Needles Municipal Code § 5.3 Installment and lien agreements

paying the cost of the wastewater system construction in cash, or who have not formed an assessment or improvement district. Such agreement(s) shall be filed with the city clerk, and shall include a promissory note secured by a deed of trust. The note shall bear interest at a rate of six percent per annum, and the interest shall be paid to the city. The corporate trustee named by the deed of trust shall be selected by the city, and the note shall become immediately due upon default of any payment or interest amount.

assessment or improvement districts shall pay such costs of construction in installments of not less than twenty-percent. A deposit of twenty percent is required at time of agreement execution, and the remaining amount shall be paid in twenty percent increments on three-month intervals, with the first month being due three months after the agreement execution date.

limited to, trustee sale costs, fees incurred by city and trustee, evidence of title and legal costs.

furnish a title insurance policy to confirm the condition of the title. Upon receipt of such title insurance policy, the city may refuse to enter into an agreement, if the policy demonstrates, in the city’s opinion, the lien does not provide adequate security for the city.

assessment or improvement district, and may its option, deem the security inadequate or may refuse to enter into such agreement(s) based upon the financial burden they may create.