Ordinance No. 20390 - Laserfiche WebLink

Home Browse Search

quality devices, and the pipings to connect the drainage infrastructure to storm sewers for properties specially benefited by the basins; and 2. Intersections of alleys, and driveway approaches of alleys at their intersections with streets. Section 11. Subsection (2) of Section 7.190 of the Eugene Code, 1971, is amended to provide: 7.190 Local Improvements - Assessments - Levv and Notice Thereof. (2) Unless otherwise specified by this code or by assessment ordinance, reference in this code to making assessment or lien payments in installments shall mean paying the obligation in up to 119 monthly installments or twenty (20) semi-annual installments including principal and interest at the rate set under section 2.022 of this code. Section 12. Subsections (2) and (3) of Section 7.205 of the Eugene Code, 1971, are amended to provide: 7.205 Local Improvements -Interest on Assessment Payments Deferred. Modified. or Extended. (2) Extended or modified assessment payments authorized under subsection 7 .195(2)(b) shall be due monthly or semi-annually for a term of years not to exceed twice the number of years remaining on the assessment bonding agreement as of the date that the application for extension of payments is submitted. The amount and date of monthly or semi-annual payments to be made shall be as specified in the contract of extension or modification. Each such payment shall include interest accrued to the time of the payment on the unpaid balance of the assessment. During the first 10 years of the extension, interest shall accrue at the rate then authorized by section 2.022 of this code. During any period of the extension after the 10 years, interest shall accrue at three percent (30/0) per annum less than the rate of interest charged at the beginning of the extension period. (3) Deferrals under subsection 7.195(3) shall accrue simple interest at the annual rate of five percent (50/0), or, if the city borrows money from the state, the rate charged by the state to fund the Sewer Assessment Deferral Loan Program. Such interest shall accrue from the date the assessment is levied until the deferral ends and shall be paid at the end of the deferral. When the deferral ends payment of the amounts Ordinance - 11