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HomeMy WebLinkAbout1955-B-1761 ORDINANCE NO. B -1761 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. 797, 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 $3,061.94 for the improvement made in Local Improvement District No. 797 as created and established by Ordinance No. B -1651 of the Ordinances of the City of� Yakima, . shall be paid in 10 equal annual b installments, the first installment to e paid on or before the 26th day of September, 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 installments thereafter to become due at the rate of /' per cent per annum shall be due and payable on or before the 26th day of September 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 26th day of September of each year in which the same shall be payable, as provided in Section 1 hereof, the same shall thereupon become and be delin- quent 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. 797, there shall be issued bonds of the District in the sum of $3,061.94, said issue to consist of 15 bonds in the denomination of $200.00 each and one bond of the denomination of $61.94 to be numbered from one upwards consecutively, and shall bear interest at the rate of 4 per cent per annum, payable annually on the 17th 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 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 October 17th, 1955, and approximately 1 /10th of said bond issue shall be payable on or before the 17th day of October of each year thereafter, to and including the 'l7th day of October, 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 publication as provided by City Charter. PASSED BY THE CITY COMMISSION, signed and approved this 17th day of October 1955. 0 ATTEST: PEARL BENJAMIN (S E A L) G. W. BURNS City Clerk Mayor 1'1 I hereby certify that the foregoing is a full, true and correct copy of Ordinance No. B -1761 entitled 'IAN 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. 797, and providing for issuance of bonds with coupons attached for the payment of the unpaid portion thereof." as passed on the 17th day of October, 1955 and that same has been published by law. 0 0 C I T Y C L E R K ai