Ordinance No. 19555 - Laserfiche WebLink

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neither`may, awn fee title or a possessory interest in ether prop- erty which ~s allowed a deferral under this section. 1.205 Local Im rovements -Interest on Assessment Pa meets Deferred, Modified, or Extended. . ~1j ~An assessment deferred under subsection 1.195~2jta} shall accrue simple interest of three percent ~3%} per annum from the date it is leveed unt~1 the deferral ends. The contract required by section 7.200 shall specify whether the interest is to be paid semi-annually or monthly Burin the deferral or i g n one lump sum at the end of the deferral. When the deferral ends payment of the assessment shall be made as provided in section 7.220. , ~2j Extended ar modified assessment payments authorized under sub- section 7.1952}fib} shall be due semi-annually for a term of years not to exceed twice the number of years remaining on the assessment bondin a ree- ment as of the d ' ~ g g ate that the appl~cat~on for extension of payments is sub- mitted, The amount and date of semi-annual payments to be made shall be as specified in the contract of extension or modification. Each such ayment shall include inter p est accrued to the time of the payment on the unpaid ba1~ once 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. Dur- ing any period of the extension after the 10 years, interest shall accrue at three percent ~3%} per annum less than the rate of interest char ed at the g beginning of the extension period. ~3} Deferrals under subsection 7.195~3j sha11 accrue simple inter- est at the annual rate the city pays the state for money the city borrows to fund the Sewer Assessment Deferral Loan Program. Such interest sha11 accrue from the date the assessment is levied until the deferral ends and sha11 be paid at the end of the deferral. When the deferral ends payment of the amounts deferred sha11 be made as provided in section 7.220. 1.210 Local Im rovements - Termination of Deferral, Extension ar Modification of Assessment Pa meets. A deferral, extension, ar modification of assessment payments shall end if: raj The owner of the parcel of real property for whom the deferral, extension, or modification is granted defaults in erform- . p ing the contract pertaining thereto under section 7.200; fib} The owner ceases to be eligible for the deferral, exten- s~on, or mod~f~cat~on under section 7.195; ~c} The owner transfers to any other party fee title or a possessory interest ~n the parcel to which the deferral, extension, or mod~f~cat~on pertains; ~d} Title to the parcel passes to another party by devise or intestate succession, except that the deferral under part 7.195 ~2}raj shall eat be terminated so long as the owner occupies the parcel as a s~ ng1 e-family dwelling. fie} The parcel far which a deferral was granted under subsec- tion 1.1912} ar 1.191~3j is used for a purpose other than the use existing at the time the deferral was granted. ~f} The parcel far which a deferral was granted under subsec- tion 1.191~4~ has access to the street through a driveway, or is Ordinance - 3