Ord 2016-042/approving a service and assessment plan for the Trace Public Improvement District; making a finding of special benefit to the property in the district; levying special assessments against property within the district; establishing a lien on s

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Section 3. Terms. Terms not otherwise defined herein are defined in the Service and Assessment Plan. Section 4. Assessment Plan. The Service and Assessment Plan substantially in the form attached to this Ordinance is hereby accepted and approved pursuant to Sections 372.013 and 372.014 of the PID Act as the service and assessment plan for the District. Section 5. Assessment Roll. The Assessment Roll attached as Appendix A to the Service and Assessment Plan is hereby approved as the assessment roll of the District. Section 6. Levy and Payment of Special Assessments for Costs of Improvement Project. (a) The City Council hereby levies an assessment on each tract of property located within the District, except for the Non-Benefitted Property, as shown and described on the Service and Assessment Plan and the Assessment Roll, in the respective amounts shown on the Assessment Roll. There is further levied and assessed against each tract of property located within the District, except for the Non-Benefitted Property, having not paid the assessments in full, additional annual assessments for the Administrative Expenses, as described in the Service and Assessment Plan, which shall be part of the Special Assessment and the Annual Installment. The amount of the Annual Installment shall be reviewed and determined annually by the City Council following the City Council's annual review of the Service and Assessment Plan for the District. Pursuant to Section 372.015(d), the amount of assessment for each property owner may be adjusted following the annual review of the Service and Assessment Plan. (b) The levy of the Special Assessments related to the District shall be effective on the date of adoption of this Ordinance levying assessments and strictly in accordance with the terms of the Service and Assessment Plan and the PID Act. (c) The collection of the Special Assessments shall be as described in the Service and Assessment Plan and the PID Act. (d) Each Special Assessment may be paid in a lump sum or may be paid in Annual Installments pursuant to the terms of the Service and Assessment Plan. (e) Each Special Assessment shall bear interest at the rate or rates specified in the Service and Assessment Plan. (f) Each Annual Installment shall be collected each year in the manner set forth in the Service and Assessment Plan. (g) The Annual Installments for Assessed Properties shall be calculated pursuant to the terms of the Service and Assessment Plan. Section 7. Method of Assessment. The method of apportioning the Actual Costs of the Major Public Improvement PID Bonds and the Administrative Expenses is set forth in the Service and Assessment Plan.