(a) Except for special assessments levied for collection over a period of less than five (5) years, any special assessments levied by Council against property for which a certificate of reduction in taxes has been obtained, or may be obtained within thirty (30) days, under Ohio R.C. 323.152(A) may be paid in the manner provided herein.
(b) An application to use this method of payment shall be filed by the owner of affected property with the Director of Finance within twenty (20) days after the mailing of the notice provided in Section 925.03(h), together with the following:
(1) A copy of the certificate of reduction in taxes, provided for in Ohio R. C. 323.154, relating to the affected property; and
(2) Evidence satisfactory to the Director of Law that the applicant has, and will continue to have, a policy or policies of insurance insuring the buildings and improvements then existing or thereafter erected on the property against loss or damage by fire, lightning, wind storm, hail, and such other risks as are ordinarily insured against by persons owning buildings and improvements similar to that of the applicant for the benefit of, and to the extent necessary to protect the interests of the City until the note hereinafter provided for is paid.
The Director of Budget and Finance shall approve or disapprove the application within thirty (30) days after receipt.
(c) The applicant shall sign a note promising to pay the City the amount of special assessments levied, together with interest and an amount, as determined by the Director of Budget and Finance, sufficient to pay all costs in connection with the processing of the application including filing fees for the mortgage. The note shall contain such provisions as the Director of Law deems appropriate to protect the interests of the City, including the following:
(1) The note shall bear interest at a rate estimated by the Director of Budget and Finance to be payable on the special assessments for the improvement for which they were levied and not paid in cash, and shall be charged only on the unpaid principal balance of the note and not on unpaid interest; and
(2) The note shall become due and payable when:
A. The applicant transfers by sale or gift the property or any part thereof or interest therein, except if such transfer is to a surviving spouse, or
B. The property or any part thereof or interest therein is transferred by inheritance upon the death of the applicant, except if such transfer is to a surviving spouse, or
C. The applicant fails at any time to qualify for a certificate of reduction in taxes as provided in Ohio R. C. Section 323.152(A), except in the case of a surviving spouse.
(d) The note shall be secured by a mortgage on the property of even date with the note, containing such provisions as the Director of Law finds appropriate to protect the interest of the City. After the signed mortgage is filed for record, the Director of Budget and Finance shall pay the special assessments in accordance with law from funds appropriated for that purpose.
(e) The forms of application, note, mortgage and any other documents to be used in implementing this chapter shall be prepared and approved by the Director of Law; and
(f) The City Manager shall cause to be prepared and submitted to the City Council on or before December 15 of each year, a report that shall set forth the number of applications submitted hereunder, the number of principal amount of the notes entered into for the year and preceding years and any other information as may be required by Council.
(Ord. 1992-23. Passed 4-8-92.)