1993-073 - Laserfiche WebLink

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On June 1, 1990, the County issued its Series 1990 Special Assessment Bonds, which are being refunded by the Series 1993 Bonds, The Series 1990 Special Assessment Bonds were issued for the expansion of the wastewater treatment system of the County, including without limitation to reimburse a portion of the cost of the acquisition and construction of certain sewer line extensions and the installation of a certain low pressure grinder pump system in the Rockridge sanitary sewer area of the County to service the immediate and future needs of the area. In connection therewith special assessments were levied against certain benefitted property (the "1990 Special Assessments"). The amount of the Series 1990 Special Assessments were $1,328,250 of which $362,851 were prepaid prior to the issuance of the County's Series 1990 Special Assessments Bonds. As of September 30,1992 the scheduled payments, scheduled prepayments received, and delinquent payments were as follows: Scheduled Scheduled Payments Delinquent % of Scheduled Paymcnts RMIved Payments Payment Recelyed $362,851 $350,489 $12,362 96.6% The delinquencies of $12,362 represent less than 4% of the scheduled principal due and the County expels to tolled the remaining amounts through collection procedures provided by law. The 1990 Special Assessments are to be paid in 120 equal monthly installments with interest thereon. The interest payable on the 1990 Special Assessments will be at a rate not exceeding one percent (1%) above the rate of interest payable on the Series 1993B Bonds. Pursuant to the terms of the resolutions levying the 1990 Special Assessments, the owner of an assessed property may prepay the balance of the 1990 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 the 1990 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 1990 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 the 1990 Special Assessments has been paid in full. The owner of an assessed property may also prepay a portion of his 1990 Special Assessments in order to obtain a release of the 1990 Special Assessment 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 1990 Special Assessments lien shall be determined by the County in its sole discretion and shall be at least pro -rata based upon the fair market value of the assessed property 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 1990 Special Assessments Gen was 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 1993B Bonds may be subject to redemption prior to maturity. See "REDEMPTION PROVISIONS" herein.