Lemoore Municipal Code Ch. 9 Individual Off-Site Improvement Revolving Fund

An Off-Site Improvement Revolving Fund in the sum of ten thousand dollars ($10,000.00) for financing and paying for the installation of off-site improvements such as curbs, gutters, sidewalks and water and sewer extension and services in the City is hereby established, and the Director of Finance is directed to transfer from the General Fund into the Individual Single-Family Off-Site Improvement Revolving Fund the sum of ten thousand dollars ($10,000.00).

The Individual Single-Family Off-Site Improvement Revolving Fund shall be used and expended only to provide moneys to construct or pay fees for off-site improvements in public street rights of way in the City adjacent to the real property of such individual single-family lot owners thereof as may elect to cause these improvements to be built, erected, constructed and completed and payment thereof to be made from the Individual Single-Family Off- Site Improvement Revolving Fund in accordance with the provisions of this Chapter.

All off-site improvements installed as provided in this Chapter shall be constructed in conformity with the standard plans and specifications of the City and to the satisfaction of the City Engineer.

Any owner of real property desiring to finance the construction of off-site improvements from the Off-Site Improvement Revolving Fund shall make a written application therefor to the City Manager. If such application is accepted and approved, the City and the owner shall enter into a written recordable agreement for the payment for such construction from said Fund. Such owner shall, by such agreement, obligate himself to repay to the City all sums paid from said Fund for such construction in monthly, quarterly, semi-annual or yearly payments as shall be approved by the City, with the entire amount thereof to be fully repaid to the City within a period of not exceeding five (5) years from the date of such agreement, and on such terms and under such conditions as may be set forth in such written agreement, with all unpaid balances to bear interest at the rate of seven percent (7%) per annum from the date of such agreement. Such agreement shall provide that any installment payments, with accruing interest as specified and set up in such agreement, remaining unpaid for thirty (30) days after the due date thereof may be assessed as taxes against the real property of the owner or applicant, and that the entire balance due under such contract and unpaid shall constitute a special assessment against the parcel of real property thus benefitted, and shall be a lien on the property for the amount thereof with the accruing interest, and shall continue to be a lien thereon until the full amount thereof and all accruing interest is paid and discharged in full. The agreement shall be recorded.

The Director of Finance,on or before the first Monday in March of each year, shall cause to be filed with the County Auditor a description of the property, together with the name of the owner or reputed owner thereof, against which such special assessment shall be made, and the installments then due and unpaid, with accruing interest, together with all other sums of money due and unpaid under such agreement, may be assessed as taxes against the owner or reputed owner of the real property, and the amount of money so assessed shall bear the same penalties and interest as taxes regularly assessed on default of payment thereof.

All moneys received by the City under such written agreements or assessed or collected by the City shall be deposited in the Off- Site Improvement Revolving Fund. (Ord. 8701, 2-3-87)