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ORDINANCE NO. 3 4 2 5
AN ORDINANCE of the City of Port Angeles, Washington, revising
Chapter 13.68 of the Port Angeles Municipal Code relating to Developer
Reimbursement.
THE CITY COUNCIL OF THE CITY OF PORT ANGELES DO HEREBY ORDAIN
as follows:
Section 1. Ordinance 2732, as amended, and Chapter 13.68 of the Port Angeles
Municipal Code are hereby amended by amending Section 13.68.120 PAMC to read as follows:
13.68.120 Interest on Developer Reimbursement Charge.
A. The beneficiary of a developer reimbursement agreement will receive interest in
accordance with the terms of this Section.
B. If the charge is paid within thirty (30) days from the date of execution of the
agreement, no interest is payable. Otherwise, interest is payable from the date of execution of
the agreement to the date of payment of the developer reimbursement charge.
C. The rate of interest will be the iatL payable on LID wail an J fixed at the Federal
Reserve rate for a 10 -year Treasury Note at the timc the City -sig11 on the date the developer
reimbursement agreement is recorded.
D. Interest is calculated on the basis of a three - hundred - sixty -five (365) day year and
is not compounded.
E. Total interest payable may not exceed the principal amount of the developer
reimbursement charge.
Section 2 - Corrections. The City Clerk and the codifiers of this ordinance are
authorized to make necessary corrections to this ordinance including, but not limited to, the
correction of the scrivener' s /clerical errors, references, ordinance numbering, section/subsection
numbers and any references thereto.
Section 3 - Severability. If any provisions of this Ordinance, or its application to any
person or circumstances, are held invalid, the remainder of the Ordinance, or application of the
provisions of the Ordinance to other persons or circumstances, is not affected.
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Section 4 - Effective Date. This Ordinance, being an exercise of a power specifically
delegated to the City legislative body, is not subject to referendum. This ordinance shall take
effect five days following the date of its publication by summary.
PASSED by the City Council of the City of Port Angeles at a regular meeting of said
Council held on the of
MAYOR
ATTEST: APPROVED AS TO FORM
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William E. Bloor, City Attorney
Janessa-Hurd, City Clerk
a12 Pt�
PUBLISHED: April 10 , 2011
By Summary
G \LEGAL\a ORDINANCES &RESOLUTIONS \ORDINANCES 2011 \10 - Developer Reimbursement 030711 wpd
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Summary of Ordinance Adopted by the
Port Angeles City Council
On April 5, 2011
Ordinance No. 3425
This Ordinance of the City of Port Angeles, Washington revises Chapter 13.68 of the Port
Angeles Municipal Code relating to Developer Reimbursement.
The full texts of the Ordinances are available at City Hall in the City Clerk's office, on the City's
website at www.cityofpa.us, or will be mailed upon request. Office hours are Monday through
Thursday, 8:30 a.m. to 4:00 p.m., and Friday 8:30 a.m. to 12:30 p.m. These Ordinances shall
take effect five days following the date of publication by summary.
Janessa Hurd
City Clerk
Publish: April 10, 2011