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1985-062
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1985-062
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Last modified
5/1/2023 10:51:52 AM
Creation date
5/1/2023 10:51:40 AM
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Resolutions
Resolution Number
1985-062
Approved Date
06/05/1985
Subject
Authorizing the issuance of not exceeding $5,165,000 improvement bonds, Series #2
of IRC to finane the cost of the acquisition & construction of certain sewage collection &
treatment improvements to the combined water & sewer system of the County
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40 <br />• <br />of <br />resolutions, ordinances or laws thereunto appertaining. <br />C. DELINQUENT ASSESSMENTS. If the owner of any lot or <br />parcel of land assessed for the Project shall be delinquent in <br />the payment of any Assessment for a period of 30 days, then the <br />County shall declare the entire unpaid balance of such Assessment <br />to be in default and, at its own expense, shall cause such <br />delinquent property to be foreclosed in the same method now or <br />hereafter provided by law for the foreclosure of mortgages on <br />real estate, or otherwise as provided by law. If such fore- <br />closure be not filed and prosecuted to completion within 10 <br />months of the due date of the delinquent Assessment, then any <br />Registered Owner may file and prosecute such foreclosure action <br />in the name of the County for the benefit of the Registered <br />Owners of all outstanding or unpaid Bonds .end interest thereon. <br />All money realized thereby, except attorneys fees and costs which <br />shall be paid directly to the Registered Owners that have <br />incurred the same, shall be deposited into the Improvement Fund, <br />after satisfaction of the provisions of the resolutions <br />authorizing the issuance of the Prior Lien Obligations, and <br />distributed as above provided. The County further covenants, at <br />its expense, to furnish to any Registered Owner requesting the <br />same, 60 days after the due date of each annual installment, a <br />list of all delinquent installments, together with a copy of the <br />County annual audit, and a list of any foreclosure actions in <br />progress and the current status of the same. <br />D. FORECLOSURE OF ASSESSMENT LIENS. If any property <br />shall be offered for. sale for the non-payment of any Assessment, <br />and no person or persons shall purchase the same for an amount <br />equal to the full amount due on the Assessment (principal, <br />interest, penalties and costs, plus attorneys fees, if any), the <br />property shall then be purchased in the name of the County for an <br />amount equal to the balance due on the Assessment (principal, <br />interest, penalties and costs, plus attorneys fees, if any), and <br />the County shall receive in its corporate name the title to the <br />-5- <br />
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