HomeMy WebLinkAboutO-1087 - Amends Sec. 3 of Ord. 1067, LID No. 6 (Special),
CIT Y 0 F MAR Y S V ILL E
Marysv1lle,Wash1ngton
ORDINANCE NO ~
An Ord1nance of the C1ty Counc1l of the C1ty of
MarysvIlle afiend1ng Sect10n 3 of Ord1nance No
1067,l~creaslng the 1nterest rates chargeable
agaInst the unpaId balances of assessments for
UtIlIty Local IMprovement D1strlct No 6
WHERIAS,by Ord1nance No 1067,adopted on September 10,
1979,the CIty Counc1l of the C1ty of Marysv1lle approved and
confIrmed the assessments and assessment rolls of Ut1llty Local
Improvement D1str1ct No 6,and establ1shed an 1nterest rate of
7~%per annum for the unpaId balance of the asseSSMent of any property
owner w1thIn sa1d D1str1ct,and
WHEREAS,unant1cIpated occurrences 1n the money market have
had a dramatIC effect on Interest rates of mun1c1pal revenue bonds
SInce September 10,1979,and
WHEREAS,on October 30,1979 the C1ty entered 1nto a
contract to sell revenue bonds for ULID No 6 at an Interest rate of
8%per annum,whIch rate was the lowest whIch could be negot1ated
under current CIrcumstances,and
WHEREAS,It 1S unconstltut1onal for the CIty of MarySVIlle
to pay h1gher Interest on Its revenue bonds than It IS collectIng
from the property owners In ULID No 6,whIch would const1tute
"Lend m g of cr ed i.t"by a mun r c i pa Li ty to pr i va te par t i e s . Now,
Therefore,
THE CITY COUNCIL OF THE CITY OF ~~RYSVILLE,WASHINGTON DO
ORDAIN AS FOLLOWS
SectIon 3 of OrdInance No 1067,passed by the CIty CounCIl
on September 10,1979,1S hereby amended to provIde as follows
SectIon 3 The assessment roll as approved and
confirmed shall be fllea WIth the Treasurer of
the CIty for collectIon apd the Treasurer IS hereby
authorIzed and dIrected to aga1n publ1sh notIce as
reqUIred by law statIng that the roll IS In hIS
hands for collect1on and payment of any assessment
thereon or any port1on of the assessment can be made
at any t1me WIthIn thIrty days from the date of the
fIrst publIcat10n of such renewed not1ce wlthout
penalty,1nterest or cost,and that thereafter the
sum remaInIng unpaId fiay be paId In twenty equal
annual 1nstallments WIth Interest thereon ~ereby
fIxed at the rate of 8~%per annum The fIrst Install-
ment of asseSSMents on the assessme~t roll shall become
due and payable durIng the thIrty-day perIod succeedIng
the date one year after the date of the fIrst publIcatIon
OrdInance/l
..
by the C1ty Treasurer of the renewed not1ce that the
assessment roll 1S 1n hIS hands for collect1on and
annually thereafter each succeed1ng 1nstallment shall
become due and payable 1n llke manner If the whole
or any port1on of the assessments rema1ns unpa1d after
the th1rty-day perIod,1nterest upon the whole unpaId
sum shall be charged at the rate of 8~%per annum and
each year thereafter one of the 1nstallments,together
w1th 1nterest due on the unpa1d balance,shall be
collected Any 1nstallments not pa1d prIor to the
eXplrat10n of the th1rty-day per10d dur1ng Wh1Ch such
1nstallment 1S due and payable shall thereupon become
del1nquent All del1nquent Installments shall be
subJect to a charge for 1nterest at 8~%per annum and
for an addlt10nal charge of 5%penalty lev1ed upon
both prlnL1ual and IPterest due upon such Installment
or 1nstallments The collectIon of such del1nquent
1nstallements WIll be enforced In the ~anner provIded
by law
PASSED by the CIty CouncIl and APPROVED by the Mayor thIS
Jg"'ni day of November,1979
ATTEST~~
APPROVED AS TO FORM
fij'A TT~(J.fJL-,9rc xc-et!11 TORN Y I
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Ord1nance/2