HomeMy WebLinkAbout1955-B-1690 ORDINANCE NO. B -1690
AN ORDINANCE fixing the time of delinquency of installments of assessments levied for th
payment of the cost of the improvement in Local Improvement District No. 79,
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 84824.20 for the improvement
made in Local Improvement District No.'795 as created and established by Ordinance No.
B -1623 of the Ordinances of the City of Yakima, which shall be paid.ins1O equal annual
installments, the first installment to be paid on or before the 15th day of April, 1956,
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 installmei
thereafter to become due at the rate of 4 per cent per annum shall be due and payable on
or before the 15th day of April in each year, and shall be collected in the same manner
as is provided 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 15th day of April of each year in which the same shall be pay-
able, ,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 ordin-
ances 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. 795, there shall be issued
bonds of the District in the sum of $4824.20, said issue to consist of 15 bonds in the
denomination of 5300.00 each and one bond of the denomination of $324 - .20 to be numbered
froth upwards consecutively, and shall bear interest at the rate of 4 per cent per
annum, payable annually on the 6th day of May 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, Washing-
ton.
Section 4. The bonds provided for herein shall be substantially in the for
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 May 6th, 1955, and approxi-
mately 1 /10th of said bond issue shall be payable on or before the 6th day of May of eacfl
year thereafter, to and including the 6th day of May, 1967.
Section 5. This ordinance is one relating to local improvements or assess-
ments therefor and shall become effective immediately upon its passage, approval and pu•
lication as provided by City Charter.
PASSED BY THE CITY COMMISSION, signed and approved this'9th day of May,
1955.
ATTEST: PEARL BENJAMIN (S E A L) G. W. BURNS
City Clerk Mayor
•
I hereby certify that the foregoing is a full, true and correct copy of Ordinance
No. B-1690 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,. 795, and providing for the issuance of bonds with coupons attached for the
payment of the unpaid portion thereof.t' as passed on the 9th day of May, 1955 and that
has been published by law.
221 if
C ITY LERK
•