HomeMy WebLinkAboutOrd 1153 - LID #25 (Local Improvement District) - Payment of AssessmentsCITY OF TUKWILA
WASHINGTON
ORDINANCE NO. I/S.
ORDINANCE RE METHOD OF PAYMENT OF ASSESSMENTS OF
LOCAL IMPROVEMENT DISTRICT NO. 25 AND AMENDING
ORDINANCES NO. 322 AND 1146.
WHEREAS, it is necessary for the City of Tukwila to make
certain changes in the method of payment of the assessments in
Local Improvement District No. 25 in order to issue Local
Improvement District Bonds for the payment thereof
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, DO ORDAIN AS FOLLOWS:
1. Section 3 of Ordinance No. 1097, as amended by Section
2 of Ordinance No. 1146, is hereby amended to read as follows:
Section 3. The assessment roll as approved and
confirmed shall be filed with the Finance Director of the City
of Tukwila for collection. The initial thirty -day collection
period for payment without penalty, interest or cost has been
waived by all property owners. Therefore, the unpaid
assessments may be paid in ten equal annual installments with
interest thereon hereby fixed at a rate of %s% per annum. The
first installment of assessments on said assessment roll shall
become due and payable during the thirty -day period succeeding
the date one year after the date of publication of this
ordinance and annually thereafter each succeeding installment
shall become due and payable in like manner. Interest upon the
whole unpaid sum shall be charged at a rate of//4% per annum
and each year thereafter one of said installments, together
with interest due on the whole unpaid balance, shall be
collected. Any installment not paid prior to the expiration of
said thirty -day period during which such installment is due and
payable shall thereupon become delinquent. All delinquent
installments shall be subject to a charge for interest at a
rate of 12% per annum and for an additional charge of 5% as a
penalty levied upon both principal and interest due upon such
installment or installments. The collection of such deliquent
installments will be enforced in the manner provided by law.
2. Section 5 of Ordinance No. 837, as amended by Section
3 of Ordinance No. 1146, is hereby amended to read as follows:
Section 5. Local Improvement District warrants shall
be issued in payment of the cost and expense of the
improvements, such warrants to be payable out of the "Local
Improvement Fund, District No. 25" hereinafter created, to bear
interest from the date thereof at a rate to be hereafter fixed
by ordinance, not to exceed 12% per annum, and to be redeemed
in cash, and /or by Local Improvement District bonds herein
authorized to be issued, such interest bearing warrants to be
hereafter referred to as "Revenue Warrants Such bonds shall
bear interest at a rate to be hereafter fixed by ordinance, not
to exceed 12% per annum, shall be payable on or before 12 years
from the date of issuance, the life of the improvements ordered
being not less than 12 years, and shall be issued in exchange
for and in redemption of any and all revenue warrants issued
hereafter and not redeemed in cash within a period not to
exceed 60 days after the first publication by the Finance
Director of notice that the assessment roll for Local
Improvement District No. 25 is in his hands for collection.
The bonds shall be redeemed by the collection of special
assessments to be levied and assessed upon the property within
said district payable in ten equal annual installments with
interest at a rate to be hereinafter fixed by ordinance, not
2
exceeding 12% per annum under the mode of "payment by bonds" as
defined by law and the ordinances of the City of Tukwila,
Washington.
In the case of default in the payment of any
assessment when the same shall become due, there shall be added
interest at a rate to be hereafter fixed by ordinance not to
exceed 12% per annum and a penalty of 5 or the maximum
penalty allowed by law, whichever shall be less, which shall
also be collected. The exact form, amount, date, interest
rate, and denomination of said warrants and bonds shall be
hereafter fixed by ordinance of the City Council. Said
warrants and bonds shall be sold in such manner as the City
Council shall hereafter determine.
3. Section 10 of Ordinance No. 322 is hereby amended to
read as follows:
Section 10. In all cases where bonds are issued to
pay the cost and expense of a local improvement, the ordinance
levying the assessments shall provide that the sum charged
against any lot, tract, and parcel of land, or other property,
or any portion thereof, may be paid during the thirty -day
period allowed for the payment of asessments without penalty or
interest and that thereafter the sum remaining unpaid may be
paid in equal annual installments. The number of installments
shall be less by two than the number of years which the bonds
issued to pay for the improvements are to run. Interest on the
whole amount unpaid at the rate fixed by the ordinance shall be
due on the due date of the first installment of principal and
each year thereafter on the due date of each installment of
principal. The first installment shall become due and payable
during the thirty -day period succeeding a date of one year
after the date of first publication of the Treasurer's notice,
as provided in Section 9 hereof, and annually thereafter each
3
Ap'roved as to Form
44444( 2, [Pi
City Attorney
succeeding installment shall become due and payable in like
manner. If the whole or any portion of any assessment remains
unpaid after the first thirty (30) day period herein provided
for, interest upon the whole unpaid sum shall be charged at the
rate of 12% per annum, and each year thereafter one of said
installments, together with interest due upon the whole of the
unpaid balance, shall be collected. Any installment not paid
prior to the expiration of the thirty -day period during which
such installment is due and payable shall thereupon become
delinquent. All delinquent installments shall be subject to a
charge for interest at the rate fixed on the unpaid balance of
the roll and to an additional charge of five (5) per cent
penalty levied upon both principal and interest due on such
installment or installments.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, at a regular meeting thereof this �2 day of
a 1980.
ATTEST:
PUBLISHED RECORD CHRONICLE April 25, 1980
4
Clerk