HomeMy WebLinkAbout1954-B-1539 587
ORDINANCE NO. B -1539
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. 753, and providing for the issueance of bonds with coupons attached
for the payment of the unpaid portion thereof.
BE IT ORDAINED BY THE CITY OF'
Section 1. That there is unpaid the sum of $12,142.06 for the improvement made
in Local Improvement District ,No. 753 as created and established by Ordinance No. B - 1453
of the Ordinance`s of the City lof Yakima, which shall be paid in 10 e qual annual install-
ments, the first installment to be paid on or before the 21st day of January, 1955,
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 install-
ments thereafter to become due at the rate of 4 per cent per annum shall be due and
payable on or before the 21st day of January in each year, and shall be collected in the
same manner as is provided by 1 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 21st day of January 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 sugject to a charge of 5 per cent panalty 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. 753, there shall be issued bonds of
the District in the sum of $12,142.06, said issue to consist of 24 bonds in the denomin-
ation of $500.00 each and one bond of the denomination of $142.06 to be numbered from
one upwqrds consecutively, and shall bear interest at the rate of 4 per cent per annum.,
payable annually on the llth day of February each year, the several installments of
interest to be .evidenced by coupons attached to said bonds and both principal and inter-
est 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 February llth, 1954, and
approximately 1 /10th of said bond issue shall be payable on or before the llth day of
February of each year thereafter, to and including the llth day of February, 1966.
Section 5, This ordinance is one relating to local improvements or assessments
therefor and shall be come effdctive immediately upon its passage, approval and public-
ation as provided by City Charter.
PASSED BY THE CITY COMMISSION, signed and approved this 15th day of February,
1954.
ATTEST: PEARL BENJAMIN ( SEAL ), G. W. BURNS
City Clerk Mayor
I hereby certify that the foregoing is a true, full and correct copy of Ordinance
No. B - 1539 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. 753, and providing for the issueance of bonds with coupons attached for
the payment of the unpaid portion thereof. ", as passed this 15th day of February, 1954,
and that same has been published as required by law.
C I T Y C L E R K