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Show :he City Council of Park ity , Summit County, Utah, this 26th day of Feb., 1975. JOHN E. PRICE, JR. Mayor Aye: John E. Price, Jr. Clements P. Hansen Richard Martinez Leon Uriarte Mary C. Lehmer Jan Wilking, Jr. Nay: None Attest: Bruce Decker City Recorder (SEAL) Published in The Park Record February 27, 1975. in addition to the amount I of each such installment annually at the time each I installment becomes due. After said fifteen (15) day periods, all unpaid installments install-ments of an assessment levied against any piece of property (but only in their entirety) may be paid prior to the dates on which they become due, but any such prepayment must include in-clude an additional amount equal to the interest which would accrue on the assessment as-sessment to the next succeeding suc-ceeding date on which interest in-terest is payable on any special improvement bonds issued in anticipation anticipa-tion of the collection of the assessments plus such additional amount as, in the opinion of the City Treasurer, is necessary to assure the availability of money to pay interest on the special improvement improve-ment bonds as interest becomes be-comes due and any premiums pre-miums which may become payable on redeemable bonds which may be called call-ed in order to utilize the assessments thus paid in advance. Default in the payment of any installment of principal prin-cipal or interest when due shall cause the whole of the unpaid principal and interest to become due and payable immediately, and the whole amount of the unpaid principal shall thereafter draw interest at the rate of 10 per annum until paid, but at any time prior to the date of sale or foreclosure the owner may pay the amount of all unpaid installments past due, with interest at the rate of 10 per annum to date of payment on the delinquent installments, and all approved costs, and shall thereupon be restored re-stored to the right thereafter there-after to pay in installments in the same manner as if ORDINANCE NO. 5A-75 An Ordinance Amending Ordinance No. 5-74 of Park City, Utah, Adopted by Its City Council on August 15, 1974, Confirming the Assessment Assess-ment Roll and Levying Assessments for the Park City Main Street Off-Street Parking Special Improvement Improve-ment District to Pro vide for an Interest Rate of 8 On Unpaid Un-paid Assessment Installments. Install-ments. WHEREAS, the City Council Coun-cil of Park City, Utah adopted adopt-ed Ordinance No. 5-74 of said City on August 15, 1974, confirming the assessment roll and levying assessments assess-ments for the Park City Main Street Off-Street Parking Park-ing Special Improvement District; and WHEREAS, in Section 14 of said Ordinance it was provided pro-vided that interest on the unpaid balance of assessments assess-ments paid in installments by the property owners in the District would be at the rate of 7 per annum; and WHEREAS, the special improvement district bonds to be issued by the City in connection with said District will bear interest at the rate of 8 per annum and it is necessary that interest on the unpaid assessments be at the same rate; and WHEREAS, for these reasons rea-sons it is necessary to amend Section 4 of Ordinance 5-74 NOW, THEREFORE, be it Ordained by the City Council Coun-cil of Park City, Summit County, Utah, as follows: Section 1. Section 4 of Park City Ordinance No. 5-74 5-74 is hereby amended by deleting said section in its entirety and by substituting the following in lieu thereof: there-of: Section 4. The whole or any part of the assessment assess-ment may be paid without interest within fifteen (15) days after this ordinance becomes effective or within with-in fifteen (15) days after the Ordinance dated Feb. 26, 1975, amending this Section as published. Any part of the assessment not paid within such fifteen fif-teen (15) day periods shall be payable over a period not exceeding three (3) years from August 22, 1974, (the effective date of Ordinance No. 5-74) in three (3). substantially equal annual installments with interest on the unpaid balance of the assessment at the rate of eight percent per-cent (8) per annum from the said effective date of Ordinance No. 5-74 until due. Interest shall be paid Section 2. Pursuant to said amendment, all property owners within the District shall have the right, within fifteen (15) days followingthe date this amendatory ordinance ordin-ance is published, to pay the whole or any part of their assessments without interest. inter-est. Section 3. The officials of Park City are hereby authorized and directed to take all action necessary or appropriate to effectuate the provisions of this amendatory amend-atory ordinance. Section 4. An emergency is hereby declared to exist, the preservation of peace, health and safety of the inhabitants in-habitants of Park City so requiring. Immediately after its adoption this ordinance shall be signed by the Mayor and City Recorder and shall be recorded in the ordinance ordin-ance book kept for that purpose pur-pose and said Ordinance shall be published one time in the Park Record, a newspaper news-paper published in and having hav-ing general circulation in said City and shall take effect ef-fect immediately upon its passage, approval and publication pub-lication as required by law. Passed and approved by |