HomeMy WebLinkAbout1951-B-1313 3
ORDINANCE NO B =1313
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. 680, 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 $154,391.25 for the improvement
made in Local Improvement District No. 680, as created and established by Ordinma ce
No. B -1044 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 5th day of
October, 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 5th day of October in each year, and shall
be collected in the same manner as is yrovided 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 5th day of October 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 Local Improvement.District No. 680, there shall be issued
bonds of the District in the sum of $154,391.25, said issue to consist of 308 bonds .
in the denomination of $500.00 each and one bond of the denomination of 3391.25, to
be • numbered from one upwards consecutively, and shall bear interest at the rate of
4 per cent per annum, payable annually on the 26th 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.
Section 4. The bonds Imo' ovided for, herein shall be substantially in the
form it 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 26th,
1951, and q proximately 1 /10th of said bond issue shall be payable on or before
the 26th day of October of each year thereafter, to and including the 26th 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 approved this 29th day of
October, 1951. .
ATTEST:. PEARL BENJAMIN ( SEA L ) G. W. BURNS
City Clerk Mayor
I hereby certify that the foregoing is full, true and correct copy of
Ordinance No. B -1313 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. 680, and providing for the issuance of bonds with
coupons attached for the payment of the unpaid portion thereof. ", as passed on this
29th day of October, 1951, and that same has been published as required by law.
C I T Y L E R K