FY2006-11Title 4 Amendment on Special Assessment DistrictsKODIAK ISLAND BOROUGH
ORDINANCE NO. FY 2006 -11
Introduced by: Manager Gifford
Requested by: Manager Gifford
Drafted by Finance Department
Introduced: 04/20/2006
Public Hearing: 05/04/2006
Adopted: 05/04/2006
AN ORDINANCE AMENDING KODIAK ISLAND BOROUGH CODE OF ORDINANCES
TITLE 4 SERVICE AREA
CHAPTER 4.40 ASSESSMENT DISTRICTS WITHIN SERVICE AREAS
SECTION 4.40.090 PAYMENT
BY CHANGING THE WAY THE INTEREST RATE IS CALCULATED ON INSTALLMENT
PAYMENTS FOR SPECIAL ASSESSMENT DISTRICTS
WHEREAS, for a variety of reasons, interest rates can be significantly different between the last
bond issue and the creation of a special assessment; and
WHEREAS, it is in the best interest of the borough to set the rate of interest after considering then
relevant economic factors; and
WHEREAS, projections will be made by management to determine a reasonable rate of return
over the life of the special assessment, and;
NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1: This ordinance is of a general and permanent nature and shall become a part of the
Kodiak Island Borough Code of Ordinances.
Section 2: Title 4 Service Areas Chapter 4.40 Assessment Districts Within Service Areas
Section 4.40.090 Payment is hereby amended as follows:
Sections:
Chapter 4.40
ASSESSMENT DISTRICTS WITHIN SERVICE AREAS
4.40.010 Authority to assess.
4.40.020 Methods of initiating district.
4.40.030 Report by manager.
4.40.040 Protest.
4.40.050 Public hearing -- Assembly action.
4.40.060 Modification or abandonment of improvement after district formation.
4.40.070 Assessment roll.
4.40.080 Public hearing -- Confirmation of roll.
4.40.090 Payment.
4.40.100 Reassessment.
4.40.110 Objection and appeal.
4.40.120 Dissolution of assessment district.
4.40.130 Costs of improvement -- Assessable costs.
4.40.140 Allocation of assessable costs.
4.40.150 Notice.
Kodiak Island Borough, Alaska Ordinance No. FY2006 -11
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4.40.090 Payment.
A. The resolution confirming and levying may require payment of assessments in one (1) sum
or in installments, but no sum or installment may exceed twenty -five percent (25 %) of the assessed
value of the property against which it is levied, and no assessment payment shall be due sooner
than sixty (60) days after enactment of the resolution confirming and levying assessments.
B. Installment payments shall bear interest
In the resolution confirming and levying assessments, the
assembly shall set the rate of interest. Installment payments shall be applied first to accrued
interest, then to principal.
C. Within thirty (30) days of enactment of the resolution confirming and levying assessments,
the director of finance shall mail a statement to the owner of record of each property assessed. The
statement shall designate the property, the assessment amount, the time payments are due, and
the penalties for past due payments
D. Penalties and interest on past due assessment payments are the same as for real property
taxes. Assessments are liens upon the property assessed and are prior and paramount to all liens
except municipal tax liens. They may be enforced in the manner provided for real property tax liens
p i
dlt A. Nielsen,
Kodiak Island Borough, Alaska
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS FOURTH DAY OF MAY 2006
Borough Clerk
KODIAK ISLAND BOROUGH
ATTEST: Jed e M. Selby, Borou
Ordinance No. FY2006 -11
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