HomeMy WebLinkAboutO-1086 - Amends Sec. 3 of Ord. 1062, LID No. 5 (Special)CIT Y 0 r MAR Y S V ILL E
~arysv1lle,Washlngton
ORDINANCE NO ~
An Ordlnance of the Clty CouncIl of the CIty of
MarysvIlle amending Sectlon 3 of OrdInance No
1062,IncreasIng the Interest rates chargeable
agalnst the unpaId balances of assessments for
Utlllty Local Improvment DIstrIct No 5
WHEREAS,by OrdInance No 1062,adopted on August 27,1979,
the Clty CouncIl of the CIty of MarysvIlle approved and confIrmed the
assessments and assessme~t rolls of UtIlIty Local Improvement DIstrIct
No 5,and establIshed an Interest rate of 7~%per annum for the
unpaId balance of the assessment of any property owner wlthln saId
Dlstrlct,and
WHEREAS,unantIcIpated occurrences In the ~oney market have
had a dramatIc effect on Interest rates of munlclpal revenue bonds
Slnce August,1979,and
WHEREAS,on October 30,1979 the CIty entered Into a contract
to sell revenue bonds for ULID No 5 at an Interest rate of 8%per
arnum,whlch rate was the lowest WhlCh could be negotIated under
current CIrcumstances,and
WHEREAS,It IS unconstItutIonal for the Clty of MarysvIJle
to pay hIgher Interest on ltS revenue bonds than It lS collectIng from
the property owners In ULID No 5,Wh1Ch would constItute ITlendlng of
credIt"by a munIc1pallty to prIvate partIes,Now,Therefore,
THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON DO
ORDAIN AS FOLLOWS
Sectlon 3 of OrdInance No 1062,passed by the CIty CouncIl
on August 27,1979,IS hereby ame~ded to provlde as follows
SectIon 3 The assessment roll as anproved and confIrmed
shall be flIed WIth the Treasurer of the Clty for
collectlon,and the Treasurer IS hereby authorIzed and
dlrected to dgaln publIsh notIce as requlred by law
statlng that the roll 1S In hIS hands for collectlon and
payment of any assessment thereon or any portlon of the
assessment can be made at any tIme WIthIn thlrty days
from the date of the fIrst publIcatIon of such renewed
notIce wlthout penalty,Interest or cost,and that
thereafter the sum remalnIng unpaId may be paId In twenty
equal annual lnstallmepts WIth lnterest thereon hereby
fIxed at the rate of 8~%per annum [he flrst lnsta1Jment
of the assessments on the a~sessment roll shall become
due and payable durlng the thIrty-day perlod succeedlng
the date one year after the date of the flrst publlcatlon
by the CIty Treasurer of the renewed notIce that the
assessment roll IS In hIS hands for collectIon and
annually thereafter each succeedIng lnstallment shall
Ordlnance/l
...,.
become due and payable ln llke manner If the whole
or any portlon of the assessments remalns unpald
after the thlrty-day perlod,lnterest upon the whole
unpald sum shall be charged at the rate of 8~%per
annum and each year thereafter one of the lnstallments,
together wlth lnterest due on the unpald balance,shall
be collected Any lnstallrnents not pald prlor to the
eXplratlon of the thlrty-day perlod durlng WhlCh such
Installment IS due and payable shall thereupon become
d eLr nquen t All de l i.nquen t a.ns t a.l Lnen t s slra Ll.be
subJect to a charge for lnterest at 8~%p~r annum and
for an addltlonal charge of 5%penalty levled upon both
prlnclpal and Interest due upon such lnstallment or
lnstallments The collectIon of sucr dellnquent
lnstallments wlll be enforced In the manner provlded by
law
PASSED by the Clty Councll and APPROVID by the Mayor thlS\~~day of November,1979
Attest
Qj..1i.;,OO~Clty~
Approved as to Form
chyl~n*O~
\.
Ordlnance/2