OCR Text |
Show Assessment to Ordinance No. 168 A SECOND SUPPLEMENTAL SUP-PLEMENTAL ASSESSMENT ASSESS-MENT ORDINANCE amending Ordinance No. 165 adopted by the City Council of Lindon City on March 1, 1989, as supplemented by Supplemental Ordinance Ordi-nance No. 167 adopted by the City Council of Lindon City, Utah, Special Improvement District No. 88-1 to authorize the utilization of a special improvement improve-ment guaranty fund in lieu of a special reserve fund; and related matters. mat-ters. WHEREAS, on March 1, 1989, the City Council of Lindon City, Utah adopted Assessment Assess-ment Ordinance No. 165 ("Assessment Ordinance") Ordi-nance") which levied a special assessment against properties improved im-proved with Lindon City, Utah Special Improvement District No. 88-1 (the "District"); and WHEREAS, on April 19, 1989, the City Council Coun-cil of Lindon City, Utah adopted Supplemental Assessment Ordinance No. 167 ("First Supplemental Supple-mental Assessment Ordinance") Or-dinance") which amended the Assessment Assess-ment Ordinance to provide pro-vide for the establishment establish-ment and funding of a reserve fund in lieu of using the City's existing exist-ing special improvement guaranty fund for the purposes of securing payment of the special assessment bonds to be issued with respect to the District; and WHEREAS, the City has now been advised that the special assessment assess-ment bonds are not marketable without securing their payment with a guaranty fund; and WHEREAS, the City now desires to utilize its guaranty fund to secure payment of the Bonds and to adjust accordingly the assessments assess-ments of property owners own-ers within the District, and WHEREAS, the City held a special public hearing to receive protests pro-tests or any objections lows : Section 4. Cost of Improvements; Amount of Total Assessments. The total cost of the improvements in the district is $403,567.00, of which total cost the Issuer's portion is $73,500.00. 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 assess-ment may not be levied, lev-ied, if any. The amount to be assessed against property affected or benefited by the improvements im-provements in the District Dis-trict is $330,067.00, which amount does not exceed in the aggregate the sum of: (a) the total contract price or prices for the improvements under contract duly let to the lowest and best responsible bidders therefor; (b) the reasonable reason-able cost of utility services, serv-ices, maintenance, labor, la-bor, materials or equipment equip-ment 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; Dis-trict; (f) overhead costs not to exceed fifteen percent (15) of the sum of (a), (b), (c) and (d); and (g) where the assessment as-sessment is levied prior to the time all the improvements im-provements in the District Dis-trict are entirely completed com-pleted and accepted, an , amount for contingencies contingen-cies of not to exceed 10 of the sum of (a), (b) and (c). Section 2. Amendment Amend-ment to Section 10. Section 10 of the Assessment As-sessment Ordinance as amended by the First Supplemental Assessment Assess-ment Ordinance is hereby amended to read as follows: Section 10. Special Improvement Guaranty Fund. The Issuer does hereby create a special improvement guaranty fund and shall annually, annu-ally, so long as any special assessment payment of local improvements im-provements therein, all in the manner and to the extent provided by the laws of the State of Utah. Deposits to the Guaranty Fund is equal to not less than 5 of the amount of all outstanding out-standing assessment bonds of all special improvement districts of the Issuer. Section 3. Amendment Amend-ment to Assessment List. The assessment list attached to and incorporated within the Assessment Ordinance as amended by the First Supplemental Assessment Assess-ment Ordinance, is hereby amended to reflect, re-flect, among other things, that a reserve fund will not be funded with moneys to be included in-cluded within the assessment. as-sessment. A revised assessment list is attached at-tached hereto as Exhibit A, and incorporated herein by reference. Section 4. Repeal of Conflicting Provisions. All ordinances or parts thereof in conflict with the Second Supplemental Supplemen-tal Assessment Ordinance Ordi-nance are hereby repealed. re-pealed. Section 5. Publication Publica-tion of Second Supplemental Supple-mental Assessment Ordinance. Immediately Immedi-ately after its adoption, this Second Supplemental Supplemen-tal Assessment Ordinance Ordi-nance shall be signed by the Mayor and City Recorder and shall be recorded in the ordinance ordi-nance book for that purpose. This Second Supplemental Assessment Assess-ment Ordinance shall be published once in the "Pleasant Grove Review," Re-view," a newspaper published and having general circulation in the Issuer, and shall take effect immediately upon its passage and approval and publication publica-tion as required by la w. Section 6. Filing of Second Supplemental Assessment Ordinance. The City Recorder is hereby authorized and directed to file a copy of this Second Supplemental Supplemen-tal Assessment Ordinance Ordi-nance within 5 days relating to the utilization utiliza-tion of a Guaranty Fund in lieu of a Reserve Fund; and WHEREAS, the City has determined that it would be in the best interest of the City to utilize its guaranty fund in lieu of a reserve fund to secure payment of the Bonds; NOWTHEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF LINDON CITY, UTAH AS FOLLOWS; Section 1. Amendment Amend-ment to Section 4. Section Sec-tion 4 of the Assessment Ordinance as amended by the First Supplemental Supplemen-tal Assessment Ordinance Ordi-nance is hereby amended to read as fol- bonds of the Issuer remain outstanding, transfer to said fund each year such amount as shall equal the amount that a tax levy on all taxable property located within the Issuer Is-suer at therate of .0002 will produce, either through a levy of a tax of not to exceed .0002 in any one year or by the issuance of general obligation ob-ligation bonds or by appropriation from other available sources, for the purpose of guaranteeing guar-anteeing to the extent of such fund the payment pay-ment of special assessment assess-ment bonds and interest inter-est thereon issued against local improvement improve-ment districts for the from the date hereof in the Utah County Recorder's Re-corder's Office. It shall be appended to the Assessment Ordinance and First Supplemental Supplemen-tal Assessment Ordinance Ordi-nance with accompanying accompany-ing assessment list, as amended. PASSED AND APPROVED AP-PROVED by the City Council of the Issuer this 21st day of June, 1989. Kenneth D. McMillan Mayor ATTEST: E. Ray Brown City Recorder Published in the Pleasant Grove Review June 28, 1989. |