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Show Lindon amends Ordinance No. 167 fpcted or benofittrri hv I lie improvements in I he District is $:i59.fifi7.(i4. which amount does nol exceed in the aggregate the sum of: (a) the total contract price or prices lor the improvements under contract duly let to the lowest and best responsible bidders therefor; (b) the reasonable cost of utility services, maintenance, labor, materials or equipment supplied by the Issuer, if any; (c) the property price, if any; (d) connection fees, if any; 'e) the interest on any interim warrants issued against the District; (f) overhead costs nol to exceed fifteen percent 1 ) of the sum of (a ). b, (c) and (d); (g) an amount sufficient to fund a debt service reserve fund, and (h) where the assessment is levied prior to the time all of the improvements A SUPPLKMKNTAI, ASSESSMENT ORDINANCE OR-DINANCE amending Ordinance No. u;s adopted by the City Council of Lindon City, Utah on March 1. 19H9 with respect to the Lindon City, Utah Special Improvement District No. 1988-1, Utah County, Utah to authorize the funding of a special reserve fund in lieu of the special improvement guaranty fund; and related matters. WHEHEAS, on March 1, 1989 the City Council of Lindon City, Utah adopted Assessment Ordinance No. Kif) ("Assessment Ordinance") which levied a special assessment against properties improved within Lindon City. Utah Special Improvement Im-provement District No. 1988-1 (the "I)islricl"i; and WHEREAS, the City Council now desires to amend the Assessment Ordinance to provide for the establishment and funding of a reserve fund in lieu of using the City's existing Special Improvement Guaranty Fund for the purpose of securing payment of the special assessment bonds to be issued with respect to the District; remaining funds on deposit in the Reserve Fund will be disbursed to the properly owners in the same proportion as the amount their total unprepaid assessment bore to the total amount of unprepaid un-prepaid assessment, except that owners of proerties with respect to which there has been a default in the payment of the assessment shall not be entitled to such a disbursement to the extent such default has not been cured. Section 3. Repeal of Conflicting Provisions. All ordinances or parts thereof in conflict with '.his Ordinance are hereby repealed. Section 4. Publication of Supplemental Assessment Ordinance. Immediately after its adoption, this Supplemental Sup-plemental Assessment Ordinance shall be signed by the Mayor and City Recorder and shall be recorded in the ordinance book for that purpose. This Supplemental Sup-plemental Assessment Ordinance shall be published once in the Pleasant Grove Review, a newspaper published and having general circulation in the Issuer, and shall take effect immediately upon its passage and "approval and publication as required by law. Section 5. Filing of Supplemental Assessment Assess-ment Ordinance. The City Recorder is hereby authorized and directed to file a copy of this Supplemental Assessment Assess-ment Ordinance within five days from the date hereof in the Utah County Recorder's office. It shall be appended ap-pended to the Assessment Ordinance with accompanying Assessment List previously filed. PASSED AND APPROVED AP-PROVED by the City Council of the Issuer, this 19th day of April, 1989. Kenneth D. McMillan Mayor ATTEST: E. Ray Brown City Recorder Published in the Pleasant Grove Review April 27, 1989. i in the District are entirely completed and accepted, an amount for contingencies of not to exceed 10 of the sum of (a), (b) and (ci. Section 2. Amendment Amend-ment to Section 1(1. Section 10 of the Assessment Ordinance is hereby amended to read as follows: Section 10. Debt Service Reserve Fund. The Issuer does hereby establish a special debt service reserve fund (the "Reserve Fund") in lieu of funding a special improvement guaranty fund, to secure the special assessment bonds to be issued by the Issuer ("Assessment Bonds") with respect to the District. The Reserve Fund shall be funded in an amount equal to ten percent (10) of the face amount of the Assessment Bonds. The cost of funding the Reserve Fund will be added to the assessments of the property owners who do not prepay their assessment or, for those who prepay only a part of their assessment, the cost will be added to the remaining unpaid assessment in proportion to the unpaid amount of their assessment. After the Assessment Bonds have been paid in full, NOW THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF LINDON CITY, UTAH AS FOLLOWS: Section 1. Amendment Amend-ment to Section 4. Section 4 of the Assessment Ordinance is hereby amended to read as follows: Section 4. Cost of Improvements; Amount Amou-nt of Total Assessments. The total cost of the im--provements in the District is $423,369.69, of which total cost the Issuer's portion is $63,702.65. The Issuer's portion for the District includes that part of the overhead costs for which an assessment cannot be levied, if any, and the cost of making improvements for the benefit of property against which an. assessment may not be levied, if any. The amount to be assessed against property af- |
