BIL 069 Draft 01 2024-2026 - Laserfiche WebLink

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SECTION 4. Special Fund. There is hereby created a special fund to be known as "Improvement District No. 21 — Iki Place Water System Improvements Fund", into which the funds for the Net Project Cost, as identified in Section 3 hereof, and all money collected by the Director of Finance for assessments levied by this ordinance shall be placed. Amounts so placed in the special fund shall be applied to pay or reimburse the County for: (i) The Net Project Costs of the authorized Improvements as provided in Section 6 hereof; (ii) Payments of the principal of and interest on the Bond; and (iii) Other costs and administrative expenses authorized to be charged against Assessment Units hereunder with respect to the Improvement District and the Bond. Amounts which are not applied or reasonably required to be reserved for such purposes shall be applied in accordance with the provisions of Chapter 12 of the Code. SECTION 5. Payment of Assessments; Installments. A property owner's assessment may be paid to the Director of Finance in full, without additional charges, at any time within thirty (30) days after the date of the last publication of this ordinance. Pursuant to Section 12-33 of the Code property owners who do not pay their assessments in full within such period will be deemed to have elected to pay their assessments in installments as hereinafter provided. In case of an election made or deemed to have been made (as aforesaid) to pay an assessment in installments, such assessment shall be due and must be paid to the Director of Finance over the thirty-five (35) year term of the Bond financing (through USDA) for the Improvement District: (a) Initially, in monthly installments of interest only for the first two (2) years; and (b) Subsequently, in approximately equal monthly installments of principal and interest for the remainder of the thirty-five (35) year term of the Bond financing. The rate of interest shall be the same as the rate of interest on the Bond. The first installment shall be due and payable on or after the date of the Bond closing, as determined by the Director of Finance. Property owners will be permitted to prepay the unpaid balance of their assessments in full, plus a three per cent (3%) premium on the amount to be prepaid (unless waived by the Director of Finance) and interest at the rate on the Bond until they can be redeemed with the assessment prepayment. The Director of Finance may alter the assessment interest rate, amount, frequency, or term to allow for adjustments if the Bond is refinanced, to make up for projected shortfalls, or for any reason to benefit or strengthen the special fund. The Director of Finance may implement a three (3) month prepayment penalty waived period upon thirty (30) days' written notice to property owners if the assessments are increased or otherwise modified to the detriment of the property owners. 3