(a) The annual improvement assessment resulting from a project or from connection to an existing public sanitary sewer may be deferred for qualified property owners. Qualified property owners desiring to participate in the program shall execute an unassignable and unassumable mortgage of their benefitted property, or property required to be connected to an existing public sanitary sewer, in favor of the urban county government for the cumulative cost of all annual improvement assessments (the sum of principal and interest for the life of the bond issue, including the tap-on fee) on their benefitted property. Upon receipt of each annual improvement assessment bill, each participating property owner shall execute a promissory note in favor of the urban county government for any amount of the annual improvement assessment which is not paid by the participating property owner, whereupon the urban county government will pay the unpaid portion of the participating property owner's annual improvement assessment. Promissory notes executed by a participating property owner shall be due and payable on the date of the expiration of the sanitary sewer improvement bond issue which financed the project or the public sanitary sewer improvements to which the qualified property owner is connecting his property. All mortgages and promissory notes shall contain an acceleration clause which shall operate to cause all sums owing by reason of such promissory notes, and secured by such mortgages, to be immediately due and payable upon the transfer of the mortgaged benefitted property to other than a surviving spouse by will or intestacy. All payments of annual improvements assessments by the urban county government are subject to an annual appropriation by the urban county council of the funds to make such payments, and neither the establishment of this program nor participation in the program shall constitute a contract between the urban county government and any qualified property owner for other than the fiscal year for which funds are appropriated to make annual improvement assessment payments. In the event funds are not appropriated for any given fiscal year, the participating property owner will be required to pay the annual improvement assessment for that year.
(b) Failure of the property owner to acquire or maintain property insurance shall not prevent participation in the program.
(Ord. No. 126-83, § 1, 7-21-83; Ord. No. 164-84, § 1, 9-20-84)
Note(s)—Formerly, § 16-65.