Ord 2018-051/approving an amended and restated Ordinance of the City of San Marcos approving an update to the service and assessment plan for the Trace Public Improvement District

Home Browse Search

(t) 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 Annual Collection Costs is set forth in the Updated Service and Assessment Plan. Section 8. Penalties and Interest on Delinquent Assessments. Delinquent 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. Section 9. Prepayments of Assessments. As provided in subsection 372.018(f) of the ND Act and Section VI.F of the Updated Service and Assessment Plan, the owner(the"Owner") of any Assessed Property may prepay the Initial Assessments or the Additional Assessments levied by this Ordinance. Section 10. Lien Property. (a) As provided in the Landowner Agreement dated October 18, 2016 executed by and between the City and Highpointe Trace, LLC ("Original Landowner") which was recorded as Instrument No. 17006517 in the Official Public Records of Hays County, Texas, the obligations, covenants and burdens on the Landowner of the Assessed Property, including without limitation, obligations related to payment of Assessments and the Annual Installments, constitute a covenant running with the land. The Additional Assessments and the related Annual Collection Cost levied hereby shall be binding upon the Landowner, and their respective transferees, legal representatives, heirs, devisees, successors and assigns in the same manner and for the same period as such parties would be personally liable for the payment of ad valorem taxes under applicable law. Assessments and the Annual Installments shall have lien priority as specified in the Updated Service and Assessment Plan and the PID Act. (b) The Additional Assessments and Annual Installments thereof levied and assessed against the property within the District as provided in this Ordinance and the Updated Service and Assessment Plan, and the Initial Assessments together with interest, if incurred, are hereby declared to be and are made a lien upon each tract of property within the District against which the same are levied and assessed, and a personal liability and charge against the real and true owners of such lot, including the successors and assigns, whether such owners be named herein or not, and said liens shall be and constitute the first enforceable lien and claim against the lot on which such assessments are levied, and shall be a first and paramount lien thereon, superior to all other liens and claims except state, county, school district and municipal ad valorem taxes and any homestead rights that may apply. Section 11. Appointment of Administrator and Collector of Assessments. (a) P3 Works LLC is hereby appointed and designated as the Administrator of the Updated Service and Assessment Plan and of Assessments levied by this Ordinance. The Administrator shall perform the duties of the Administrator described in the Updated Sen-ice and Assessment Plan 5