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91-R-46 Appendix BAPPENDIX B to City of Edgewater Res. No. 91-R-46 METHOD SECTION B-1. INTRODUCTION. The Cost of the Project shall be apportioned among all parcels of real property within the District in conformity with the Apportionment Method established in this Appendix B. Upon the completion of the plans and specifi- cations for the construction of the Project, the City Engineer shall prepare the Assessment Roll by computing the Initial Special Assessments (as defined in Section B-3 hereof) in accordance with Section B-5. SECTION S-2. FINDINGS. It is hereby ascertained, determined and declared that: A. The purpose of the Project is to provide wastewater collection facilities including any necessary road restoration and resurfacing, a portion of an advanced treatment plant and reuse distribution facilities within the District to improve the general health, safety and welfare of all residents in the District and to improve the utility and enjoyment of all parcels of property within the District. B. The majority of the existing parcels within the District consist of discrete multiples of standard size platted lots and will derive a benefit from the provision of wastewater service based on the number of uniformly platted lots which constitute each B-1 individual parcel. It is further recognized that a minimum of two (2) uniformly platted lots is required to constitute a single parcel. C. Wastewater collection facility project costs shall be apportioned among Benefited Parcels based upon the number of Equivalent Lots which constitute the Benefited Parcel. D. Wastewater treatment and effluent disposal project costs (i.e. reuse distribution) shall be apportioned among Benefited Parcels based upon the number of Equivalent Parcels as defined in Section B-3, which constitute the Benefited Parcel. SECTION B-3. DEFINITIONS. For purposes of applying the Apportionment Method established in this Appendix B, the following words and terms shall have the following meanings, unless some other meaning is plainly intended. "Annual Payment" shall mean the equal yearly payment of the final assessment amount amortized over a 20 year period at an interest rate of 5.5% and adjusted for the discounts for early tax payment pursuant to Chapter 197.162, F.A. The words Annual Payment, Assessment, Special Assessment and Final Assessment are sometimes used interchangeably. "Assessment Period" shall mean the period commencing on the date the Final Assessment Resolution is adopted and ending on the date the final scheduled Annual Payment is due. "Benefited Parcel" shall mean all Parcels within the District, as designated on the Assessment Roll, that will receive wastewater rg.7 collection, treatment, and reuse distribution service as a result of the Project. "Equivalent Lot" shall mean a standard platted lot having road frontage of 40 feet. "Equivalent Parcel" shall mean a parcel of property, either recently in existence or which could be created in the future by an Irregular Parcel Subdivision, encompassing 2 or more adjoining platted Equivalent Lots. "Initial Special Assessment" shall mean the Special Assessment imposed on all Benefited Parcels, as designated on the Assessment Roll approved by the Final Assessment Resolution under the provi- sions of the Ordinance. "Irregular Parcel" shall mean a parcel of real property within the District, now in existence or hereafter created, containing four or more adjoining platted Equivalent Lots. "Irregular Parcel Subdivision" shall mean the subdivision or resubdivision of an Irregular Parcel, whether by platting, or by the transfer, sale or other conveyance by a metes and bounds or other legal description, that occurs subsequent to adoption of the Assessment Roll so as to create more than one or more additional parcels of real property, whether Regular Parcels or Irregular Parcels. "Reapportioned Special Assessment" shall mean the Special Assessment apportioned to a Subdivided Parcel as set forth herein. B-3 "Regular Parcel" shall mean 2 to 3 adjoining platted Equivalent lots within the District, now in existence or hereafter created or an unplatted parcel of real property within the District with an area equal to or 2 to 3 adjoining Equivalent platted lots now in existence or hereafter created. "Special Assessment" shall mean the Initial Special Assessment or any Reapportioned Special Assessment imposed on a parcel of real property within the District to pay a portion of the Cost of the Project. "Subdivided Parcels" shall mean the parcels of real property, whether Regular Parcels or Irregular Parcels, resulting from an Irregular Parcel Subdivision. SECTION B-4. CITY PARTICIPATION. The City may advance funds from its other legally available revenues to pay a portion of the Costs of the Project. Any Reimbursement to the City of Funds Advanced, shall not constitute a profit to The City over and above actual costs as defined in The Ordinance. Therefore, The City shall not collect Annual Payments in excess of the amount necessary to (i) retire the Bonds secured by the Special Assessments and (ii) repay all amounts advanced by the City with interest thereon at a rate equal to the true interest cost of the Bonds secured by the Special Assessments. Any surplus shall be refunded proportionately unless the cost of the refund exceeds the amount of the surplus in which case the amounts shall be applied to other improvements B-4 within the District which will enhance the value of Benefited Parcels in the same manner as the Project. SECTION B-5. COMPUTATION OF INITIAL SPECIAL ASSESSMENTS. The Initial Special Assessment for each Equivalent Parcel shall be determined by: a) dividing the Wastewater Collection system project cost by the number of total Equivalent Lots in the District and then multiplying by the number of Equivalent Lots comprising an Equivalent Parcel, and; b) dividing the Wastewater Treatment and effluent disposal facilities project cost by the total number of Equivalent Parcels in the District. Upon the completion of the Project, the amount of each Initial Special Assessment may be reduced, without further notice to the owners of the Benefited Parcels, to an amount determined by performing the computations described in paragraphs (a) and (b) above with the actual project costs incurred. SECTION B-6. ANNUAL PAYMENTS. Any Special Assessments that are not prepaid five business days prior to the date on which the City enters into a contract providing for the sale of Bonds secured by the Special Assessments shall bear interest at a rate equal to the true interest cost of such Bonds and shall be payable in twenty equal Annual Payments. The Annual Payments shall apply first to interest accrued in respect of the Special Assessment and there- after to the unpaid balance of the Special Assessment. Upon the completion of the Project, the Annual Payments may be reduced to B-5 an amount determined by computing the amortized amount of the final assessment determined in accordance with Section B-5. SECTION B-7. IRREGULAR PARCEL SUBDIVISIONS. Upon the occurrence of an Irregular Parcel Subdivision, any new Equivalent Parcels resulting from said Subdivision shall be required to pay the prevailing wastewater system impact fee to secure treatment and effluent disposal system capacity. The wastewater collection special assessment will continue to be apportioned to the sub- divided parcels based on the number of platted lots constituting each parcel. SECTION B-S. FINAL RECONCILIATION OF IRREGULAR PARCEL SPECIAL ASSESSMENTS. Notwithstanding anything contained herein to the contrary, upon payment of all required Annual Payments, the remaining balance, if any, of Special Assessments imposed against any Irregular Parcel shall be satisfied. SECTION B-9. APPLICATION OF APPORTIONMENT METHOD. The application of the Apportionment Method established by this Appendix B is illustrated by the following example. The hypothe- tical improvement area and assessment rolls have been simplified for purposes of illustrating the Apportionment Method. For purposes of this example only, it is assumed that interest charged for deferred payment of the Special Assessments is at the rate of 5.5 percent per annum. The basic data for the hypothetical improvement area is as follows: I-= Annual Payment - Wastewater Collection $99.71 Per Platted Equivalent Lot Annual Payment - Wastewater Treatment and Effluent Disposal Number of Annual Payment Interest Rate 47.11 Per Equivalent Parcel Pill 5.5% The foregoing data results in the following initial Assessment Roll: FWA i. a a