HomeMy WebLinkAboutOrd 0417 - Interest Rates on Assessments of a Local Improvement District s
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CITY of TUK
WASHINGTON
ORDINANCE NO. 417 1- ,6
AN ORDINANCE. of the City of Tukwila amending section
3 of Ordinance No. 404 providing for interest rates
on assessments provided therein.
THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON
DO ORDAIN AS FOLLOWS:
Section 3 of Ordinance No. 404 is hereby amended as follows:
SECTION 3. That the assessment roll as approved and
and confirmed shall be filed with the Treasure of the City of
Tukwila for collection and that said City Treasurer is hereby
authorized and directed to publish notice as required by law
stating that said roll is in her hands for collection and that
payment of any assessment thereon or any portion of said assessment
can be made at any time within 30 days from the date of first pub-
lication of said notice without penalty, interst or cost, and that
thereafter the sum remaining unpaid may be paid in ten (10) equal
annual installments with interest thereon hereby fixed at the rate
of 5i% per annum. The first installment of assessments on said
assessment roll shall become due and payable during the 30 day period
suceeding the date one year after the date of first publication by
the City Treasurer that notice of the assessment roll is in her hands
for collection for collection and annually thereafter each suceeding
installment shall become due and payable in like manner. If the whole
or any portion of the assessments remains unpaid after the first 30
day period, interest upon the whole unpaid sum shall be charged at the
rate of 5i% per annum and each year thereafter one of said installments,
together with interest due on the whole of the unpaid ballance, shall be
collected. Any installment not paid prior to the expiration of the said
30 -day period during which such installment is due and payable shall there-
upon become delinquent. All delinquent installments shall be subject to a
charge for interest at 5i% per annum and for an additional charge of 5%
penalty levied upon both principle and interest due upon such installment
or installments. The collection of such delinquent installments
will be enforced in the manner provided by law.
PASSED by the City Council at the regular meeting thereof
and APPROVED by the MAYOR this 7 day of December 1964
\d
oeet,
MAYOR
ATT ifr
C CLERK
APPROVED AS TO FORM