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HomeMy WebLinkAboutRESOLUTION 1976-101r ..~ N -~ ~~ ti .~ ~~ CITY OF KENAI RESOLUTION NO. 76-101 ~~ A RESOLUTION OF THE COUNCIL OF THE CITY OF KENAI, ALASKA. A~IF.NDING RF.SOLUT[ONS 76-81, 76-82, ?6-83, 76-84, ?6-85, 76-86 and 76-87 ~VITH REGARD TO PF.A'ALTY FOR LATE PAYMENT OF ANNUAL 1NSTALLRIENTS AND SETTING POLICY ON FORECLOSLTRES AGAINST BENEFITTED PROPERTY. WHEREAS, Council has reconsidered the question of when penalty will be assessed for late payment of annual installments on the 1973-74 special assessment districts, and WHEREAS, Council finds it desirable to extend the penalty date for one year from April 1, 19?7 to April 1, 1978, and WHEREAS, the Council finds that it is desirable to encourage payment by not eliminating the possibility of foreclosure proceedings but that it is not desirable to foreclose on those parcels of benefitted property where there has been an honest effort to bring payments up to date. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, as follows: Section 1: That Section 4, paragraph b. of each of Resolution 76-81. Resolution 76-82, Resolution 76-83, Resolution 76-84, Resolution 76-85, Resolution 76-86, and Resolution 76-87 be and hereby is amended to read in its entirety as follows: "If no adjustment has been made in an assessment, the installment schedule shall continue as currently set up . Interest at the rate of 8 o 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 oharged on annual installments paid after the schedule due date but on or before April 1, 1978 due to litigation. For annual installments due on or before April 1, 1978, and not pAid by such date, a penalty in the amount of 10$ of the past due annual installments or portions thereof shall be assessed . Annual installments due after 1978 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. Section 2: That Section 4, paragraph c. be and hereby is amended to read in its entirety as follows: "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 any. If there is no deferred assessmetn, or if the amount reduced is more than the deferred assessment, the ~ ~ ~ --H~- ~ ~ 1tESOLUTION NO. 76-101, Page Two principal portion of the regular assessment shall be reduced accordingly. Anew payment schedule shall then be set up based on the new principal amount. The total payments in the new schedule whose schedule due dates have passed shall be subtracted from the total annual install- ment payments made on the parcel to date. The resulting amount will be credited to the annual installment due Apri: 1, 197?, or if it exceeds that installment, to subsequent annual instaII- ments. Any installments made late prior to the date hereof resulting in delinquent interest being assessed will be refigured based on the new annual installment amount and the over pay- ment of interest will be credited to future annual installments. Interest on the principal portion of the unpaid new installment amounts shall accrue at the rate of 8~ per annum from the schedule due date to the date of payment. A penalty of 10% of the unpaid new annual instaIIment shall be assessed for any amount paid after the schedule due date, except those annual installments due on or before April 1, 1978. No penalty shall be assessed on such tznnual installments if they are- paid on or before April 1. 1978. 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 ow~ser of the parcel ae reflected in the Kenai Peninsula Borough Tax Assessment Rolls." Section 3: That foreclosure proceedings may be brought against benefitted property with regard to the April 1, 1974 and April 1, 1975 installment pyments at any time subseauent to April 1, 1977 but that no foreclosure proceedings shall be brought against benefitted property with regard to those payments due April 1, 1976, April 1, 1977 and April 1, 1978 until after ~~ April 1, 1978. PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this 15th day of necember, 1976. JAMES A. ELSON, 94AYOB ~=lt1i[~~=its Sue C. Peter, City Clerk