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HomeMy WebLinkAboutRESOLUTION 1976-110~ ~ , CITY OF KFNAI RF.SOLUTT(1*T Nn. 76-110 ~~ A RESOLUTION OF THE COUNCIL OF THE CITY f1F KRNAi REC1NnING RESOLUTION 76-87 ANl) SUBSTITUTING THRRF.FORF. THF. PROVISIONS OF THIS RESOLUTION CONFIRMING THF. RF.ASSESSA4ENT ROLL AS CORRF.CTF.n FOR SEWER IMPROVEMENT DISTRICT NO. 73-53. WHEREAS, the Council by Resolution No. 74-11 has established Sewer Improvement District No. 73-S3, and I 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 or sewer improvement as set out by $action 7-3 of the Charter of the City of Kenai, and WHEREAS, the Council, by Resolution No. 76-64 has directed that the said improvement district be reassessed for the purpose of complying with Rectton 7-3 of the City Charter . NOW, THEREFORE BE IT RESOLVF.n, by the council of the City of Kenai, Alaska, as follows: Section 1: Resolution 76-87 is hereby recinded . Section 2: The Council hereby finds that: e. A preliminary reassessment roll has been compiled qnd is on file with the City Clerk. b. The reassessment roll has been computed in accordance with the formula set forth in Resolution No. 76-B4. .i c. The notice requirement of the Code of the City of Kenai with respect to reassessments have been met. ~ Section 3: There is hereby confirmed the reassessment roll which has been corrected, pursuant to public hearing at a meeting held December 1, " 1976 and as such meeting may have been adjourned for additional action or work upon assessment roll corrections. Section 4: There is hereby re-levied against the property benefitted the costa levied by fiection 4 of Resolution No. 74-11 as such costs have been adjusted for each individual parcel in accordance with the 25$ lim~.tation 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 5: The principal amounts of assessments and 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 6: 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 87S per annum , calculated from March 1. 1974. c. The first payment shall be due Nlarch 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 r.:t~i 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 tenure 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 . ~o ~~ f. A penalty of l00 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 74-11 stall 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 rn~ 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 Aorough Tax Assessment rolls. Section 8: Any deferred assessments remaining on parcels after reductions herein shall be handled as provided rot 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 December, 1976. JAMES A. ELSON, R7AYnR ATTEST: Su .Peter, City Clerk