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be written off. A notice will be filed on the property describing future connection fees. This would ensure that anyone connecting to previously assessed utility lines would pay their fair share of the cost of the line. An example of the payment options is depicted in the table below. This example is a 1992 water assessment project that was originally $1,923.45 at a 9.75% interest rate for ten years. Original Original Original 10 year Amount Owed Payments 90 Day 12 Month Assessment Interest payment today Made Option Option Amount Rate amount $1,923.45 9.75% $3,096.80 $11,225.75 $0 $3,096.80 $3,871.00 Once policy is adopted for all of the different types of accounts, staff will send certified letters to all affected account holders. Information in the letter will outline the payment options that are available as well as the consequences of not choosing one of the options. Below is a summary of action items that need to be addressed in order to develop policies for handling the various aged receivable scenarios. The resulting polices will need to be adopted into county ordinance. WATER & SEWER ACCOUNTS 1. Establish a ninety -day time period during which the County will waive all penalties and interest on any water and sewer accounts that have accumulated over twenty-four consecutive months of charges. 2. Establish a twelve-month period during which the County would waive ninety percent of all accumulated penalty and interest charges on any water and sewer accounts that have accumulated over twenty-four consecutive months. 3. Direct staff to work with the County Attorney's office to pursue foreclosure on any properties that have owners who do not take advantage of any of the payment options. Once this process is complete, write off the accounts receivable balance and release the lien on the property. 4. Direct staff to establish a policy going forward to avoid delinquent accounts that are approaching the 24 -month deadline. IMPACT FEE LOANS 1. Establish a ninety -day time period during which the County will waive all penalties and interest on any expired impact fee loan accounts. Credit will be given for any principle payments made to date. 2. Establish a twelve-month period during which the County will waive ninety percent of all penalties and interest on any expired impact fee loan accounts. The principle balance will stay intact. Credit will be given for any principle payments made to date. 3. Direct staff to establish a policy going forward to avoid the 20 -year situation, to make a settlement offer when liens reach 19 years of age. Then if not exercised, the County will move forward to perfect the lien. 97