The owners of property liable to pay assessments have the right to pay such assessments, together with interest thereon as provided by the proceedings and statute under which the outstanding bonds were issued. If the owners of property against which assessments remain unpaid so elect, by written notice given to the legislative body at any time prior to the hearing on the refunding and reassessment they may continue to pay assessments as provided by the proceedings and statute under which the outstanding bonds were issued. The notice shall describe the property upon which the owner elects to continue to pay sufficiently to identify it.
Chapter 4Election of Landowners to Pay Original Assessment
Section § 9160
If you own a property that still has assessments to pay, you have a right to pay off these assessments with interest as laid out in the original terms of the bond. You can choose to keep paying these assessments by giving a written notice to the local legislative body before any hearing about potentially changing or refunding these assessments. Your notice needs to clearly identify your property.
property assessments interest on assessments unpaid assessments written notice legislative body refunding hearing reassessment hearing property identification payment election bond proceedings outstanding bonds assessment payments landowner rights property liability local government notice
Section § 9161
This law states that if you've received written notice about property assessments, those assessments, including any interest and penalties, need to be paid and collected according to the rules set out when the original bonds were issued.
The assessments upon property as to which such written notice has been given shall be paid and collected with interest and penalties thereon as provided by the proceedings and statute under which the bonds to be refunded were issued.
property assessments written notice interest penalties bond refunding payment collection original bonds debt repayment assessed property financial proceedings
Section § 9162
When there are outstanding bonds that are set to be paid back in regular installments, they will not be canceled if they match the amount in the notices given according to this law. Instead, these bonds, along with any interest, will be paid off as initially planned.
Outstanding bonds payable serially as the assessments are payable, and in principal amount equal to the principal of the assessments included in written notices given pursuant to this chapter shall not be canceled in the refunding proceeding but, with interest, shall be payable as provided in the original proceedings.
outstanding bonds serial payments principal amount assessments cancellation of bonds refunding proceeding interest on bonds original proceedings bond payments written notices bond redemption financial obligations assessment notices bond terms debt repayment
Section § 9163
If a property owner decides to keep paying their assessments according to this chapter, their property's reassessment will be marked as “Not to be levied.” This means that no new reassessment will be charged to that property during the refunding process.
In the event any property owner elects to continue to pay assessments as provided in this chapter, the proposed reassessment upon his parcel of land as set forth in the statement on file shall be marked “Not to be levied” and no reassessment shall be levied on such parcel in the refunding proceeding.
property owner election continue assessments proposed reassessment not to be levied parcel of land refunding proceeding property reassessment assessment payment continuation levy exemption chapter provision assessment marking assessment decision reassessment avoidance property tax process
Section § 9164
This law section explains that if the amount of outstanding bonds needs to be adjusted to match the original assessments' yearly payment schedule, a note indicating the reduction should be marked on each affected bond or interest coupon. The remaining amount of these bonds or coupons still follows the rules of payment and collection set out in the Improvement Bond Act of 1915.
If in order that the principal amount of outstanding bonds not canceled in the refunding proceedings which is payable annually and interest thereon shall equal the principal amount of assessments made under the original proceedings which are payable annually and interest thereon, it is necessary to reduce the amount of any bond or interest coupon, an appropriate notation showing the amount of reduction shall be written, printed, or stamped upon the face of each bond or coupon reduced in amount. The remaining amount of such bond or coupon shall be payable, collectible, and enforceable in accordance with the provisions of the Improvement Bond Act of 1915.
outstanding bonds bond reduction interest coupon refunding proceedings principal amount notation for reduction Improvement Bond Act of 1915 annual payments matching adjustment of bonds payable bonds enforceable coupon interest payment schedule assessments matching financial adjustments stamped notation on bond
Section § 9165
This law says that if a property owner decides not to keep paying their assessments, the local government must reassess the property as part of the refunding process.
If any property owner does not elect to continue to pay assessments as provided in this chapter, then the legislative body shall make a reassessment against his property in the refunding proceedings.
property owner assessments reassessment legislative body refunding proceedings property reassessment elect to continue payment of assessments local government property tax financial obligations tax liabilities real estate assessments municipal proceedings obligation to pay
