RES 074 Draft 01 2010-2012 - Laserfiche WebLink

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i. Assessment Unit. "Assessment unit" for purposes of the Improvement District shall mean a duly subdivided parcel of land or condominium unit bearing a unique tax map key number. ii. Method of Assessment. (1) As used in this Resolution, "Net Project Costs" means the Project Costs, less any amounts which reduce the actual costs of the special improvements to the County. By way of example, assuming the Project Costs to be $1,569,369 as set forth in the Manager's Report, and further assuming an RUS grant of $353,369 to be applied against the Project Costs, the Net Project Costs would be $1,216,000. (2) Each assessment unit existing as of the date that assessments begin to accrue on assessment units within the Improvement District (the "Commencement Date ") shall be subject to an assessment calculated by dividing the Net Project Costs by the number of assessment units within the Improvement District as of the Commencement Date. iii. Minimum Number- of Assessments. The minimum number of assessments shall be five (5) annual, or sixty (60) monthly installments of principal. e. Maximum Term. The maximum term of the bonds to be issued to represent unpaid installments (the "Bonds ") shall be as the Director of Finance shall determine in the Director of Finance's reasonable judgment; however, such term shall not exceed thirty -five years (35) years following the date of issuance thereof. £ Maximum Rate of Interest. The rate of interest to be borne by the Bonds shall be as the Director of Finance shall determine in the Director of Finance's reasonable 6