HomeMy WebLinkAbout1953-B-1438 438
ORDINANCE NO 8 -1438
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. 727, and p' ovidng for the issuance of bonds with coupons attached for
the payment of the unpaid protion thereof.
BE IT ORDAINED BY THE CITY OF YAKIMA:
Sectionl.. That there is unpaid the sum of $2,3^76.49° for the improvement
made in focal Improvement District No. 727, as created and established by Ordinance No
B --1296 of the ordinances of the City of Yakima, Wnich shall be paid in 10 equal annual
installments, the first instnllrnent to be paid on or before the 5th day of March, 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
installments thereafter to become due at the rate of 4. per cent per annum shallbe due
and payable on or before the 5th day of March in ea. ch year, and shall be collected in
the same manner as is provided by law and the ordinances of the s aid City.
Section 2. If any of the said installments of principal or interest are
not paid on or before the 5th day of March 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 cold cted as provided by the laws of the State of Washington
and the ordinancesof the City of Yakima, and said delinquent assessments shall bear.
interest at the rate of 4 per cent per annum until paid and be sub j' ct 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 727, there shall be issued
bonds of the District in the sum of $2,376.49, said issue to consist of 11 bonds in the
denomination of $200.00 each and one bond of the denomination of $176.49 to be numbered
from one upwards consecutively, and shall b ear interest at the rate of 4 per cent per
annum, payable annually on the 26th day of March each year, the several installments
of interest to be evidenced by coupons attached to s aid 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 March 26th, 1953,
and approximately 1 /10th of said bond issue shall be payable on or before the 26th day
of March of each year thereafter, to and including the 26th d ay of March, 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, si gned and approved this 30th day of March,
19 53,.
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 -1438 entitled "AN ORDINANCE fixing the time of delinquency of install-
ments of assessments levied for the par ment of the cost of the improvement in Local
Improvement District No. 727, and providing for the issuance of bonds with coupons
attached for the payment of the unpaid portion thereof. ", as passed this 30th day of
March, 1953, and that same has been published as required by law.
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C I y Y C L E R K