Resolution No. 02-11RESOLUTION NO. 02-11
A RESOLUTION OF THE CITY OF ATLANTIC BEACH, FLORIDA,
AMENDING RESOLUTION NO. 01-09 OF THE CITY OF ATLANTIC
BEACH, WHICH DECLARED A SPECIAL ASSESSMENT FOR WATER
LINES, STORM WATER IMPROVEMENTS AND STREET
IMPROVEMENTS IN SELVA MARINA UNITS 10, 10-A, 10-B, 10-C, 11, 12,
12-A-, 12-B, AND 12-C REPEAT, TO CHANGE THE METHOD OF
PAYMENT OF SUCH SPECIAL ASSESSMENTS, AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, the City Commission of the City of Atlantic Beach, Florida, has adopted its
Resolution No. 01-09 declaring a Special Assessment as required by Florida Statutes Chapter
170, for water lines, storm water improvements and street improvements in Selva Marina Units
10, 10-A, 10-B, 10-C, 11, 12, 12-A-, 12-B, and 12-C replat, and setting forth the method by
which such Special Assessments should be paid; and
WHEREAS, the City Commission wishes to change the method of payment and the term
over which such Special Assessments shall be paid.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of
Atlantic Beach:
SECTION 1. Section 4 of Resolution No. 01-09 is hereby amended to read as follows:
"PAYMENT OF SPECIAL ASSESSMENT. The special assessment may be paid off,
without interest, at any time within thirty (30) days after the City has adopted a
Resolution accepting the completed project. If the amount assessed is still outstanding
after thirty (30) days, twelve (12) monthly installments of $43.07 will be due over a
period not to exceed one (1) year. The amount of the last payment will vary due to
rounding.
The payments will include principal and interest on the unpaid balance at the annual
interest rate of 7%. Interest will be calculated using the simple interest method for the
term of the assessment. The principal balance due on a monthly basis will be multiplied
by the interest rate, divided by 360 days (twelve 30-day months), then multiplied by 30
days to derive the monthly interest component of the payment due. The scheduled
assessment, comprised of principal and interest, is then divided into equal payment
amounts. A payment schedule specifying how the assessment payments will be
distributed throughout the life of the assessment will be provided to all assessed property
owners. The amortization of the assessment may vary from this initial schedule, if
payments are not made on time. All payments will be applied to interest first, then
principal.
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The Finance Department will be responsible for sending monthly statements to property
owners around the first of each month. Each property owner will have thirty (30) days to
pay the monthly principal and interest due, before additional interest accrues to the
assessment. Collection efforts will commence after monthly payments are ninety (90)
days past due. Upon request, the balance of the assessment, including outstanding
principal and interest accrued to the pay off date, may be calculated and paid off at any
time."
SECTION 2. This Resolution shall take effect immediately upon its final
passage and adoption.
PASSED by the City Commission this U~S ~ day c
ATTEST:
MA EN KING
City Clerk
as to form and correctness:
City
ESQUIRE
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Resolution No. 02-11