17.12.130 Segregation of Assessments.
(Amended by Ordinance Nos. 177124 and 182760, effective June 5, 2009.)
A. A lien against the real property in favor of the City may be segregated on the application of the owner(s), subject to the provisions of this section and any rules adopted by the City Auditor.
B. Applications shall be made to the City Auditor and shall include:
1. A legal description of each tract to be segregated;
2. Documentation demonstrating that each tract to be segregated is a lot or parcel created by a subdivision, partition or other division of the original tract of land in accordance with ORS 92.010 to 92.190, and is consistent with all applicable comprehensive plans;
3. The names of the owners of each tract, and the name of each person who will own each parcel should the segregation be approved; and
4. A full legal description that will be assigned by the County Assessor for each lot or parcel that is created as a result of the segregation.
C. No segregation shall be made unless each part of the original tract of land after the segregation has a true cash value, as determined from the certificate of the county assessor, of 200% or more of the amount of the lien as to each segregated tract concerned.
D. The City Auditor shall compute a segregation of the lien against the real property on the same basis as it was originally computed and apportioned and shall record the segregation in the lien docket. If the original tract has been divided by filing of a condominium plat, the applicant for segregation may propose an alternative, equitable basis for computing segregation of the lien. The alternative proposed segregation shall be subject to the Council’s approval by ordinance.
E. No assessment shall be segregated until all outstanding delinquent City liens on the property are brought current.
F. The City Auditor shall charge a fee for the segregation of assessments. The fee will be based in part on the number of lots or parcels that result from the segregation. The segregation fee may be amended from time to time and shall be stated in the Fees & Charges schedule maintained in the Assessments Division of the City Auditor’s office.
17.12.140 Bonding.
(Amended by Ordinance Nos. 173369 and 177124, effective January
10, 2003.)
A. Within 30 days of the entry in the lien docket a property owner may
apply to pay the assessment, deficit assessment or re-assessment or the amount
remaining unpaid by installments as stated in the signed installment payment
contract. The contract shall be in accordance with the terms and provisions of
ORS 223.215. The contract shall be received by the Auditor subject to the
limitations prescribed in this Section. The City may accept contracts after the
30-day period stated in this Section under procedures established by the City
Auditor.
B. If the sum assessed together with all unpaid sums then outstanding as
assessments against the property exceeds one-half the real market valuation of
the property as shown on the latest county tax rolls, then the Auditor shall
reject the application unless the excess is paid in cash with the application
and the application is made for the remainder only.
C. If the installment payment contract has been received and is in force,
the Treasurer may accept prepayments of any installments without penalty for the
prepayment. Whenever an installment is paid, accrued interest to the due date of
the installment on the unpaid assessment balance, plus interest on the past due
installment if any, shall be paid with the installment.
D. In addition to the procedures provided for in Subsections A. through C
above, the procedures for bonding improvement assessments authorized by the
Bancroft Bonding Act (ORS 223.205, 223.930) may be followed for improvement
assessments when the Council so directs in the ordinance making the
assessment.
E. For purposes of this Section the term "property owner" means the owner
of the Title to real property or the contract purchaser of real property, of
record as shown on the last available complete assessment roll in the Office of
the County Assessor.
F. Interest rates for bonded assessments shall be set using an adjusted
rate mechanism. The City Council shall set an interim rate by ordinance, which
shall be applied to the unpaid balance until improvement bonds are sold to
finance the bonded assessments. Upon sale of bonds, the Auditor shall adjust the
interest rate to the rate received by the City on the bond issue (expressed as
true interest cost) plus a fee to cover insurance and discount on the bonds. All
subsequent payments will be made at the new adjusted rate. Property owners who
sign an installment contract for systems development charges shall receive the
adjusted rate.
G. Bond financing fees shall be charged to each installment contract
to defray the costs of financing per a fee schedule on file with the City
Auditor. The fee schedule will include a loan creation fee as well as a bond
financing fee. Bond financing fees are in addition to costs set forth in Chapter
17.08
H. The City may charge a bond reserve fee on each installment payment
contract to facilitate the sale of the improvement bonds. Proceeds from the bond
reserve fee shall be dedicated to a reserve account and used as security for the
improvement bonds that the City sells to finance the installment payment
contract. A separate bond reserve account shall be created for each bond sale as
required by the terms of the sale. This fee shall be in addition to the fees set
forth in Chapter 17.08 and in Section 17.12.140 G.
I. The City Auditor shall charge a billing and service charge which shall
be added to each statement and shall be in addition to principal, interest,
penalties, costs and other fees. This fee shall be per a schedule on file with
the City Auditor. This fee shall be in addition to the fees set forth in this
Chapter 17.08, Section 17.12.140 G. and Section 17.12.140 H.
