HomeMy WebLinkAbout1957-B-2073 565 �
0,1 - '4k' ■. 073
AN ORDINANCE fixing the time of delinquency of installments of assessments levied for the
payment of the cost of the improvements in Local Improvement. District No.
850, and providing for the method of payment of the unpaid portion thereof.
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. That there is unpaid the sum of $ 1,780.38 for the improvement
of Local Improvement District No. 850 as created and established by Ordinance No. B -1958a
of the ordinances of the City of Yakima, which shall be paid in 10 equal installments, the
first installment to be paid on or about the 15th day of August, 1958, with interest on
the whole unpaid sum at the rate of 4% 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 annum shall be due and payable on or about the 15th day of Aug-
ust 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 August 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 annum until paid and be subject to a charge of 5% penalty upon both principal and
interest due thereon.
Section 3. The City of Yakima shall issue Local improvement district warra-
nts in the amount of, the balance of the cost of said improvement, said warrants to bear
interest at the rate of four per cent (4%) from the date of their issuance, such register-
ed warrants to be held by the City of Yakima as an investment or to be sold by the City,
and the proceeds thereof shall be used to pay off the said existing warrants heretofore
issued to the contractor, such registered warrants, if issued, shall be redeemed by local
improvement district assessments as the same are paid, and payment endorsed thereon as
said funds are received by the City.
Section 4. The warrants herein provided for shall be claims and liens a-
gainst the local improvement district fund prior and superior to any right, lien or claim
of any surety on any bond or bonds given to the City of Yakima by the contractor to secure
the performance of his contract or to secure the payment of persons who have performed
work thereon, furnished materials therefor or provisions and supplies for the carrying on
of the work. -
PASSED BY THE CITY COMMISSION, signed and approved this 28th day of August,
1957.
Kenneth C. Schutt pro tem
ATTEST: J.A. SMITH ( S E A L ) JOE K. ALDERSON
CITY CLERK MAYOR
I hereby certify that the foregoing is a true, full and correct copy of Ordinance
No. B -2073 entitled "AN ORDINANCE fixing the time of delinquency of installments of asses-
sments levied for the payment of the cost of the improvements in Local Improvement Dist-
rict No. 850, and providing for the method of payment of the unpaid portion thereof." as
passed on the 28th day of August, 1957, and that the same has been published as required
by law.
C' T Y C L E R K