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HomeMy WebLinkAbout1953-B-1431 449 ORDINANCE NO. B -1431 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.740, and providing for the issuance of bonds with coupons attached for the pay- ment of the unpaid portion thereof. BE IT ORDAINED BY THE CITY OF YAKIMA : • Section 1. That there is unpaid the sum of $767.12 for the improvement made in Local Improvement District No. 740 as created and established by Ordinance No. B -1374 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 February, 1954, 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 installmentE thereafter to become due at the rate of 4 percent per annum shall be and payable on or before the 5th day of February in each year, and shall be collected in the same manner as is provided by 7a w 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 February 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 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. 740, there shall be issued . bonds of the District in the sum of $767.12, said issue to consist of 7 bonds in the denomination of $100.00 each and one bond of the denomination of $67.12 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 February each year, the seyeral installments of interest to be evidenced by coupons attached to said bonds and both principal and interest shll 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, W They shall be issued under date of February 26th, 1953, and approximately 1 /10th of said bond issue 'shall be payable . on or before the 26th day of February of each year thereafter, to and including the 26th day of February, 1965. 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 2nd day of March, 1953. ATTEST: PEARL BENJAMIN' •( SEAL ) OWEN•O. CARPENTER City Clerk Mayor, Pro Tem I hereby certify that the foregoing is full, true and 'correct copy of Ordinance No. B -1431. 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. 740, and providing for the issuance of bonds with coupons attached for the payment of the unpaid protion thereof. ", as passed this 2nd day of March 1953, and that same has been published as required by law. ' C I C L E R K •