Ord 2018-038/approving an update to the service and assessment plan for the Trace Public Improvement District; making a finding of special benefit to the property in the district; levying additional special assessments against property within the district

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At the option of a Parcel or Lot owner, the Assessment on any Parcel or Lot may be prepaid in part in an amount equal to the amount of prepaid Assessments plus interest through the date of prepayment, if any, with respect thereto. Upon the payment of such amount for a Parcel or Lot, the Assessment for the Parcel or Lot shall be reduced by the amount of such partial payment, the Assessment Roll shall be updated to reflect such partial payment, and the obligation to pay the Annual Installment for such Parcel or Lot shall be reduced to the extent the partial payment is made. 2.Payment of Annual Installments The PID Act provides that an Assessment for a Parcel or Lot may be paid in full at any time. If not paid in full, the PID Act authorizes the City to collect interest and collection costs on the outstanding Assessment. An Assessment for a Parcel or Lot that is not paid in full will be collected in Annual Installments each year in the amounts shown in the Assessment Roll, which includes interest on the outstanding Assessment and Annual Collection Costs. The Annual Installments for the Assessments have been calculated utilizing an interest rate of 6.0% for the first five years, and 5.5% thereafter. Upon issuance of the Initial PID Bonds, the interest rate will equal the interest rate of the Initial PID Bonds. Upon the issuance of Additional PID Bonds, the interest rate will be adjusted to the blended average of all outstanding PID Bonds. The City reserves and shall have the right and option to refund PID Bonds in accordance with Section 372.027 of the PID Act, and such refunding bonds shall constitute “PID Bonds” for purposes of this 2018 SAP. Any sale of Assessed Property for nonpayment of the delinquent Annual Installments shall be subject to the lien established for the remaining unpaid Annual Installments against such Assessed Property and such Assessed Property may again be sold at a judicial foreclosure sale if the purchaser thereof fails to make timely payment of the non-delinquent Annual Installments against such Assessed Property as they become due and payable. Each Annual Installment, including the interest on the unpaid amount of an Assessment, shall be assessed annually. Each Annual Installment together with interest thereon shall be delinquent if not paid prior to February 1 of the following year. 21