Chapter 8.12
LOCAL IMPROVEMENT CODE*

Sections:

8.12.010    Procedure.

8.12.020    Vote required.

8.12.030    Petitions.

8.12.040    Determination of work to be done by contract.

8.12.045    Approval of plans—Supervision of work—Contribution by city.

8.12.047    Paving plans and profiles.

8.12.050    Creation of special funds.

8.12.055    Division of contracts—Lowest bidder—Notice—Deposit with bid.

8.12.060    Opening bids—Acceptance and rejection—Letting contract—Return of deposit—Forfeiture.

8.12.065    Proposed assessment roll.

8.12.070    Assessment district—Cost items to be included.

8.12.075    Assessment roll—Notice—Hearing—Procedure for confirming.

8.12.080    Modes of payment.

8.12.090    Mode of immediate payment—Penalty for delinquency.

8.12.100    Mode of payment by bonds—Notice—Delinquency.

8.12.105    Foreclosure on delinquent assessment.

8.12.110    Right of redemption.

8.12.115    Releases and satisfactions of judgment.

8.12.120    Notice by mail.

8.12.125    Issuance of bonds—Coupons.

8.12.130    Term of bonds—Interest.

8.12.140    Form of bonds.

8.12.150    Bonds—Records required.

8.12.160    Subdistricts authorized.

8.12.180    Payment of warrants.

8.12.190    Local improvement contracts—Procedure.

8.12.200    Registered warrants.

*    Statutory provisions—See RCW Chapters 35.43 et seq.

8.12.010 Procedure.

Whenever the city council shall provide for making local improvements and for the paying of the whole or any portion of the cost and expense thereof by levying and collecting special assessments on property especially benefited, the proceedings therefor shall be in accordance with the provisions of RCW Chapters 35.43—35.56. (Ord. A-192 § 1, 1915).

8.12.020 Vote required.

No ordinance relating to local improvements shall be considered passed unless the same shall have received the affirmative vote of at least a majority of the members of the city council; provided, that unless a petition for any improvement be presented, such improvement shall not be ordered except by ordinance passed by the affirmative vote of all members of the city council. (Ord. A-192 § 2, 1915).

8.12.030 Petitions.

Petitions for local improvements shall be filed with the city clerk. Upon the filing of any such petition and upon passage of any resolution for any local improvement, the city engineer shall be the official who shall ascertain, as prescribed by law, the facts in relation thereto, and transmit the same to the city council with all required data. (Ord. A-317, 1917: Ord. A-192 § 3, 1915).

8.12.040 Determination of work to be done by contract.

All local improvements financed in whole or in part by assessments upon property specially benefited shall be made either by city forces or by contract upon competitive bids in accordance with City Charter requirements. The city shall have the power to reject any and all bids. (Ord. 1694 § 3, 1974: Ord. A-192 § 6, 1915).

8.12.045 Approval of plans—Supervision of work—Contribution by city.

The city council shall, in the ordinance providing for any local improvement, approve the plans and specifications for such improvement and place such plans and specifications on file in the office of the city clerk subject to public inspection. The city engineer shall supervise and manage the work of all local improvements. Every ordinance ordering any improvement herein provided for shall declare what, if any, portion or proportionate amount of such cost and expense shall be borne by the city of Yakima out of any of its general funds and shall direct that the remainder of such costs and expense be assessed against the property within said district in the manner provided by law; provided, in the event the local improvement district project involves the installation of water lines, the assessment shall include the actual cost, as computed by the city engineer, of the installation of a water line not to exceed eight inches in diameter in residential districts and not to exceed twelve inches in diameter in commercial and industrial districts. In the event larger sized lines are actually installed, the additional expense for such larger lines shall be borne by the city. (Ord. 1640 § 1, 1974: Ord. B-235, 1937: Ord. A-192 § 2, 1915).

8.12.047 Paving plans and profiles.

Hereafter whenever any street, alley, avenue or public ground, or part thereof, in the city of Yakima, Washington, is to be improved by the construction of a sidewalk or pavement thereon, it shall be the duty of the city engineer to prepare plans and profiles, or both, showing the proposed grades and elevation of said improvement, which said grades and elevations shall become the established grades and elevations of said streets, alleys, avenues or public grounds, or parts thereof, upon the adoption of said plans and profiles by the city council and the completion of said improvement. (Ord. A-288 § 1, 1917).

8.12.050 Creation of special funds.

The ordinance providing for the making of any local improvement shall also create a special fund to be called “Local Improvement Fund, District No. ...,” into which shall be placed all sums paid on account of such assessment, including all interest and penalty thereon, and in event of sale of bonds by the city, all premiums and accrued interest on bonds issued for such improvement. (Ord. A-192 § 8, 1915).

8.12.055 Division of contracts—Lowest bidder—Notice—Deposit with bid.

The city council may provide that all the work to be done in any local improvement district shall be let in one contract or, at its option, it may provide that the work in any local improvement district shall be subdivided and separate and distinct contracts be let for each subdivision thereof. All local improvements to be made by contract shall be let to the lowest and best bidder therefor. Before awarding any such contract, or contracts, the city clerk shall publish a notice where required by the Yakima City Charter in two or more consecutive issues of the official newspaper of the city, the last publication of which shall be at least ten days before the letting of such contract or contracts, inviting sealed proposals for such work. The plans and specifications for such work must, at the time of publication of such notice, be on file in the office of the city clerk and subject to public inspection. Such notice shall state generally the work to be done and shall call for proposals for doing the same to be sealed and filed with the city clerk on or before the day and hour named therein. The notice shall further provide that the city reserves the right to waive informalities, technicalities or irregularities and to accept the bid which, in the judgment of the bid board, will best serve the interests of the city. All bids shall be accompanied by cash or a certified check payable to the order of the city treasurer for an amount not less than five percent of the amount bid, or by a surety bond executed by a surety authorized to do business in the state of Washington in which the city is named as obligee in the amount of five percent of the amount of the bid, and no bid shall be considered unless accompanied by such deposit or surety bond. (Ord. 1694 § 4, 1974: Ord. 1205 § 1, 1970: Ord. B-814, 1947; Ord. A-192 (part), 1915).

8.12.060 Opening bids—Acceptance and rejection—Letting contracts—Return of deposit—Forfeiture.

At the time and place specified in the advertisement for bids, the bids shall be publicly opened and read as provided by Chapter 1.80 of the City of Yakima Municipal Code. The city reserves the right to waive informalities, technicalities or irregularities and to accept the bid which, in the judgment of the city, will best serve the interests of the city; and the city reserves the right to reject any and all bids. Bid deposits of unsuccessful bidders shall be returned to those unsuccessful bidders, and the deposit of the successful bidder shall be retained until the contract be entered into between the bidder and the city for the making of the improvement in accordance with the bid and until the bond of the contractor is filed, approved and accepted. If the successful bidder fails to enter into the contract in accordance with his bid within ten days from the date of notification that he is the successful bidder, his deposit shall be forfeited and the city treasurer shall stamp across the face of the certified check the words “Forfeited to the City of Yakima, (signature), City Treasurer,” and shall deposit the same to the credit of the local improvement fund. (Ord. 1694 § 5, 1974; Ord. A-192 § 10, 1915).

8.12.065 Proposed assessment roll.

Within fifteen days after the city has awarded a contract for the making of a local improvement, or within fifteen days after commencement of the work on said improvement with the work to be done by the city, the city engineer shall cause to be filed with the city treasurer the title of the improvement and district number and a copy of the diagram or print showing the boundaries of the district and preliminary assessment roll or abstract of same showing thereon the lots, tracts and parcels of land that will be especially benefited thereby and the estimated cost and expense of such improvement to be borne by each lot, tract, or parcel of land. The city treasurer shall immediately post the proposed assessment roll upon his index of local improvement assessments against the properties affected by the local improvement. (Ord. B-1830 § 1, 1956).

8.12.070 Assessment district—Cost items to be included.

A.    There shall be included in the cost and expense of every local improvement for assessment against the property in the district created to pay the same, or any part thereof:

(1)    The cost of all of the construction or improvement authorized for the district including, but not limited to, that portion of the improvement within the street intersections;

(2)    The estimated cost and expense of all engineering and surveying necessary for the improvements done under the supervision of the city engineer;

(3)    The estimated cost and expense of ascertaining the ownership of the lots or parcels of land included in the assessment district;

(4)    The estimated cost and expense of advertising, mailing, and publishing all necessary notices;

(5)    The estimated cost and expense of accounting, clerical labor, and of books and blanks extended or used on the part of the city clerk and city treasurer in connection with the improvement;

(6)    All cost of the acquisition of rights-of-way, property, easements, or other facilities or rights, whether by eminent domain, purchase, gift, or in any other manner;

(7)    The cost for legal, financial, and appraisal services and any other expenses incurred by the city for the district or in the formation thereof, or by the city in connection with such construction or improvement and in the financing thereof, including the issuance of any bonds and the cost of providing for increases in the local improvement guaranty fund, or providing for a separate reserve fund or other security for the payment of principal of and interest on such bonds.

B.    The city council may exclude any of the costs set forth in this section from the cost and expense to be assessed against the property in such local improvement district and such as may be paid from any other moneys available therefor if the city council so designates by ordinance at any time. (Ord. 3170 § 1, 1989: Ord. B-1830 § 2, 1956).

8.12.075 Assessment roll—Notice—Hearing—Procedure for confirming.

(1)    Upon completion of the improvement there shall be filed with the city clerk an assessment roll prepared by the city engineer, which shall contain the description of each lot, tract, parcel of land or other property to be assessed; the amount to be charged, levied or assessed against the same, and the name of the owner thereof, if known, but in no case shall a mistake in the name of the owner be fatal when the description of the property is correct.

(2)    The city council upon receipt of such assessment roll shall fix a date of hearing thereon and direct the city clerk to give notice of such hearing and time and place thereof. Such notice shall, in addition to specifying the time and place of hearing on such roll, notify all persons who may desire to object thereto, to make such objections in writing and to file the same with the city clerk at or prior to the date fixed for such hearing, and said notice shall be published at least once a week for two consecutive weeks in the official newspaper of the city, the last publication to be at least fifteen days before the date fixed for hearing. The city clerk shall also mail notice of such hearing to the owner or reputed owner of the property affected whose name appears on the assessment roll at least fifteen days before the date fixed for such hearing. At the time fixed for such hearing the city council shall sit as a board of equalization for the purpose of considering such assessment roll, and at such hearing or hearings will consider such objections made thereto, or any portion thereof; provided, that said objections are made in writing and filed with the city clerk at or before the time fixed in said notice of such hearing, and will correct, revise, raise, lower, change or modify such roll or any portion thereof, or set aside such roll and order that said assessments be made de novo, as to said city council shall appear just and equitable; and then said city council shall proceed to confirm the same by ordinance.

(3)    The ordinance confirming any assessment roll shall levy and assess against each lot, tract, parcel of land or other property appearing upon such roll the amount charged against the same. Upon the enactment of such ordinance, the roll shall be delivered by the city clerk to the city treasurer with his certificate that the same has been duly approved by ordinance, and annually thereafter in the case of assessments payable by the mode of “payment by bonds,” he shall extend the installments of principal and interest upon the unpaid balance shown upon said approved roll. (Ord. 3455 § 1, 1992: Ord. 1205 § 2, 1970: Ord. B-235, 1937; Ord. A-192 § 11, 1915).

8.12.080 Modes of payment.

There shall be two modes of making payment for such portion of the cost and expense of any improvement provided for in this chapter as shall be payable by special assessment, “immediate payment” and “payment by bonds”; provided, the city council may, by ordinance, provide that the cost of an improvement be financed by an installment note in accordance with RCW 35.45.150. The mode adopted for any improvement shall be the one which the city council shall designate in the ordinance ordering such improvement. (Ord. 1166 § 1, 1969: Ord. A-192 § 12, 1915).

8.12.090 Mode of immediate payment—Penalty for delinquency.

Whenever the cost and expense of any improvement shall be payable by the mode of “Immediate Payment” the city treasurer shall upon receipt of the assessment roll publish a notice in the official daily newspaper of the city one time each week for two consecutive weeks that the roll is in his hands for collection and that any assessment thereon or any portion of any such assessment may be paid at any time within thirty days from the date of the first publication of said notice, without penalty, interest or costs, and that unless payment be made within such time, such assessment or unpaid portion thereof will become delinquent. Upon delinquency a penalty at a rate to be fixed by the city council shall attach to and become a part of all such assessments. Delinquent assessments shall bear interest at a rate to be fixed by the city council until paid. Such delinquent assessments, with penalty and interest, shall be collected and the lien thereof shall be enforced in the manner provided by law and the ordinances of the city of Yakima. (Ord. 2445 § 1, 1980: Ord. 1166 § 2, 1969: Ord. B-235, 1937: Ord. A-192 § 13, 1915).

8.12.100 Mode of payment by bonds—Notice—Delinquency.

Whenever the cost and expense of any improvement shall be payable by the mode of “Payment by Bonds” or by an installment note, the city treasurer shall publish a notice in the official daily newspaper of the city one time each week for two consecutive weeks that said roll is in his hands for collection and that the whole or any portion of any assessment levied on account of such improvement may be paid without penalty, interest or costs during the first thirty days following the date of the first publication of such notice, and the unpaid balance, if any, may be paid in equal annual installments, the number of which shall be less by two than the number of years which bonds or installment note issued to pay for the improvement may run; or, the lien of any such assessment may be discharged at any time after such thirty-day period by paying the entire unpaid portion thereof together with all interest thereon to the date of delinquency next falling due, and together with any interest for delinquency and penalty which may also be due at the time such payment is made.

The first installment shall become due and payable during the thirty-day period succeeding a date one year after the date of first publication of such notice, and annually thereafter each 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-day period herein provided for, interest on the whole unpaid sum shall be charged at the rate fixed by the city council for such assessment, and each year thereafter one of such installments, together with the 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, until paid, be subject to a charge for interest at the rate as that charged on the unpaid assessment, and to an additional charge of twelve percent penalty levied upon such installment or installments. (Ord. 3170 § 2, 1989: Ord. 1166 § 3, 1969: Ord. B-235, 1937: Ord. A-192 § 14, 1915).

8.12.105 Foreclosure on delinquent assessment.

Whenever on the first day of January of any year two installments of any local improvement assessment shall be delinquent, or the final installment thereof shall have been delinquent for more than one year, the city treasurer with the legal assistance of the city attorney shall on or before the first day of July of such year proceed with the foreclosure of all such delinquent assessments, or installment or installments thereof, as the case may be, by proceedings in court therefor, all in accordance with the laws and statutes of the state of Washington in such cases made and provided and in accordance with the ordinances of the city. (Ord. B-2032, 1957: Ord. A-1094 § 1).

8.12.110 Right of redemption.

All sales made under and by virtue of proceedings brought for the foreclosure of delinquent local improvement assessments, including all sales under such proceedings not pending, shall be subject to the right of redemption within two years from date of sale. (Ord. B-46 § 1, 1933).

8.12.115 Releases and satisfactions of judgment.

Authority is hereby vested in the city treasurer of the city of Yakima to execute, in behalf of the city of Yakima, releases and satisfactions of judgments in foreclosure proceedings upon delinquent local improvement assessments where said judgments constitute a lien upon real property, as and when the amount of said judgment is paid to the city treasurer at any time after the entry of said judgment and before sale under such foreclosure proceedings. (Ord. B-45 § 1, 1932).

8.12.120 Notice by mail.

In all cases of assessments or installments thereof becoming due and payable, the city treasurer shall mail notice to the owner of the property assessed, when the post office address of the owner is known, but failure to mail the same shall not be fatal. (Ord. A-192 § 15, 1915).

8.12.125 Issuance of bonds—Coupons.

After the expiration of thirty days after the date of first publication of the treasurer’s notice referred to in Section 8.12.100, the city treasurer shall report to the city council the total amount of the assessment, the total amount paid to him to redeem any lots, tracts, parcels of land or other property from the assessment levied thereon, and the total amount unpaid on such assessment; whereupon, the city manager and city clerk shall issue the bonds on the local improvement district established by the ordinance providing for such improvement in an amount equal to the amount remaining unpaid on said assessment roll as shown by such report. The bonds herein provided for shall not be issued prior to twenty days after the expiration of the thirty days above mentioned. Such bonds shall be in denominations of not less than one hundred dollars each, nor more than five hundred dollars each, except bond numbered one, which shall be in an amount not to exceed five hundred dollars, and may be in a less amount than one hundred dollars; provided, that the city council may, in the ordinance confirming the assessment roll, designate any different denominations for such bonds. Such bonds shall be numbered from one upwards consecutively, and each bond and coupon shall be signed by the mayor and attested by the city clerk; provided, however, that said coupons may, instead of being so signed, have printed thereon the facsimile of the signature of said officers, and each bond and coupon shall have the seal of the city impressed thereon, and shall refer to the improvement to pay for which the same shall be issued and to the ordinance ordering the same. (Ord. A-192 § 16, 1915).

8.12.130 Term of bonds—Interest.

Bonds by their terms shall be made payable on or before a date not to exceed thirty days from and after the date of the issuance of such bonds, the term of which bonds shall be fixed by ordinance of the city council. Such bonds shall bear interest at the rate provided by the ordinance ordering the improvement. Each bond shall have attached thereto interest coupons for each interest payment. (Ord. 2445 § 2, 1980: Ord. 1166 § 4, 1969: Ord. A-192 § 17, 1915).

8.12.140 Form of bonds.

All bonds issued in pursuance of the provisions of this chapter shall be in substantially the following form:

Local Improvement Bond District No. _______ of the City of Yakima, State of Washington, No. ________

N. B. the laws of the state of Washington, under which this bond is issued, containing the following section:

“Neither the holder nor the owner of any bond issued under the provisions of this act shall have any claim therefor against the city or town by which the same is issued, except for payment from the special assessments made for the improvement for which said bond was issued, and except as against the local improvement guaranty fund of such city or town, and the city or town shall not be liable to any holder or owner of such bond or warrant for any loss to the guaranty fund occurring in the lawful operation thereof by the city or town. The remedy of the holder or owner of a bond, in case of non-payment, shall be confined to the enforcement of the assessment and the guaranty fund.”

A copy of the foregoing part of this section shall be plainly written, printed or engraved on each bond issued and guaranteed hereunder, and the writing, printing or engraving shall be deemed sufficient compliance with the requirements of Section 35.45.030 of RCW.

The City of Yakima, a municipal corporation of the State of Washington, hereby promises to pay to ______ or bearer, _______ Dollars, lawful money of the United States, with interest thereon at the rate of _______ percent per annum, payable annually, out of the fund established by Ordinance No. _______, of said city and known as “Local Improvement Fund, District No. ______” and not otherwise, both principal and interest payable at the office of the City Treasurer of said city. A coupon is hereto attached for each installment of interest to accrue thereon and said interest shall be paid only on presentation and surrender of such coupons to the City Treasurer.

The City Council of said city as the agent of said Local Improvement District established by said Ordinance, has caused this bond to be issued in the name of said city, as the bond of said local improvement district, the bond or the proceeds thereof, to be applied in part payment of such of the cost and expense of the improvement of _____, under said ordinance, and as is levied and assessed against the property included in said local improvement district and benefited by said improvement and the said Local Improvement Fund has been established by ordinance for said purpose and the holder or holders of this bond shall look only to said fund for the payment of either the principal or the interest of this bond.

This bond is one of a series of ________ bonds aggregating in all the principal sum of _______ Dollars, issued for said local improvement district, all of which bonds are subject to the same terms and conditions as herein expressed.

This bond is payable on or before the _____ day of 19_____, but is subject to call by the City Treasurer for prior redemption on any interest date, and when such call is made this bond will be paid on the day the next interest coupon thereon shall become due after said call and upon said day interest upon this bond shall cease and each and every coupon representing interest not accrued upon said day shall be void.

IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required to be done precedent to and in the levying of said special taxes or assessments and the issuing of said bonds have been properly done, happened and performed in regular and due form, as required by law; and that said bonds have not been issued in an amount in excess of the cost of said improvement; and that said indebtedness does not exceed in any statutory or constitutional limitation.

IN WITNESS WHEREOF, the City of Yakima has caused these presents to be signed by its Mayor and attested by its City Clerk and sealed with its corporate seal this ________ day of ________, in the year of our Lord One Thousand Nine Hundred and ________.

The City of Yakima,

By __________________

Mayor

Attest ________________

Clerk

(Seal)

COUPONS, NUMBER AND FORM

There shall be attached to each bond such number of coupons, not exceeding twelve as shall be required to represent the interest thereon payable annually, for the term of said bonds, which coupons shall be in substantially the following form:

The City of Yakima, Interest Coupon No. ______, interest $_______ on the ________ day of _______, the City of Yakima, Washington, promises to pay to the bearer at the office of the City Treasurer, _______ Dollars, being one year’s interest due that day on Bond No. _______ of the bonds of “Local Improvement Fund, District No. ________,” and not otherwise, provided, that this coupon is subject to all the terms and conditions contained in the bond to which it is annexed.

The City of Yakima,

By__________________

Mayor

Attest:_______________

Clerk

(Ord. A-192 § 18, as amended by Ord. B-312; June 6, 1938).

8.12.150 Bonds—Records required.

The city treasurer shall keep in his office a register of all bonds issued. He shall enter therein the local improvement fund district number, for which the same are issued and the date, amount and number of each bond and term of payment, and installments paid on each bond and installments of interest paid. (Ord. A-192 § 19; August 28, 1915).

8.12.160 Subdistricts authorized.

Whenever the city council shall provide for the construction of any trunk sewer or drain it may divide the territory to be served thereby into subdistricts; the construction of such improvements may be made under separate contracts for such subdistricts thereof and the city council may levy assessments in each subdistrict and issue bonds to be paid by collection of assessments against property in each subdistrict independent of any other subdistrict; provided, however, that such subdistricts shall be set forth in said ordinance providing for such improvement and when it is proposed to pay any portion of the cost of such improvement from the Current Expense Fund, such ordinance shall specify approximately the amount to be apportioned to each subdistrict. (Ord. A-192 § 28; August 28, 1915).

8.12.180 Payment of warrants.

It shall be the duty of the city treasurer to call and pay in numerical order such outstanding warrants against any particular improvement fund as he may be able to pay with the money on hand credited to such fund and whenever he shall have money on hand to the credit of such fund, but not sufficient to pay the whole of the next succeeding outstanding warrant, he may call in and pay such portion thereof as shall exhaust the amount of such fund; provided, however, that the city treasurer may call the warrants issued to the contractor on estimates of the city engineer, in any local improvement district, as soon as the city council has, by resolution or ordinance, fixed a date for the issuance of bonds in such local improvement district.

Whenever the city treasurer shall pay a portion of any warrant as above provided, he shall indorse upon such warrant the date and amount of such payment and take a receipt from the holder thereof, showing the number and description of such warrant and the date and amount so paid, which receipt the treasurer shall return with his report to the city clerk as a voucher for the money so paid. (Ord. A-192 § 33, as amended by Ord. A-317; November 1, 1917).

8.12.190 Local improvement contracts—Procedure.*

During the time allowed by the city council for the completion of the contract the city engineer shall, on the last day of each month, issue an estimate of the amount of work completed during the month by the contractor, but after the expiration of the time allowed by the city council for the completion of said contract, no estimate other than the final estimate after the completion and acceptance of the work shall be issued. Said final estimate issued by the city engineer shall include, in addition to a statement of the amount of money due the contractor, a statement of the amount of money expended for abstracts, advertising, etc., and shall include engineering expense incurred prior to the expiration of the time allowed by the city council for the completion of the contract. All engineering expense incurred after the time allowed by the city council for the completion of the contract shall be borne by the contractor as a penalty for failure to complete the work within the specified time.

Such warrants shall be drawn against the local improvement district fund under which the work is being done, and shall bear interest at the rate of not to exceed eight percent per annum from the date of issuance until redeemed, but such warrants shall not bear interest beyond a date ninety days after the time fixed in the proposal and contract for the completion of the contract, except as may be provided by existing ordinances. When any local improvement district is created or established, the city council shall by ordinance or resolution fix the rate of interest the warrants to be drawn on the funds of such local improvement district shall bear, which shall not exceed eight percent per year.

In any case where warrants drawn on a local improvement district and payable out of the funds of any local improvement district are held or owned by the city of Yakima, the same shall bear interest until paid, at the rate fixed by the city council.

If, by reason of the failure of the contractor to complete the work within the time specified, no funds are available for the redemption of said warrants on the date on which interest thereon ceases, the contractor shall have no claim for further interest. Provided, however, that if prior to the filing of the assessment roll additional time is granted by the city council for the completion of the contract, the contractor shall be allowed a sum of money without interest representing interest at not to exceed eight percent per year on outstanding warrants from the date when interest on such warrants ceases to the date when funds are available for the redemption of such warrants, but such amount shall not exceed a sum equivalent to interest at not to exceed eight percent per year on such outstanding warrants for the period for which such extension of time was granted.

The city clerk shall immediately upon receipt from the city council of the final estimate for any local improvement file with the city treasurer a certificate setting forth the total amount of the final estimate, together with any accrued interest on warrants issued or to be issued to the contractor.

All warrants issued shall be redeemed within ninety days after the completion and acceptance of the contract, in order of priority, in cash so far as payment into the local improvement district fund shall permit. The amount of such warrants not redeemed in cash, shall, if the mode of payment be “payment by bonds,” be redeemed in order of their priority in local improvement district bonds; or, if the mode of payment be “immediate payment,” by the issuance of a warrant drawn on the local improvement district fund, bearing interest at the rate of eight percent per year from the date of issuance until redeemed. (Ord. B-621, 1944: Ord. A-493, 1921: Ord. A-192 § 34, 1915).

*    Public improvement contracts—See Chapter 1.78.

8.12.200 Registered warrants.

The city council may provide that the unpaid portion of the cost of any local improvement district may be financed by the issuance of registered warrants and when said warrants shall be issued to the city of Yakima or purchased or held by the city of Yakima said warrants shall bear interest at the rate fixed by the city council until paid. All provisions of this chapter relative to mode of payment of bond shall, where applicable, apply to the issuance of registered warrants and to the levy and collection of assessments for the payment thereof. (Ord. B-621, 1944: Ord. A-192 § 35, 1945).