1993-073 - Laserfiche WebLink

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Pursuant to agreements with the owners of the assessed real property a designated number of ERUs (equivalent residential units) were reserved for their property in lieu of paying impact fees. As part of the consent the County agreed to use its best efforts to have the wastewater plant capacity available for the reserved ERUs when service was desired by the property owners. If the County did not have such capacity within a reasonable time after such date the property owners could cancel the reserved ERUs by written notice to the County. Such cancellation does not affect the 1989 Special Assessments in any manner whatsoever. In the event of cancellation, the County has agreed to pay to the owner of the property within 6 months after the due date of the last regularly scheduled installment of the 1989 Special Assessment, regardless of any prepayment, an amount equal to the 1989 Special Assessment paid plus all interest paid thereon. Any such sums are to be paid from other legally available funds of the County and not from the Special Assessments pledged in connection with the County Series 1989 Special Assessment Bonds, or the Series 1993 Bonds. Interest On and Prepayment of the 1989 Special Assessments The 1989 Special Assessments are to be paid in 10 equal annual installments with interest thereon. The interest payable on the 1989 Special Assessments will be at a rate not exceeding two percent (2%) above the rate of interest payable on the Series 1993B Bonds. Pursuant to the terms of the resolutions levying the 1989 Special Assessments, the owner of an assessed property may prepay the balance of the 1989 Special Assessments due on such property in full at any time. In such event, such owner must also pay an appropriate interest and/or prepayment charge as determined by the County at the time of prepayment. The prepayment of a 1989 Special Assessments does not entitle the owner of an assessed property to a discount for early payment. The lien upon an assessed property will be extinguished upon the prepayment of the 1989 Special Assessments by the recording in the Official Records of the County of an affidavit executed by the Chairman of the Board of County Commissioners (the "Chairman') to the effect that 1989 Special Assessments has been paid in full. The owner of an assessed property may also prepay a portion of the 1989 Special Assessments in order to obtain a release of the 1989 Special Assessments lien from a portion of such assessed property. The amount of prepayment, including accrued 'interest and an appropriate interest and/or prepayment charge, necessary to release a portion of the assessed property from the 1989 Special Assessments lien shall be determined by the County in its sole discretion and shall be at least pro -rata based upon the fait market value of the assessed properly as established by appraisals acceptable to the County. Upon such prepayment an affidavit executed by the Chairman will be recorded in the Official Records of the County describing the portion or portions of the assessed property as to which the 1989 Special Assessments lien were extinguished. All prepayments will be deposited, as received, into the Revenue Fund. Substantial prepayments may occur in which case a significant portion of the Series 19938 Bonds may be subject to redemption prior to maturity. See "REDEMPTION PROVISIONS" herein. Pledge of 1990 Special Assessment Revenues In accordance with Chapter 125, Florida Statutes, the County enacted Resolution Nos. 88.100, 88-102, 88-103, 88-104, and 88-105 on October 11, 1988, (the 'Initial Assessment Resolutions'). The Initial Assessment Resolutions authorized the levy of special assessments and provided the procedure therefor. Under the Initial Assessment Resolutions, the special assessments are to be levied against certain properties to be connected to the System.