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HomeMy WebLinkAboutRESOLUTION 1976-83 ('iTY (7F KFNAi RRSf1LUTIf1'~T ~'~. 7R-R3 A RESOLUTION OF THF. COUNCIL OF THF. (iTY nF KFNAi , AT.ASKA , rn~IFiRMIN(: THE REASSESSMENT RnLL AS CORRF.CTFn FOR u~ATRR TrRPRnVF.r'~'N'~' DISTRICT NO. 8. WHEREAS, the Council by Resolution No. 74-4, has established Water Improvement District No . 8 , and WHEREAS, the Council has recognized that within said improvement district there may be assessments which exceed the limit of 25~ of the fair cash market value including the water ur sewer improvement as set out by Section ?-3 of the Charter of the City of Kenai, and WHEREAS, the Council, by Resolution rio. 76-64 has directed that the said improvement district be reassessed for the purpose of complying with Section 7-3 of the City Charter. NOW, THEREFORE AE IT RESOLVRD, by the Council of the City of Kenai, Alaska, as follows: Section 1: The Council hereby finds that: a. A preliminary reassessment roll has been compiled and is on file with the City Clerk . b. The reassessment roll has been computed in accordance with the formula set forth in Resolution No. ?6-64. c. The notice requirement of the rode of the ('ity of Kenai with respect to reassessments have been met . Section 2: There is hereby confirmed the reassessment roll which has been corrected, pursuant to public hearing at a meeting held necember 1, 1976, and as such meeting may have been adjourned fi-r additional action or work upon assessment roll corrections. 1 T -~~ -~ - _ _ _ _ ~ :~- r F ~ :,..~..~-- -- RESOLUTION, Page Two Section 3: There is hereby re-levied against the property benefitted the costs levied by Section 4 of Resnluti~n No. 74-4 as such costs have been adjusted for each individual parcel in accordance with the 25~ limitation of Section 7-3 of the City Charter and the assessment as set out in the reassess- ment roll, as confirmed hereinabove is hereby the amount levied against each individual parcel. Section 4: Payment of assessment levied bq Resolution 74-4 shall be reapplied in the following manner and payments of assessment re-levied herein- above shall be made in the following manner: a. "Installment schedule" shall mean herein that schedule of payments containing principal and interest which is set up based on the principal amount of thFe assessment. Interest in such schedule shall be at the rate of 8 o per annum . Schedules shall be set up with ten schedule due dates one year apart with the Hrst schedule due date being April 1, 1974. "Annual Installment" shall mean herein the sum of the principal and interest of each installment payment. b. If no adjustment has been made in an assessment, the installment schedule shall continue as currently set up . Interest at the rate of 8$ per annum from the schedule due date to the date of payment shall be computed on the principal portion of any annual installment which is past due. No penalty shall be charged on annual installments paid after the schedule due date but on or before April 1, 1977 due to litigation. For annual installments due on or before April 1, 1977 and not paid by such date, a penalty in the amount of 10~ of the past due eanual installments or portions thereof shall be assessed. Annual installments due after 1977 and not paid on or before the schedule due date shall be assessed a penalty of 10$ of the past due annual installment. In the event penalty has been paid prior. to the date hereof , such amount of penalty shall be credited to the annual installment due April 1, 1977 or any further annual installments due. If no further annual installments are due, the penalty amount shall be refunded to the current owner of the parcel as reflected in the Kenai Peninsula Borough Assessment Rolls. e. If an assessment has been reduced, any reduction will first be applied to reduce the principal amount of the deferred assessment on the parcel, if say. if there is no deferred assessment, or if the amount reduced is more than the deferred assessment, the principal portion of the regular assessment shall be reduced accordingly. Anew payment schedule shall then be set up based oa the new principal amount. The total payments in the new schedule whose ~ • ,~. . . ~ e1 vw ' RESOLUTION. Page '_ cee schedule due dates have passed shall be subtracted from the total annual installment payments made on the parcel to date. The resulting amount will be credited to the annual installment due April 1. 1977, or if it exceeds that install- ment, to subsequent annual installments. Any installments made late prior to the date hereof resulting in delinquent interest being assessed will be re- figured based on the new annual installment amount and the over payment of interest wiU be credited to future annual installments. Interest on the principal portion of the unpaid new installment amounts shall accrue at the rate of S% per annum from the schedule due date to the date of payment. A penalty of 10$ of the unpaid new annual installment shall be assessed Por any amount paid after the schedule due date, except those annual installments due on or before April 1. 1977. No penalty shall be assessed on such annual install- ments if they are paid on or before April 1, 1977. When there are no future annual installments against which to credit any amount over-paid on the parcel, a refund will be made to the current owner o! the parcel as reflected in the Renal Peninsula Borough Tax Assessment Bolls. d. Any deferred assessments remaining on parcels after the reductions herein shall be handled in the manner provided for by Ordinance No. 314-76. PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this 9th day of December , 1976 . ATTEST: r ~~ e C. Peter, City Clerk IL