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HomeMy WebLinkAbout1958-B-2122 629 ORDINANCE NO, B -2122 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. 853 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 $ 17,691.63 for the improvement made in Local Improvement District N o . $53 as created and established by Ordinance No. B -2023 of the Ordinances of the City Yakima, which shall be paid in 10 equal annual installments, the first installment to be paid on or before the llth day of January, 1959 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 shall be due and payable on or before the llth day of January 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 llth day of aanuary 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 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. $53, there shall be issued bonds of the District in the sum of 17,691.63, said issue to consist of 35 bonds in the de- nomination of $ 500.00 each and one bond of the denomination of ,$ 191.63 to be numbered from one upwards consecutively, and shall bear interest at the rate of 4 per cent per annum, payable annually on the 31st day of January each year, the several installments of interest to be evidenced by coupons attached to said bonds and both principal and inter- !! shall be payable at the office of the City Treasurer in the City of Yakima, Washing- ton. S 4. The bonds provided for herein shall be substantially in the form prescribed by Section 1$ of Ordinance No. A -192 as amended of the Ordinances of the City of Yakima, Wshington. They shall be issued under date of January 31st, 195$, and appr- oximately 1 /10th of said bond issue shall be payable on or before the 3lst day of Janu- ary of each year thereafter, to and including the 31st day of January, 1970. 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 15th day of January, 1958. ATTEST: J.A. SMITH ( SEAL ) JOE K. ALDERSON CITY CLERK MAYOR I hereby certify that the foregoing is a true,, full and correct copy of Ordinance No. B -2122 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. $53, and providing for the issuance of bonds with coupons attached for the payment of the unpaid portion thereof..", as passed on the 15th day of January, 195$, and that the same has been published as required by law. ' L C L .E R K.