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Resolution No. 83-37 I 9 ` f �r CITY OF TIGARD, OREGON Resolution No. 83-17 IN THE MATTER OF PAYMENT OF CHARGES IN LIEU OF ASSESSMENTS .AS ESTABLISHED BY ORD. NO. 82-33. WHEREAS, The City Council of the City of Tigard wishes to acknowledge the need of property owners to be able to pay the charge in lieu of assess- ments in installments, NOW THEREFORE, BE IT RESOLVED BY THE TIGARD CITY COUNCIL THAT: The Tigard City Council establishes a policy allowing property owners to pay the charge in lieu of assessments established by Ordinane No. 82-33 in installments in a similar manner as those property owners within a local im- provement district. Payments shall be in equal semi-annual installments plus interest on the unpaid balance at a percentage rate equal to the latest Bancroft Bond Sale plus 2% for administrative costs. Said policy shall be realized through an application and agreement form supplied by the City. PASSED, this day of -ae 1983. Mayor - City of Tigard ATTEST: �nu7em City Recorder el", I f INSTALLMENT PAYMENT AGREEMENT AND DISCLOSURE STATEMENT To the City Council of the City of Tigard, Oregon: In accordance with the provisions of City of Tigard Resolution 83 - which relates to City of Tigard policy on payment of charges in lieu ofassess- ments, I HEREBY MAKE APPLICATION AND AGREE, JOINTLY AND SEVERALLY, TO PAY said charge in lieu of assessments as has been determined by the City Council of the City of Tigard, Oregon, under Ord. No. 82-33, in 20 semi-annual equal installments together with interest thereon at a rate of per annum. First payment is due on , 19 , and on six ( mont intervals thereafter. Interest to be paid semi-annually at the time each equal installment of the assess- ment is paid. If I neglect or refuse to pay any part of the installments provided herein, including interest, within 60 days after the same shall have become due and payable, then the whole amount of the unpaid amount including accrued interest, shall become due and payable at once and shall be collected in the manner provided by law in- cluding foreclosure on the below described rQal property. In case suit or action is instituted for a declaration of rights under this Agreement or to enforce any provisions of this Agreement, the parties agree that the prevailing party shall be awarded reasonable attorney's fees and costs. Also, if any appeal is taken from any judgment or decree under this Agreement, the parties agree that reasonable attornev's fees and costs hall be awarded to the prevailing party. The charge in lieu of assessments, annual percentage rate of interest, and finance charges which I agree to pay are as follows: 1. Amount of Assessment (cash price) . . . . . . . . . . . . . . . . $ 2. Amount Financed . . . . . $ 3. Finance Charge (If paid in 20 semi-annual installments) . . . . _ $ 4. Deferred Payment Price . . . . . . . . . . . . . . . . . . . . . $ 5. Anrmal F6rcentage Rate . . . . . . . . . . . . . . . . . . . . $ I understand that I may prepay a portion or the entire amount of the above assessment without penalty. I agree that in the event that this property changes ownership the remaining balance becomes immediately due and payable. Property affected by this improvement and subject to the Lien: It is understood that (I) am (we) are entitled to a copy of this Installment Payment Application and Disclosure Statement. The signature(s) below acknowledge receipt of a copy hereof. IN WITNESS WHEREOF, I have hereunto set my hand and seal this day of 19 Witness: .. (Seal) (Seal) (Signature ot Witnesses (Signature of Applicants and Property Owners) v . t 27 April 11, 1983 i TO: Honorable Mayor and City Counc;l FROM: Frank A. Currie, Director of Public Works SUBJECT: Sewer Connection Payment Schedule Request I have researched this request and find that Unified Sewerage Agency does allow individuals to pay this fee in the same manner as property owners in a local improvement district. Pursuant to that U.S. A. policy, I have prepared an Installment Application and Disclosure Statement and a Resolution adopL'ng a City of Tigard Policy for pay- ment of charges in lieu of assessments (attached), that would allow Mr. Chamber- lain to make installment payments.