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HomeMy WebLinkAboutRESOLUTION 1976-109T _ _ _ _ _ __ __ ~ -,. __ ~ ,__ ~ __ _ ;~ ~ CITY nF KENAI RESOLUTION Nn, ?B-109 A RESOLUTION OF THE CnUNCiL nF THE CITY nF KF.NAi RF,CINnITJr RESOLUTION 76-88 AND SUBSTITUTING TIiEREFnRE THE PR~1vISi(1NS OF THIS RESOLUTION CONFIRMING THE RF.A48ESSMF,NT RnLi. Af~ CnRRF.CTF,n FOR WATER IMPROVEMENT DISTRIrT Nfl , 73-W 5 , WHEREAS , the Council by Resolution No . 74-9 has established water Improvement District Nu. 73-W5, and WHEREAS, the Council has recognized that within said improvement district there may be assessments which exceed the limit of 25~r oP the fair cash market value including the water or sewer improvement as set out by Section 7-3 of the Charter of the City of Kenai, and WHEREAS, the Council, by Resolution No, 7Ei-64 has directed that the said improvement district be reassessed for the purpose of complying with Section ?-3 of the City Charter. NOW, THEREFORE BE IT RESOLVED, by the Council of the City of Kenai, Alaska, as follows: Section 1: Resolution 7B-86 is hereby recinded . Section 2: 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. 76-84, c. The notice requirement of the Code of the City of Kenai with respect to reassessments have been met. Section 3: There is hereby confirmed the reassessment roll which has been corrected, pursr~nt to public hearing at a meeting held December 1, 1976 and as such meeting may have been adjourned for additional action or work upon assessment roll c~rreetions. Section 4: There is hereby re-levied against the property benefitted the costs levied by Section 4 of Resolution No. 74-9 as such costs have been adjusted for each individual parcel in accordance with the 25Q, ]imitation of Section ?-3 of ~.he City Charter and the assessment as set out in the reaRSess- ment roll, as confirmed hereinabove is hereby the amount levied against each individual parcel. Section 5: The principal amounts of assessments gnd the division between regular and deferred assessments shall be as follows: a. The principal amount of an assessment and the division between regular and deferred assessments shall remain unchanged if no adjustment has been made by this resolution . b. If an assessment has been reduced, any reduction shall be first applied to reduce the principal amount of the deferred assessment on the parcel, if any. 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. Section B: A revised payment schedule for each regular assessment shall be set up as follows: a. There shall be ten equal annual installments which installments include both principal and interest . b. These installments shall be based on the principal amount of the regular ~ assessment with interest at the rate of 8~ per annum, calculated from ~~areh 1, 1974. c. The first payment shall be due 1~7arch 1, 1975 and shall be delinquent after April 1, 1975. The nine successive installment payments shall be due March 1 of each of 1976, 1977, 1978, 1979, 1980, 1981, 1982, 1983 and 1984 and shall be delinquent after April 1 of each of those years. d . Payments may be made in advance of the due dates with interest on the outstanding principal portion, being calculated only to the date of payment. If the entire principal amount is paid prior to April 1, 1974, no interest charge is incurred. e. Delinquent payments shall be charged interest at the rate of 8$ on the principal portion of the payment, such interest being calculated from the March 1 due date for that payment . 1 ~ __. ___- _. - - ---------- ------J----- -- --- _~ ~i a.,, ,_ . f. A penalty of 10°, of the annual installment (principal and interest) shall be charged on delinquent payments except that no penalty provided for herein shall be charged on those payments due April 1, 1975 and April 1, 1976 provided such payments are made on or before April 1, 1977. The 10~ penalty shall be assessed if such payments are not made by that date. Section 7: Payments made prior to the date hereof, pursuant to the installment schedules established under authority of Resolution 74-9 shall be reapplied as follows: a. The total amount of money paid on each separate payment date shall be reapplied to the principal, interest and penalty exactly as if the revised payment schedule had been in effect at the time the payment was made. b. In the event the amount paid on a certain date exceeds the amount due on that date under the revised schedule, the overpayment shall be treated as further reduction of the principal amount and the payment schedule shall be revised to reflect the reduction. c. When there are no future annual installments against which to apply any amount over-paid on the parcel as of the date of last payment, a refund of that amount shall be made to the current owner of the parcel as reflected in the Kenai Peninsula Borough Tax Assessment rolls. Section 8: Any deferred assessments remaining on parcels after reductions herein shall be handled as provided for in ordinance 314-76 with installments schedule set up over the time and in the manner provided for herein for regular assessments. PASSED by the Council of the City of Kenai, Alaska, this 22 day of necember, 1976. ATTEST: (' S C . Peter, City Clerk ~ ~~ ~~ ~ i ~~_ ' ' ~~ JAMES A. F.LSON, ~7AYnR