Laserfiche WebLink
E. Payment of Special Assessments <br />1. Payment in Full <br />The Special Assessment for any Parcel or Lot may be paid in full at any time <br />in accordance the PID Act. The Payment shall include all Prepayment Costs, if <br />any. If prepayment in full will result in redemption of PID Bonds, the <br />payment amount shall be reduced by the applicable portion of the proceeds <br />from a debt service reserve fund applied to the redemption pursuant to the <br />Indenture, net of any other costs applicable to the redemption of PID Bonds. <br />ii. If an Annual Installment has been billed prior to payment in full of a Special <br />Assessment, the Annual Installment shall be due and payable and shall be <br />credited against the payment -in -full amount upon payment. <br />iii. Upon payment in full of a Special Assessment and all Prepayment Costs, the <br />City shall deposit the payment in accordance with the related Indenture; <br />whereupon, the Special Assessment for the Parcel or Lot shall be reduced to <br />zero, and the Parcel or Lot owner's obligation to pay the Special Assessment <br />and Annual Installments thereof shall automatically terminate. The City shall <br />provide the owner of the affected Assessed Property a recordable "Notice of <br />PID Assessment Termination." <br />iv. At the option of a Parcel or Lot owner, the Special Assessment on any Parcel <br />or Lot may be paid in part in an amount equal to the amount of prepaid <br />Special Assessments plus Prepayment Costs, if any, with respect thereto. <br />Upon the payment of such amount for a Parcel or Lot, the Special Assessment <br />for the Parcel or Lot shall be reduced by the amount of such partial payment, <br />the Assessment Roll shall be updated to reflect such partial payment, and the <br />obligation to pay the Annual Installment for such Parcel or Lot shall be <br />reduced to the extent the partial payment is made. <br />2. Payment ofAnnual Installments <br />i. The PID Act provides that a Special Assessment for a Parcel or Lot may be <br />paid in full at any time. If not paid in full, the PID Act authorizes the City to <br />collect interest and collection costs on the outstanding Special Assessment. A <br />Special Assessment for a Parcel or Lot that is not paid in full will be collected <br />in Annual Installments each year in the amounts shown in the Assessment <br />Roll, which includes interest on the outstanding Special Assessment and <br />Administrative Expenses. <br />H. The Annual Installments as listed on the Assessment Roll have been <br />calculated assuming a weighted average interest rate on the PID Bonds of <br />6.5%. The Annual Installments may not exceed the amounts shown on the <br />Assessment Roll except pursuant to any amendment or update to this SAP. <br />21 <br />