(A) The assessment imposed against any parcel of property to fund capital improvements shall be subject to prepayment at the option of the property owner, as follows:
(1) Prior to the issuance of obligations, the Assessment Coordinator shall provide first class mailed notice to the owner of each parcel of property subject to the assessment of the Commission's intent to issue such obligations. On or prior to the date specified in such notice (which shall not be earlier than the thirtieth day following the date on which the notice is delivered to the possession of the U.S. Postal Service), or such later date as the Commission may allow in its sole discretion, the owner of each parcel of property subject to the assessment shall be entitled to prepay the total assessment obligation.
(2) Following the date specified in the notice provided pursuant to division (A) hereof, or such later date as the Commission may allow in its sole discretion, the owner of each parcel of property subject to the assessment shall be entitled to prepay the total remaining assessment upon payment of an amount equal to the sum of (a) such parcel's share of the principal amount of obligations then outstanding, (b) the premium associated with redemption of such parcel's share of the principal amount of obligations then outstanding, and (c) interest on such parcel's share of the principal amount of obligations then outstanding, from the most recent date to which interest has been paid to the next date following such prepayment on which the city can redeem obligations after providing all notices required by the ordinance or resolution authorizing issuance of such obligations; provided however, that during any period commencing on the date the annual assessment roll is certified for collection pursuant to the Uniform Assessment Collection Act and ending on the next date on which unpaid ad valorem taxes become delinquent, the city may reduce the amount required to prepay the assessments imposed against any parcel of property by the amount of the assessment certified for collection with respect to such parcel.
(B) At the city's election, the assessment imposed against any parcel of property may be subject to acceleration and mandatory prepayment if at any time a tax certificate has been issued and remains outstanding in respect of such property. In such event, the amount required for mandatory prepayment shall be the same as that required for an optional prepayment authorized by division (B) hereof.
(C) The amount of all prepayments computed in accordance with this section shall be final. The city shall not be required to refund any portion of a prepayment if (1) the capital cost is less than the amount upon which such prepayment was computed, or (2) annual assessments will not be imposed for the full number of years anticipated at the time of such prepayment.
(Ord. 632, passed 2-9-2016)