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Show 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. 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 to the next succeeding date on which interest is payable on any special improvement bonds issued in anticipation anticipa-tion of the collection of the assessments plus such additional ad-ditional amount as, in the opinion of the City Treasurer, Treas-urer, is necessary to assure as-sure the availability of money to pay interest on the special improvement bonds as interest becomes due and any premiums which may become payable on redeemable bonds which may be called in order to utilize the assessments as-sessments thus paid in ad- ORDINANCE NO. 4A-75 An Ordinance Amending Ordinance No. 4-74 of Park City, Utah, Adopted by Its City Council on August 15, 1974, Confirming the Assessment Roll and Levying Levy-ing Assessments for the Park City Special Improvement Improve-ment District No. 74-1. To provide For an Interest Rate of 8 On Unpaid Assessment Assess-ment Installments. WHEREAS, the City Council Coun-cil of Park City, Utah adopted Ordinance No. 4-74 of said City on August 15, 1974, confirming theassess- m ct n t rnl 1 QnH lavvinrr vance. ' Default in the payment of any installment of 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 un-paid principal shall thereafter there-after 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 de-linquent installments, and all approved costs, and shall thereupon be restored restor-ed to the right thereafter to pay in installments in the same manner as if default de-fault had not occurred. Section 2. Pursuant to said amendment, all property owners within the District shall have the right, within fifteen (15) days following the date this amendatory ordinance or-dinance 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 auth-orized and directed to take all action necessary or appropriate ap-propriate 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. re-quiring. Immediately after its adoption this ordinance shall be signed by the Mayor and City Recorder and shall be recorded in the ordinance book kept for that purpose and said Ordinance shall be published one time in the Park Record, a newspaper published in and having general gen-eral circulation in said City and shall take effect immediately immed-iately upon its passage, approval ap-proval and publication as required by law. Passed and approved by the City Council of Park City, Summit County, Utah, this 26th day of Feb., 1975. JOHN E. PRICE. JR. assessments for the Park City Main Street Off-Street Parking Special Improvement Improve-ment District; and WHEREAS, in Section 14 of said Ordinance it was provided pro-vided that interest on the unpaid un-paid balance of assessments paid in installments by the property owners in the District Dis-trict 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 Dis-trict will bear interest at the rate of 8 per annum and it is necessary that interest in-terest on the unpaid assessments assess-ments be at the same rate; and WHEREAS, for these reasons rea-sons it is necessary to amend Section 4 of Ordinance 4-74 as set forth below; 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. 4-74 is hereby amended by deleting said section in its entirety and by substituting the following foll-owing in lieu thereof: Section 4. The whole or any part of the assessment assess-ment may be paid without with-out interest within fifteen (15) days after this ordinance ordin-ance becomes effective or within 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 ten (10) years from August 22, 1974, (the effective date of Ordinance No. 4-74) in ten (10) substantially equal annual installments with interest on the unpaid balance bal-ance of the assessment at the rate of eight percent (8) per annum from the said effective date of Ordinance Or-dinance No. 4-74 until due. Interest shall be paid in addition to the amount of each such installment annually an-nually at the time each installment in-stallment becomes due. |