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ORDINANCE NO. 2002-03 AN ORDINANCE OF THE CITY OF MOSCOW, A MUNICIPAL CORPORATION OF THE STATE OF IDAHO, APPROVING AND CONFIRMING THE ASSESSMENT ROLL OF LOCAL IMPROVEMENT DISTRICT NO. 126 FOR CERTAIN IMPROVEMENTS MADE WITHIN THE CORPORATE LIMITS OF THE CITY OF MOSCOW; PROVIDING FOR THE PAYMENT OF CERTAIN COSTS OF SAID IMPROVEMENTS AGAINST THE PROPERTY WITHIN SUCH DISTRICT BENEFITED THEREBY; PROVIDING FOR THE ISSUANCE OF LOCAL IMPROVEMENT DISTRICT WARRANTS AND BONDS; PROVIDING FOR ESTABLISHING CERTAIN FUNDS AND ACCOUNTS TO PAY THE PRINCIPAL AND INTEREST ON THE BONDS; AND PROVIDING FOR THE PUBLICATION AND EFFECTIVE DATE OF THIS ORDINANCE. BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF MOSCOW, IDAHO: SECTION 1: CONFIRMATION OF ASSESSMENT ROLL The assessments and the final assessment roll consist of improvements of curbs, sidewalks, base and surfacing to the Street and Lieuallen Street intersection, together with related improvements and costs and expenses of engineering, legal services, bond issuance costs, reserves, and other related expenses within the corporate limits of said City of Moscow; all of which is provided for under Ordinance No. 99-18, be and the same is hereby and in all things approved and confirmed. SECTION 2: PROPERTY AFFECTED Each lot, or parcel of land, and other property shown upon said roll is hereby benefited in the amount of the assessment levied thereon; and there is hereby levied and assessed against each of the lots, parcels and other properties, as set forth and described in said roll, the amount as finally charged against each such lot, parcel and other property as it appears in said rolls. SECTION 3: ITEMS OF COST The total cost of improvements shall include the contract price of the improvements, engineering, clerical service, advertising, cost of inspection, cost of preparing and collecting assessments, interest upon warrants, if issued, and for legal services for preparing proceedings and advising in regard thereto; the portion of said costs to be levied is contained in the assessment roll, attached as Exhibit and incorporated herein by this reference, and in accordance with the method as described in Ordinance No. 99-18, creating the district. SECTION 4: CERTIFICATION OF ASSESSMENT ROLL The Clerk, upon passage of this Ordinance, is directed to certifY and file the confirmed assessment roll forthwith with the City Treasurer, and shall further file with the County Recorder a notice which shall contain the date of this confirming ordinance along with a description of the area or boundaries of the district. SECTION 5: NOTICE AND PAYMENT OF ASSESSMENTS Upon passage of the assessment roll, the treasurer of the City shall mail a postcard or letter to each property owner assessed at the post office address if known, or if unknown, to the post office in the City where the improvement is being made, stating the total amount of the assessment, plus the substance LID 126 Assessment Roll Ordinance Pagel of4 ---PAGE BREAK--- of the terms of payments of the same as set out in the ordinance confirming the assessment roll. An affidavit of the mailing of the notice shall be filed, before the date of delinquency, in the office of the treasurer in the file of the improvement district, but the failure of the treasurer to give any notice required by this section or to do any other act or thing required by this section, shall not affect the validity of the assessments or installments thereof due nor extend the time for payment, but shall subject the City to liability to a taxpayer for any damage sustained by the latter by reason of such failure. SECTION 6: ASSESSMENT A LIEN The assessments made by this confirming ordinance shall be a lien upon the proposed assessed property from and after the date the City Clerk files with the County Recorder a notice which shall contain the date of the confirming ordinance and a description of the area or boundaries of the district, and the City Clerk is directed to forthwith make said filing. SECTION 7: DUE DATE OF ASSESSMENTS Said assessments shall become due and payable to the City Treasurer within thirty (30) days from the date of the adoption of this Ordinance, and the assessment levied by this Ordinance shall be a lien upon the property assessed upon and after Notice containing the date of this confirming ordinance and a description of the area or boundaries of the District is filed with the Latah County Recorder. However, said interest shall run from the date of this Ordinance, irrespective of the date of its publication. If any assessment is not paid in full within said thirty (30) days, such assessment shall become delinquent and may be collected in the manner with the same penalties and the same interest added thereto as hereinafter provided for delinquent assessments. All or any payment of any assessment may be paid without interest, penalty or cost at any time on or before thirty (30) days from the date of the adoption of this Ordinance. Any property owner who has not paid his assessment in full within said thirty (30) days, will be conclusively presumed to have chosen to pay the same in installments, such payment in full thereafter shall include the full amount of the unpaid assessment plus penalties and all interest payable on the same plus additional interest thereon at the rate provided in the bonds from the date of the last installment to one year after the next interest date of said bonds. Any assessment or any part of any assessment that is not paid as aforesaid shall be paid to the City Treasurer in ten ( 10) equal annual installments, the first of which shall become due and payable one year from the date of the passage of this ordinance, and be delinquent on the same day in each succeeding year thereafter, together with interest on all installments thereafter to become due. The first or last installments, however, may be more or less than the remaining payments. If any installment is not paid within twenty (20) days from the date it is due, the same shall become delinquent and the City Treasurer shall add a penalty of two percent thereon. SECTION 8: ISSUANCE OF BONDS Bonds issued in accordance with the Local Improvement District Code I. C. 50-1701 et. seq. shall be dated as of the date of the passage of this Ordinance, viz.: February 19, 2002, with the issuance of the bonds required to be issued on account of said improvements within a period of two months thereafter; provided, however, that a different date for the issuance may be subsequently fixed by Resolution of the City Council. Said bonds shall be issued in the sum of the amount described in said assessment roll, which sum shall be included the cost of the contract price, estimated costs and expenses of portions of engineering and surveying, the estimated costs and expenses of ascertaining the ownership of the lots and parcels of land within said Local Improvement District, the estimated costs and expenses LID 126 Assessment Roll Ordinance Page2 of4 ---PAGE BREAK--- of accounting, clerical and labor, and such other costs incident to the making of said improvements, including the issuance of the Local Improvement Bonds and publications; and provided further that no bonds shall be issued in excess of the costs and expenses as set forth above, nor before the expiration of twenty (20) days from and after the date of the mailing of a postcard or letter to each property owner assessed, at the post office address if known, or if unknown to the post office in the municipality where the improvement is being made, stating the total amount of the assessment plus the substance of the terms of payments of the same as set out in the ordinance confirming the assessment roll, and further that the said roll is in the hands of the City Treasurer for collection. Said bonds shall bear interest at a rate not to exceed ten percent (10%) per annum. In lieu of bonds, registered warrants may be issued under the same circumstances and in the same manner as bonds, such warrants to be issued in payment of any or all costs or expenses of the improvements to the amount said costs or expenses were set out in the engineer's report. The warrants shall be redeemable in numerical order and further shall be subject to all provisions of the code relating to local improvement bonds so far as the same may be applicable, including, but not limited to, the provisions of the Local Improvement District Code, LC. 50-170 I et. seq. SECTION 9: DENOMINATION OF BONDS AND/OR REGISTERED WARRANTS The denomination of the bonds shall be in multiples of $1,000.00 each, except that Bond No. may be of such lesser sum than $ 1,000.00 as may be necessary to make the issue correspond with the total amount of the assessment for which Local Improvement District Bonds are issued and set forth in the Assessment Roll. Registered warrants may be in a denomination as determined by the City Council. SECTION I 0: ESTABLISHING CERTAIN FUNDS AND ACCOUNTS TO PAY THE PRINCIPAL AND INTEREST ON THE BONDS The City Treasurer is hereby authorized and empowered, and it shall be his duty, to receive and collect for Local Improvement District No. 126, (hereinafter called the "District"), all assessments levied on property within the District to pay the cost of said improvements, the installments thereof, the interest thereon, and the penalties accrued, including, without limitation, the whole of the unpaid principal which becomes due and payable immediately because of the failure to pay any installment, whether principal or interest, when due, and to pay and disburse such payment to the persons or persons lawfully entitled to receive the same in accordance with the laws of the State of Idaho and all ordinances and resolutions of said City. All monies constituting the payment of principal and interest of said unpaid installments of the assessments for said District shall be placed in separate funds for said District to be designated "Bond Fund and Interest Fund for Local Improvement District No. 126" to be used for payment of maturing bonds and interest on the bonds. Monies in the Bond Fund and Interest Fund for this District shall be deposited in such bank or banks as are designated as depositories of public monies for the funds of said City under the depository laws of the State of Idaho for the deposit of public funds or investments, as provided by law. Interest received on such funds to be deposited or invested shall be placed to the credit of the Fund from which it is earned. If there is sufficient money in the bond fund to pay the principal of one or more bonds, the treasurer may call in and pay such bonds as of the next interest payment date in such manner as may be provided by the Council at the time of the issuance of the bonds. LJD 126 Assessment Roll Ordinance Page3 of4 ---PAGE BREAK--- SECTION 11: PUBLICATION AND EFFECTIVE DATE Upon passage and approval of this Ordinance it shall be published by sununary once in the Daily News, a legal newspaper of the State ofldaho and of general circulation within the City of Moscow, and being the official newspaper thereof; and this Ordinance shall take effect and be in full force upon its publication in one issue of said newspaper. PASSED UNDER SUSPENSION of Rules upon which a roll call vote was duly taken and duly enacted an Ordinance of the City of Moscow, Idaho at a regular meeting of the City Council February 19,2002. AT;sr; 1/etf:!;t ?dt4:A, · Chfistine ifalnbridge, City Clerk UD 126 Assessment Roll Ordinance Page4 of 4