§ 52.15. Prepayment of Assessments.

(A)

The Assessment imposed against any parcel of property to fund the Capital Cost of a Local Improvement may be prepaid or partially prepaid if and as provided for in the Final Assessment Resolution. Where the proceeds from the Assessment will used to pay debt service on Obligations issued by the City, the Assessment shall be subject to prepayment at the option of the property owner, as follows:

(1)

Prior to the issuance of Obligations to finance the Capital Cost of such Local Improvement, the Assessment Coordinator shall provide first class mailed notice to the owner of each parcel of property subject to the Assessment of the Council's intent to issue such Obligations. On or prior to the date specified in such notice (which shall not be earlier than the thirtieth day following the date on which the notice is delivered to the possession of the U.S. Postal Service), or such later date as the Council may allow in its sole discretion, the owner of each parcel of property subject to the Assessment shall be entitled to prepay the total Assessment obligation upon payment of such parcel's share of the Capital Cost. For purposes of this Subsection 52.15(A), the total Assessment obligation shall mean each parcel's share of the entire Assessment for the Local Improvement less its proportionate share of any capitalized interest and any finance related costs associated with the Obligations.

(2)

Following the date specified in the notice provided pursuant to Subsection 52.15(A)(1) hereof, or such later date as the Council may allow in its sole discretion, the owner of each parcel of property subject to the Assessment shall be entitled to prepay the total remaining Assessment obligation upon payment of an amount equal to the sum of (a) such parcel's share of the principal amount of Obligations then outstanding, (b) the premium associated with redemption of such parcel's share of the principal amount of Obligations then outstanding, and (c) accrued interest on such parcel's share of the principal amount of Obligations then outstanding, from the most recent date to which interest has been paid to the next date following such prepayment on which the City can redeem Obligations after providing all notices required by the ordinance or resolution authorizing issuance of such Obligations; provided however, that during any period commencing on the date the annual Assessment Roll is certified for collection pursuant to the Uniform Assessment Collection Act and ending on the next date on which unpaid ad valorem taxes become delinquent, the City may reduce the amount required to prepay the Assessments imposed against any parcel of property by the amount of the Assessment certified for collection with respect to such parcel.

(B)

At the City's election, the Assessment imposed against any parcel of property may be subject to acceleration and mandatory prepayment if at any time the payment of the Assessment, or any installment thereof, becomes delinquent or a tax certificate has been issued and remains outstanding in respect of such property. In such event, the mandatory prepayment shall become immediately due and payable and subject to foreclosure, and the amount thereof shall be the same as that required for an optional prepayment authorized by Subsection 52.15(A)(2) hereof, together with any penalties thereon and all legal costs incurred in the collection thereof. Any foreclosure action against such property which is the subject of a delinquent Assessment shall be conducted in a method now or hereafter provided by law for foreclosure of mortgages on real estate, or otherwise as provided by law.

(C)

The amount of all prepayments computed in accordance with this Section 52.15 shall be final. The City shall not be required to refund any portion of a prepayment if (1) the Capital Cost of the Local Improvement is less than the amount upon which such prepayment was computed, or (2) annual Assessments will not be imposed for the full number of years anticipated at the time of such prepayment.

(Ord. of 1-22-1996, Doc. #29102; Ord. of 4-26-1999, § 3, Doc. #29102-1)