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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tract of property located within the District,except for the Non-Benefitted Property,as shown and described on the Updated Service and Assessment Plan and the Updated Assessment Roll, in the respective amounts shown on the Updated 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 Updated 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 Updated 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 Updated Service and Assessment Plan. (b) The levy of the Additional 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 Updated Service and Assessment Plan and the PID Act. (c) The collection of the Special Assessments shall be as described in the Updated 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 Updated Service and Assessment Plan. (e) Each Special Assessment shall bear interest at the rate or rates specified in the Updated Service and Assessment Plan. (0 Each Annual Installment shall be collected each year in the manner set forth in the Updated Service and Assessment Plan. (g) The Annual Installments for Assessed Properties shall be calculated pursuant to the terms of the Updated Service and Assessment Plan. Section 7. Method of Assessment. The method of apportioning the Actual Costs and the Administrative Expenses is set forth in the Updated Service and Assessment Plan. Section 8. Penalties and Interest on Delinquent Special Assessments. Delinquent Special Assessments shall be subject to the penalties, interest, procedures, and foreclosure sales set forth in the Updated Service and Assessment Plan and as allowed by law. The Initial Special Assessments and the Additional Special Assessments shall each have lien priority as specified in the PID Act and the Updated Service and Assessment Plan. Section 9. Prepayments of Special Assessments. As provided in subsection 372.018(0 of the PID Act and Section VI.F of the Updated Service and Assessment Plan, the owner (the "Owner") of any Assessed Property may prepay the Initial Special Assessments or the Additional Special Assessments levied by this Ordinance. 4