CITY OF HOMER	City Clerk<BR> 
	HOMER, ALASKA	 <BR>
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	RESOLUTION 99-102 
 
<P>A RESOLUTION OF THE HOMER CITY COUNCIL CONFIRMING THE ASSESSMENT ROLL, ESTABLISHING DATES FOR PAYMENT OF SPECIAL ASSESSMENTS, AND ESTABLISHING DELINQUENCY, PENALTY AND INTEREST PROVISIONS FOR THE LARKSPUR COURT PAVING AND PARTIAL ROAD RECONSTRUCTION ASSESSMENT/IMPROVEMENT DISTRICT. 
 
<P>	WHEREAS, in compliance with Chapter 17, Improvement District, of the Homer City Code, the City Council of the City of Homer created the Larkspur Court Paving and Partial Road Reconstruction assessment/improvement district on November 27, 1995 via Resolution 95-99; and 
 
<P>	WHEREAS, a public hearing was held on January 8, 1996 to hear objections to the formation of such district; and 
 
<P>	WHEREAS,  an assessment roll has been prepared and a hearing held on October 25, 1999 to hear objections for the purpose of making corrections to the preliminary assessment roll, all corrections found necessary have been made; and 
 
<P>	WHEREAS, the assessment roll as presented by the City Clerk and reviewed and corrected where necessary and attached hereto as Attachment A, is hereby confirmed as the official assessment roll for the Larkspur Court Paving and Partial Road Reconstruction assessment/improvement district and the Mayor and Clerk shall be directed to sign same. 
 
<P>	NOW, THEREFORE, BE IT RESOLVED THAT ON OR BEFORE 5:00 P.M. April 1, 2000, all assessments in the Larkspur Court Paving and Partial Reconstruction Assessment/Improvement District shall become due and payable in full.  If lump sum payment of the assessment is not made by this date it shall be assumed that the optional installment payment plan has been chosen.  An optional ten year payment plan is offered whereby the assessment may be paid in ten equal yearly installments plus interest of eight and thirty two hundredths percent (8.32%) on the unpaid balance of the assessment.  The first such installment shall be due and payable without interest on or before 5:00 p.m. April 1, 2000 and each installment thereafter shall be due on or before April 1 of each year, plus interest on the unpaid balance of the assessment.  If any annual installment payment is not received when due, the entire outstanding principal amount of the assessment shall be in default and shall be immediately due and payable.  The annual installment shall have added a penalty of ten percent (10%).  The principal and penalty shall draw interest at the rate of fifteen percent (15%) per annum until paid.  Should default occur, the City will institute civil action for foreclosure of the assessment lien.  Foreclosure shall be against all property on which assessments are in default.  All costs including collection and legal fees resulting from such action shall be added and incorporated into the assessed amount due plus interest and  
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<P>Resolution 99-102 
<P>City of Homer 
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penalties, and shall be reimbursed from the proceeds of foreclosure sale of the assessed real property. 
 
<P>	BE IT FURTHER RESOLVED that a property owner may cure delinquency any time up to the entry of judgement by paying the amount of the delinquent installments plus costs, interest, penalty and attorney's fees; but after entry of judgement, the property may be redeemed or repurchased only by payment of the judgement amount, which would be for the entire unpaid assessment. 
 
<P>	PASSED and APPROVED by the City Council of the City of Homer, Alaska this 22nd day of November, 1999. 
 
	<P>		 				CITY OF HOMER 
 
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		<P>					JACK CUSHING, MAYOR 
 
<P>ATTEST: 
 
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<P>MARY L. CALHOUN, CMC/AAE CITY CLERK 
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<P>Fiscal Information included in backup