HomeMy WebLinkAbout116 - 09/20/1983 - AMENDING CHAPTER 16 OF THE CITY CODE TO PROVIDE FOR THE PREPAYMENT OF SPECIAL ASSESSMENTS AT THE OPT ORDINANCE NO. 116, 1983
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AMENDING CHAPTER 16 OF THE CODE TO PROVIDE
FOR THE PREPAYMENT OF SPECIAL ASSESSMENTS AT THE
OPTION OF THE OWNER OF THE PROPERTY CHARGED THEREWITH
AND FOR THE ACCELERATION OF DEFAULTED ASSESSMENT OBLIGATIONS
WHEREAS, the Council of the City of Fort Collins has determined
that it is in the best interest of the citizens of the City to encourage
prepayment of assessments arising as a result of improvement districts;
and
WHEREAS, * it has further been determined by the Council of the City
of Fort Collins that it is in the best interest of the citizens of the City
that special provisions be made in Chapter 16 of the Code of the City
to expressly provide for acceleration of improvement district assessments
upon default in the payment thereof.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 16-24 of the Code of the City of Fort Collins is hereby
amended by the addition of the following at the end of said section:
The owner of any property charged with an assessment payable in
installments hereunder may at any time, if not then in default in the
payment of any sum due on account thereof, prepay the entire remaining
principal balance thereof together with interest accruing thereon to
the next installment due date. Failure to pay any installment,
whether of principal or interest, when due shall cause the entire
remaining principal balance and accrued interest thereon to become
due and collectible immediately, and the entire remaining principal
balance and accrued interest thereon shall thereafter draw interest at
the rate of one percent per month or fraction of a month until the day
of sale. At any time prior to the day of sale the owner may pay the
amount of all unpaid installments, with interest at one percent per
month or fraction of a month, and all penalties accrued and shall be
restored to the right thereafter to pay in installments in the same
manner as if default had not occurred.
Introduced, considered favorably on first reading, and ordered pub-
lished this 6th day of September, A.D. 1983 , and to be presented for final
passage on the 20th day of September, 1983.
May r
ATTEST:
City Clerk
Passed and adopted on final reading this 20th day of September, A.D.
1983.
May
ATTEST:
i ty C 1
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