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<br />Lot owner’s obligation to pay the Special Assessment and Annual Installments thereof <br />shall automatically terminate. The City shall provide the owner of the affected <br />Assessed Property a recordable “Notice of PID Assessment Termination.” <br /> <br />At the option of a Parcel or Lot owner, the Special Assessment on any Parcel or Lot <br />may be paid in part in an amount equal to the amount of prepaid Special Assessments <br />plus Prepayment Costs, if any, with respect thereto. Upon the payment of such <br />amount for a Parcel or Lot, the Special Assessment for the Parcel or Lot shall be <br />reduced by the amount of such partial payment, the Assessment Roll shall be updated <br />to reflect such partial payment, and the obligation to pay the Annual Installment for <br />such Parcel or Lot shall be reduced to the extent the partial payment is made. <br /> <br /> <br />2.Payment of Annual Installments <br /> <br /> <br />The PID Act provides that a Special Assessment for a Parcel or Lot may be paid in full <br />at any time. If not paid in full, the PID Act authorizes the City to collect interest and <br />collection costs on the outstanding Special Assessment. A Special Assessment for a <br />Parcel or Lot that is not paid in full will be collected in Annual Installments each year <br />in the amounts shown in the Assessment Roll, which includes interest on the <br />outstanding Special Assessment and Administrative Expenses. <br /> <br />The Annual Installments for the Initial Special Assessments have been calculated <br />utilizing an interest rate of 6.0%, and the Annual Installments for the Additional <br />Special Assessments have been calculated utilizing an interest rate of 5.5% . <br /> <br />The City reserves and shall have the right and option to refund Major Improvement <br />PID Bonds in accordance with Section 372.027 of the PID Act, and such refunding <br />bonds shall constitute “Major Improvement PID Bonds” for purposes of this 2018 <br />SAP. <br /> <br />Any sale of Assessed Property for nonpayment of the delinquent Annual Installments <br />shall be subject to the lien established for the remaining unpaid Annual Installments <br />against such Assessed Property and such Assessed Property may again be sold at a <br />judicial foreclosure sale if the purchaser thereof fails to make timely payment of the <br />non-delinquent Annual Installments against such Assessed Property as they become <br />due and payable. <br /> <br />Each Annual Installment, including the interest on the unpaid amount of a Special <br />Assessment, shall be assessed annually. Each Annual Installment together with <br />interest thereon shall be delinquent if not paid prior to February 1 of the following <br />year. The initial Annual Installments will be due when billed, and will be delinquent <br />if not paid prior to February 1, 2019. <br /> <br /> <br />20 <br /> <br /> <br />