HomeMy WebLinkAbout3049ORDINANCE NO. 3049
AN ORDINANCE of the City of Port Angeles, Washington, revising the payment
and interest rate provisions for Utility Local Improvement District No. 215
and amending Ordinance 3037.
WHEREAS, Chapter 35.49 RCW, the state statute dealing with the collection of local
improvement district assessments, requires the City Council to specify by ordinance within what
time period assessments or installments thereof are to be paid and to provide for the payment
and collection of interest thereon at a specified rate; and
WHEREAS, due primarily to Initiative 695, the bond market for selling bonds to
finance Utility Local Improvement District (ULID) No. 215 has changed, making the sale of
bonds overly expensive; and
WHEREAS, due to changes in the bond market, it is necessary to change the payment
and interest provisions of the final assessment roll ordinance for ULID 215;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PORT ANGELES
DOES HEREBY ORDAIN as follows:
Section 1. Section 3 of Ordinance 3037 is hereby amended to read as follows:
Section 3. Upon receipt of the final assessment roll for ULID 215, the Treasurer of
the City is hereby directed to publish notice at the times and in the manner required by RCW
35.49.010, stating that the roll is in her hands for collection and that such assessments or any
portion thereof may be paid to the City at any time within 30 days from the date of the first
publication of such notice, without penalty, interest or costs, or thereafter until May 31. 2000
with interest at the rate of 6.5% commencing January 8. 2000 and without further penalty.
interest. or costs.
Section 2. Section 4 of Ordinance 3037 is hereby amended to read as follows:
Section 4. The amount of any assessment, or any portion thereof, against property
in ULID 215 not paid within the 30 day period from the date of the first publication of the City
Treasurer's notice. or not paid during the following period ending May 31. 2000 with 6.5 %
interest commencing January 8. 2000. shall be payable in 10 equal annual installments, together
with interest on the diminishing principal balance thereof at a rate of 075%-per-annunr higher
:
7,5 %. which interest shall commence on tie -30'
publieatienr of-midi-notice January 1. 2000. The first installment shall become due and payable
one year from the expiration of the 30 -day prepayment period. Annual installments, including
interest and penalty, shall be paid in full when due, and no partial payments shall be accepted
by the Treasurer of the City.
Section 3 - Severability. If any provisions of this Ordinance, or its application to any
person or circumstances, is held invalid, the remainder of the Ordinance, or application of the
provisions of the Ordinance to other persons or circumstances, is not affected.
Section 4 - Effective Date. This Ordinance shall take effect five days after
publication.
PASSED by the City Council of the City of Port Angeles at a regular meeting of
said Council held on the 4th day of April, 2000.
ATTEST:
/Alp
j MAY .'
Becky J. L4 ton, ity Clekk
PUBLISHED: April 9, 2000
A:\2000- 05.ord.wpd (By Summary)
APPROVED AS TO FORM:
Craig D. Kr tson, City Attorney
Summary of Ordinance
Adopted by the
Port Angeles City Council
on April 4. 2000
Ordinance No. 3049
This Ordinance of the City of Port Angeles revises the payment and interest rate provisions
for Utility Local Improvement District No. 215, as follows: Upon receipt of the final
assessment roll for ULID 215, the Treasurer of the City is hereby directed to publish notice
at the times and in the manner required by RCW 35.49.010, stating that the roll is in her
hands for collection and that such assessments or any portion thereof may be paid to the City
at any time within 30 days from the date of the first publication of such notice, without
penalty, interest or costs, or thereafter until May 31, 2000 with interest at the rate of 6.5%
commencing January 8, 2000 and without further penalty, interest, or costs.
The amount of any assessment, or any portion thereof, against property in ULID 215 not paid
within the 30 day period from the date of the first publication of the City Treasurer's notice,
or not paid during the following period ending May 31, 2000 with 6.5% interest commencing
January 8, 2000, shall be payable in 10 equal annual installments, together with interest on
the diminishing principal balance thereof at a rate of 7.5 %, which interest shall commence
on January 1, 2000. The first installment shall become due and payable one year from the
expiration of the 30 -day prepayment period. Annual installments, including interest and
penalty, shall be paid in full when due, and no partial payments shall be accepted by the
Treasurer of the City.
The full text of the Ordinance is available at City Hall in the City Clerk's office or will be mailed
upon request. Office hours are Monday through Friday from 8:00 a.m. to 5:00 p.m. This Ordinance
shall take effect five days after the date of publication of this summary.
Becky J. Upton
City Clerk
Publish: April 9, 2000
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