost and expense
of said improvement in said Local Improvement District No. 702, there shall be
issued .bonds of the District in the sum of $28,616.69, said issue to consist of 57
bonds in the denomination of $500.00 each and one bond of the denomination of $116.69
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 intterest 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 shallbe substantially in the
form T escribed 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 Tproximately 1 /10th 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 Tproved this 8th day of
October, 1951.
ATTEST: PEARL. BENJAMIN ( SEAL G. W. BURNS
City Clerk Mayor
I hereby certify that the foregoing is full, true and correct copy of
Ordinance No. B -1306 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. 702, and w oviding 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.
C I T C L E R K