The assembly establishes a policy whereby public improvements for which assessments are authorized under the Charter may be financed in whole or in part by the levy and collection of special assessments upon the real property specially benefited by said improvements.
(Ord. 392 § 1(A.010), 1980)
For the purposes of this chapter, the following words shall have the following meanings:
A. 
"Assembly"
means the duly constituted and acting assembly of the borough from time to time.
B. 
"Assessment" or "assessments"
means the assessments appearing on each L.I.D. assessment roll and include the installments thereof and any interest and penalties required to be paid thereon.
C. 
"Current assessed value of all property within the district"
includes all property whether taxable or not. The value of property of the United States, the State of Alaska, the borough or any other public or private corporation, associate or individual whose property is not assessed for general taxes shall be computed according to the standards afforded by similarly situated property which is assessed for general taxes, and shall be included in determining the current assessed value of all the property within the district.
D. 
"Cost or costs of improvements"
includes all costs of the L.I.D. including but not limited to the cost of requisition of materials and the cost of construction of the improvements; reasonable allowance for contingencies; acquisition, overhead, advertising, engineering, legal, administrative, and other incidental costs.
E. 
"Local improvement district,"
also known as "L.I.D.," means an area upon which a local improvement is made pursuant to this chapter or Chapter 5.16 WMC. Local improvement may consist of the following:
1. 
The broadening, graveling, paving or other surfacing of any street; or opening, laying out, widening, extending, altering, changing the grade of, or constructing any street or alley; or acquisition of property therefor;
2. 
The acquisition, reconstruction or repair of any street or alley improvement mentioned in this section;
3. 
The construction or reconstruction of sidewalks;
4. 
The acquisition, establishment, construction or reconstruction of any off-street motor parking facility;
5. 
The construction, reconstruction or repair of any sanitary or storm sewer or water main or portion of a water system, or acquisition of property therefor, including potable water system;
6. 
The acquisition, construction, reconstruction or repair of any flood-control structure or drainage way;
7. 
The acquisition, construction, reconstruction, installation and equipping of a park, playground or neighborhood recreation facility;
8. 
The installation of overhead or underground wiring or related equipment and acquisition of property therefor for the installation of power and/or communication systems;
9. 
The installation of street lights;
10. 
Any other local improvement for which an assessment may be made on the property specially benefited.
F. 
"Owner"
means all owners of legal title of record on the municipal property tax roll, which owner is conclusively presumed to be the legal owner of record to each lot, tract or parcel of land in any L.I.D.; and, in addition, shall include the purchasers of record of an equitable interest under a contract for deed, purchase contract or like instrument whereby legal title is delivered upon final payment. If the owner is unknown, the assessment may be made against unknown owner. For the purpose of this chapter, trustees and beneficiaries of deeds of trust and real estate mortgages or leaseholders are not included in the definition of "owner."
G. 
"Petitioned local improvement district,"
also known as "petitioned L.I.D.," means an L.I.D. established and financed according to the provisions of this chapter, along with such modifications of said provisions applicable to the borough as the assembly may enact by ordinance under its home-rule powers. Descriptively, a petitioned L.I.D. is initiated by a petition of the property owners within the proposed district requesting the acquisition, construction and/or installation of certain public improvements and containing a statement of the estimated cost thereof and the proposed payment terms, which is presented to the assembly for further action.
H. 
"Property"
means land and any improvements attached thereto.
(Ord. 392 § 1(A.240(1) – (9)), 1980)
The assembly shall have full power and authority to abandon and rescind proceedings for improvements undertaken under this chapter at any time prior to the final consummation of such proceedings. If liens have been assessed upon any property under this procedure, they shall be cancelled, and any payments made thereon shall be refunded to the payer, such assigns, or legal representatives.
(Ord. 392 § 1(A.250), 1980)
No improvement assessment shall be invalid by reason of a failure to give, in any report on the proposed assessment, in the assessment ordinance, in the lien docket, or elsewhere in the proceedings, the name of the owner of any lot or other parcel of land, or part thereof, or the name of any person having a lien upon or interest in such property, or by reason of any error, mistake, delay, omission, irregularity, or other act, jurisdiction or otherwise, in any of the proceedings specified in this chapter unless it appears that the assessment as made, insofar as it affects the person complaining, is unfair and unjust. The assembly shall have power and authority to remedy and correct all such matters by suitable action and proceedings.
(Ord. 392 § 1(A.260), 1980)
The petition for an improvement by special assessment shall be in a form prescribed by the borough manager and shall include a description of the improvement sought by the petition. The original or copies of the petition shall be signed by the owners of the properties which will bear at least 50 percent of the estimated cost of the improvement sought by the petition. The petition when signed shall be filed with the borough clerk.
(Ord. 392 § 1(A.030(a)), 1980)
After the petition has been filed with the borough clerk, the assembly shall determine by resolution whether the petition has sufficient and property signatories thereto, and whether the improvement is necessary. The findings of the assembly are conclusive. If the assembly finds that the improvement is necessary, the assembly shall also set a time for public hearing thereon.
(Ord. 392 § 1(A.030(b)), 1980)
A. 
Notice of such hearing shall be published at least once a week for four consecutive weeks in a newspaper of general circulation throughout the borough prior to the date set for such hearing.
B. 
The notice shall contain a statement of the following:
1. 
A general description of the improvements to be ordered and a description of the boundaries of the proposed L.I.D.;
2. 
A statement of the estimated cost of the proposed improvements and the estimated proportion of such cost to be borne by the property specially benefited thereby;
3. 
That a map or plat showing thereon the lots, tracts and parcels of land which will be specially benefited by the proposed improvement, the proposed assessment schedule and the proposed assessment against each such lot, tract or parcel of land is on file for public inspection at the office of the borough clerk;
4. 
Whether special assessment district bonds will be issued and sold to provide funds to pay the cost of improvements;
5. 
The time, date and place of such hearing; and that the owners of any property within the proposed district may file a written objection to the creation of such district and the ordering of the work to be done therein with the borough clerk up to the time of the hearing.
(Ord. 620 § 5, 1996; Ord. 392 § 1(A.030(c)), 1980)
A. 
Notice of such hearing shall also be mailed to all owners within the proposed district according to the tax roll of the borough at the last address shown thereon, at least 60 days prior to the date set for such hearing if special assessment bonds are to be issued. If special assessment bonds are not to be issued to pay the cost of improvements, then the notice shall be mailed not less than 20 days prior to such hearing date.
B. 
Such notice shall contain, in addition to the items required to be set forth in the published notice, the following:
1. 
A description of each lot, tract or parcel of land owned by said owner and the estimated assessment to be levied against each such property;
2. 
The estimated payment schedule of such assessment;
3. 
A statement that the assessment proposed to be levied against each such lot, tract or parcel of land is an estimated amount and that when actual costs are known they will be assessed against all of the real property in the L.I.D. in accordance with the benefits received.
(Ord. 392 § 1(A.030(d)), 1980)
A. 
If written protests as to the necessity of the local improvement are made by the owners of benefited property which will bear 50 percent or more of the estimated cost of the improvement, the improvement shall not proceed until the protests have been reduced so that the property of those still protesting shall not bear 50 percent of the estimated cost of the improvement, except upon passage by the assembly of a resolution to proceed by a vote of at least six assembly members. Such protests must be filed with the borough clerk before the close of the public hearing on the necessity of the improvement.
B. 
The assembly may decrease the extent or value of the improvement, or may delete from the properties to be assessed those not benefited in whole or in part by the improvement. At the conclusion of the public hearing, the assembly shall by resolution determine whether or not to proceed with the improvement. Said resolution, pursuant to WMC § 5.12.150, 5.12.160, and 5.12.170, shall also specify the method of apportioning benefits to be employed. After the assembly revises the plans it shall, if it determines to proceed with the improvements under the revised plan, readvertise and renotice the proposed improvements and hold another hearing thereon, and be subjected to the same time notice limitations as required in the first instance, and so on until the objections have been reduced to less than 50 percent as referred to above.
C. 
If the owners of property bearing more than 50 percent of the estimated assessments agree in writing to any revised plan, there shall be no need to readvertise or hold further hearings and the assembly may proceed with the revised plan.
(Ord. 392 § 1(A.030(f)), 1980)
Upon passage by the assembly of a resolution that the improvement is necessary and the petition has sufficient and proper signatures, as provided in WMC § 5.12.070, the assembly shall authorize the borough manager to prepare a report to the assembly concerning the need for the estimated cost of the improvement. The report shall contain a plan specifying the properties to be assessed and showing the desirable extent of the proposed improvement. The report of the borough manager may be presented to the assembly either before or at the time of the public hearing required in this chapter.
(Ord. 392 § 1(A.030(g)), 1980)
If, as and when the assembly finds that the L.I.D. should be formed, it shall by ordinance, or by resolution if special assessment district bonds are not to be issued, find that the creation of such L.I.D. is in the public interest, and create such district, describe the boundaries thereof, describe the improvements to be acquired, constructed and installed therein, declare the estimated cost thereof, declare the proportionate amount of the funds of the borough, if any, to be applied thereto and order such work to be done. If necessary, such ordinance or resolution shall authorize the acquisition of all land necessary for such improvements, the payment of all damages caused thereby and the commencement in the name of the borough of such eminent domain proceedings and assessment proceedings required to pay all eminent domain awards as may be necessary to enable the borough to proceed with the work.
(Ord. 392 § 1(A.030(h)), 1980)
A. 
The borough assembly may, on its own motion, direct the borough manager to prepare a report to the assembly concerning the need for and the estimated cost of a public improvement. The report shall contain a plan specifying the properties to be assessed and showing the desirable extent of the proposed improvement. The report of the borough manager may be presented to the assembly either before or at the time of the public hearing on the necessity for the proposed improvement.
B. 
Simultaneously with its motion authorizing the report by the borough manager, the assembly shall provide for notice of public hearing in accordance with the procedure established by WMC § 5.12.070 and 5.12.080.
C. 
At the conclusion of the public hearing the assembly shall determine by resolution whether or not to proceed with the improvement. The assembly shall not proceed with any public improvement if written protests as to the necessity of such improvement are made by the owners of benefited property which will bear 50 percent or more of the estimated cost of the improvement until the protests have been reduced so that the property of those still protesting shall not bear 50 percent of the estimated cost of the improvement, except upon passage by the assembly of a resolution to proceed by a vote of at least six assembly members. Said resolution, pursuant to WMC § 5.12.150, 5.12.160, and 5.12.170, shall also specify the method of apportioning benefits to be employed.
(Ord. 392 § 1(A.035), 1980)
The assembly shall assess 50 percent of the cost of all improvements made in accordance with this chapter against the properties benefited thereby; provided, that the assembly may decide, prior to or at the time of determining to proceed with the improvement project, to reduce or increase the portion of the cost to be assessed against the property benefited specially by the improvement, or that the nature of the improvement or lack of general funds requires that the improvement be financed by an assessment against the benefited property greater or less than 50 percent of the cost of the improvement.
(Ord. 392 § 1(A.040), 1980)
The following methods shall be used in determining the proportion of benefits and assessments to real properties specially benefited from improvements authorized and constructed under the authority of this chapter:
A. 
Street and Sidewalk Improvements, Squares, Benefited Areas. Except in the cases otherwise specifically provided for under this chapter, or unless provided for in the resolution ordering such improvement, "property benefited" shall mean and shall include all property abutting upon or adjacent to the street, avenue, alley, drive, square or other public place proposed to be improved. "All of the property" shall be considered and held to be all the property specially benefited by such local improvement and shall be the property to be assessed to pay the cost thereof or such portion of the costs as are chargeable against the property specially benefited by such improvement, which cost and expense shall be assessed against all of such property so benefited in conformance to the special benefits so conferred on such property using one of the following methods for proportions:
1. 
One hundred percent of the improvement assessable to such properties shall be distributed to each lot, tract or parcel of property in proportion to its area.
2. 
One hundred percent of the costs assessable to such properties shall be distributed to each lot, tract or parcel of property in proportion to the frontage of that property on the improved street, avenue, alley, drive, square or other public place.
The total assessment thus determined shall be entered upon the assessment roll as the amount to be levied and assessed against each separate lot, tract or parcel of land or other property.
Corner lots shall be assessed on the same basis as above, except that where such lot is bounded by two streets which are being improved, the front footage basis shall be the full frontage on the longest side and one-half the frontage on the shortest side.
B. 
Sanitary Sewers and Storm Sewers. In spreading assessments, as set forth in subsection (A)(1) or (2), for sewers and drains, including storm drains, the cost shall be assessed in proportion to the area of each lot, tract or parcel that abuts upon, or is beneficially affected by such improvement although not abutting such improvement, such benefited area to be determined by the assembly by the resolution passed determining the necessity for such improvement.
C. 
Other Improvements. The assembly shall determine the method of proportioning the benefits, as set forth in subsection (A)(1) or (2), from other types of improvements at the time of declaring the necessity of the improvement, or upon creation of an improvement district.
D. 
Reserve for Delinquencies. In anticipation of delinquent assessments, there may be added to each separate assessment appearing on each assessment roll a sum not less than three percent nor greater than 10 percent of such assessment. Said charge shall constitute a reserve to be used only if payment of assessments become delinquent to the extent that any amounts due on debt incurred by the borough for financing the property owners' share of the local improvement district in question cannot be met as they become due. Any balance remaining in said reserve after all debts incurred relative to the L.I.D. in question have been repaid shall be refunded pro rata to such property owners within the L.I.D. on whose lots the assessments have been paid promptly during the full period of the payment schedule without being in default at any time. Any refunds due shall be paid to the then owner of the lot as shown on the tax roll for the year in which the refund is declared. No such refund shall be in an amount greater than the original percentage charged to that lot.
E. 
Government Properties. Assessments levied in any L.I.D. may be levied against properties of the United States of America, the State of Alaska, the borough, and the borough as provided in this chapter and the assessments levied against any properties of the borough or the borough shall have a lien thereon and shall be collectible as assessments levied against properties of owners except where prohibited by law. Should it appear for any reason that the assessments levied against any properties of the United States of America or the State of Alaska are uncollectible, such assessments shall not be counted in the computation of the final assessment roll of any L.I.D. and, if any such assessments are collected, the same shall be paid into the fund of such L.I.D. as are all other assessments.
(Ord. 620 § 4, 1996; Ord. 392 § 1(A.050(a)), 1980)
In the event all the lots, tracts, or parcels of land in any L.I.D. are substantially equal in size and are substantially equal in distance from the improvements constructed therein, and the benefits derived by each such lot, tract or parcel of land are substantially equal to the benefits derived by every other lot, tract or parcel of land within the district, or all of the property owners agree thereto, then the total assessment roll may be apportioned equally among all such lots, tracts and parcels of land; otherwise, the assembly shall determine the amount of the individual assessments fixed in any assessment roll on such basis as may be legal, equitable and proper under all the circumstances.
(Ord. 392 § 1(A.050(b)), 1980)
Nothing in this chapter or Chapter 5.16 WMC governing local improvement districts shall prohibit the assembly from utilizing some formula or method of determining benefits where it can be shown that the property benefited should bear a greater amount of the assessment. As an example, but not by way of limitation, where commercially zoned property is directly adjacent to residentially zoned property, but both are served by the same sewer connection and the multiple-story building on the commercial property may have 10 users whereas the residential property may have only two users, the commercial area shall therefore bear more of the assessment costs.
(Ord. 392 § 1(A.050(c)), 1980)
To facilitate the financing of construction of improvements authorized under this chapter, the director of finance is authorized to accept from owners of real property advance payments of assessments based upon estimated assessments. The amount of the advance payment shall be credited against the actual assessment when the same shall have been levied by the assembly. If the advance payment exceeds the actual assessment, the difference shall be promptly refunded to the owner of real property who made the payment. If the advance payment is less than the actual assessment, the difference shall be billed to the owner of the real property in the same manner as provided for other assessments.
(Ord. 392 § 1(A.080), 1980)
If any special assessment fails to be valid in whole or in part, or if for any cause, mistake or inadvertence the amount assessed is not sufficient to pay the cost of a public improvement or the part thereof to be assessed against benefited property, then the assembly is authorized to cause such assessment to be reassessed.
(Ord. 833 § 18, 2009; Ord. 392 § 1(A.090), 1980)
Whenever property has been assessed in an entire tract and subsequently subdivided, any owner so desiring may make an application to the assembly for a segregation of the assessment and a determination of the amount due on each portion thereof. The assembly shall thereupon cause an appraisal to be made of the entire property as a whole, and also of the segregated portions. If the assembly deems that such segregation can be made without prejudice to the borough's security, it may order the assessment to be segregated and assessed against each portion of the divided property. In case the assembly determines that the borough cannot, without injury to its security, permit such segregation, it shall require payment of the entire amount as a whole before any portion of the tract is discharged from the lien of such assessment.
(Ord. 392 § 1(A.095), 1980)
A. 
The regularity or validity of an assessment may not be contested by a person who did not file with the borough clerk a written objection to the assessment roll before its confirmation.
B. 
The decision of the assembly upon an objection may be appealed to the superior court within 30 days of the date of confirmation of the assessment roll.
C. 
If no objection is filed or an appeal taken within the time provided in this section, the assessment procedure shall be considered regular and valid in all respects.
(Ord. 392 § 1(A.100), 1980)
A. 
An L.I.D. may include adjoining, vicinal or neighboring streets, avenues and alleys even though the improvements thus made are not connected or continuous as long as there is no more than 2,500 feet between continuous units; provided, that the cost and expense of each continuous unit of the improvement may be ascertained separately as near as may be and, if so ascertained separately, the assessment rates shall be computed on the basis of the cost and expense of each unit.
B. 
The assembly may at any time at its discretion, by ordinance, eliminate from said district any unit of the improvement which is not completed and may proceed with the construction of the balance of the improvements within said district as fully and completely as though said eliminated unit had not been included within the district; provided, however, that the assessments to be levied to pay part or all of the costs of the improvements actually constructed may be levied only against the properties within such district specially benefited thereby.
(Ord. 392 § 1(A.110(a), (b)), 1980)
A. 
The assembly shall by resolution fix a time, date and place for a hearing on the question of whether or not it should abandon the acquisition, construction and installation of a portion of the improvements. Notice of such hearing shall be published once, at least 10 days prior to the date thereof, in a newspaper of general circulation within the borough, and shall be mailed at or prior to the same time to all owners of property within such district. Such notice shall state the proposed assembly action and shall also require that any owner who objects thereto should file a written notice of that objection with the borough clerk at or prior to the hearing.
B. 
At the time of the hearing, the assembly shall hear all such protests and all evidence material to the question of whether or not the completion of such improvements should be abandoned and after considering the same the assembly shall then decide whether or not to so abandon a portion of the improvements. In the event that written objections to such proposed abandonment are filed by the owners of property in the district bearing less than 50 percent of the owners of property within the area proposed to be abandoned, the assembly shall proceed to complete the construction of the improvements originally authorized in such district. In the event protests equaling 50 percent or more are filed and the assembly decides that the portion of such improvements incurred to the time of such abandonment shall be assessed only against the property within such district specially benefited by the improvements actually completed.
(Ord. 392 § 1(A.110(b)(1), (2)), 1980)
A. 
The borough shall not proceed with an L.I.D. if it appears from the preliminary estimates and assessment roll that the amount of the estimated cost of improvements to be acquired, constructed and installed to be assessed against the property in the proposed district, when added to all other outstanding L.I.D. assessments against such property, is more than the current assessed value of the land within the district, including 25 percent of the current assessed value of the improvements thereon and 75 percent of the estimated cost of the improvements as a result of the L.I.D. to the land within the district, unless:
1. 
If special assessment district bonds are to be issued, the property owners or someone in their behalf deposits with the borough a sum of money equal to the amount by which the estimated cost of improvements exceeds the limit hereinabove fixed; or
2. 
If special assessment district bonds are not to be issued, the persons objecting to the creation of the L.I.D. do not own property therein greater than 20 percent in current assessed value of all the property within the district.
B. 
The limitation fixed in this section shall not apply to the improvement of a particular disconnected unit included in an L.I.D. as permitted by WMC § 5.12.240, but shall apply only to the L.I.D. as a whole.
(Ord. 392 § 1(A.110(c)), 1980)
A. 
When the improvements in any L.I.D. are to be acquired, constructed and installed by a contractor or contractors, and if it appears after consideration of the contract cost plus all other costs of improvements that the total cost of improvements will exceed the estimated cost as it appears on the approving resolution or ordinance, by 20 percent or more, then at least 15 days before the notice to proceed is given the contractor or contractors, the director of public works of the borough shall give notice of such estimated increased cost by certified mail to the owners of the lots, tracts and parcels of land within the district at their last known address, and shall also publish, on or before the same date, a similar notice at least once in a newspaper of general circulation in the borough.
B. 
The mailed and published notice shall state the amount, and percentage, of total cost of the expected additional charges over the last complete estimated cost, and shall further state that unless written objections to the borough ordering the contractor or contractors to proceed are filed with the borough clerk by the owners of property within the district bearing 50 percent or more of the estimated cost of the improvements to be paid from assessments within 10 days from the date of the mailing and publishing of such notice, said contractor or contractors will be ordered to proceed, and that said estimate of costs as increased shall be the cost of improvements until all actual costs after completion are known.
C. 
In the event such written objections are so filed by the owners of property within the district bearing 50 percent or more of the estimated cost of the improvements to be paid from assessments, then no notice to proceed shall be given the contractor and further work on the project shall cease. The borough shall bear the costs of the project to date of termination.
(Ord. 392 § 1(A.110(d)), 1980)
A. 
Each L.I.D. of the borough shall be given a number in the ordinance or resolution creating the district, and each such ordinance or resolution shall create an "L.I.D. No. ______ Fund." Into such fund shall be paid all receipts pertaining to the L.I.D. including, but not limited to, proceeds from the sale of warrants and/or bonds, transfers from the borough general fund and assessments as paid.
B. 
Such funds shall be drawn upon for the purpose of paying construction costs of such L.I.D., redemption of warrants and bonds and the payment of interest thereon.
C. 
Within such fund, accounts such as may be necessary, such as construction revenue, bond redemption and sinking fund accounts, may be set up.
(Ord. 392 § 1(A.110(e)), 1980)
A. 
The borough may provide by resolution or ordinance for the issuance of warrants payable out of such L.I.D. fund in payment of the cost and expense of any L.I.D. improvements. The warrants shall bear interest at a rate not to exceed 10 percent per year and shall be redeemed either in cash or by exchange for special assessment district bonds of such district. Such warrants shall be redeemed in order of their number whenever there is enough money in such fund to redeem such lowest number warrant or warrants.
B. 
Warrants may be issued to the borough general fund when the general fund advances the costs of improvements.
(Ord. 392 § 1(A.110(f)), 1980)
All moneys remaining in any L.I.D. fund of any special assessment district after all costs of improvement in such district, including the redemption of all warrants and bonds of such district, have been paid shall be paid into the guaranty fund of the borough as provided in WMC § 5.12.380. If no special assessment bonds have been issued in any L.I.D., surplus moneys shall then be paid into the L.I.D. revolving fund of the borough.
(Ord. 392 § 1(A.110(g)), 1980)
A. 
It shall be the general policy of the borough to call for bids for making local improvements and to award the bid to the lowest responsible bidder. This general policy, however, shall not prohibit the assembly from providing that the borough construct the local improvements rather than private contractors.
B. 
In the event more than one L.I.D. is advertised for bids at the same time, all L.I.D.s shall be bid separately. The assembly shall have the authority, however, to accept the lowest aggregate bid for all the L.I.D.s bid at same time.
C. 
If the improvement cost of an L.I.D. is less than the amount requiring competitive bid as provided by law, the borough may award the contract without bid.
D. 
At the option of the borough, bids for improvements may be taken prior to the public hearing; however, no contract for construction shall be awarded prior to enactment of a resolution creating the improvement district, unless agreed to in writing by 100 percent of the owners of the property to be benefited.
(Ord. 392 § 1(A.115), 1980)
A. 
Bonds to be entitled "L.I.D. No. _______, City and Borough of Wrangell, Alaska, Bonds" may be issued to provide funds to pay any part or all of the costs of improvements in any special assessment district; provided, that such bonds shall not be issued in a total principal amount in excess of such costs of improvement.
B. 
Such bonds shall be issued pursuant to ordinance and shall be made payable on a date not sooner than two years later than the date upon which the last installment of the assessments securing such bonds becomes due and not later than two years, six months after the date upon which the last installment of the assessments securing such bonds becomes due.
(Ord. 392 § 1(A.120), 1980)
A. 
Such bonds shall bear interest at a rate not to exceed 10 percent per year, payable annually or semiannually, shall be in such denominations as may be provided in the ordinance authorizing their issuance, and shall be numbered from one up, consecutively.
B. 
Each bond shall be signed by the mayor of the borough and attested by its clerk; shall have the seal of the borough impressed or reproduced thereon; refer to the improvement to pay for which it is issued and the ordinance ordering it; provide that the principal amount thereof and the interest thereon shall be payable out of the L.I.D. fund of such district or out of the local improvement guaranty fund of the borough and not otherwise; provide that the bondholders' remedy in case of any nonpayment shall be confined to the enforcement of the special assessments levied for the improvements in such L.I.D. and to such guaranty fund; and have attached thereto interest coupons for each interest payment which coupons may have printed or reproduced thereon the facsimile signatures of such mayor and clerk.
(Ord. 392 § 1(A.130), 1980)
Such L.I.D. bonds may be issued to the contractor or contractors constructing and installing the improvements in such district, or may be sold by the borough at public or private sale, but at not less than par and accrued interest. The proceeds of sale of such bonds shall be deposited in the applicable L.I.D. fund and be applied in payment of the costs of improvement either in cash or by the redemption of warrants or other obligations of the borough issued to pay such costs.
(Ord. 392 § 1(A.140), 1980)
The borough treasurer shall call in and redeem the principal of one or more bonds of any issued in their numerical order whenever there is sufficient money in the L.I.D. fund against which the bonds have been issued, over and above the amount needed for payment of current annual interest and the annual interest next to fall due on all unpaid bonds of the issue. Such call shall be made by publication of a notice thereof in a newspaper of general circulation throughout the borough as soon as practicable after the day of delinquency of any assessment installments, and in any other manner as may be deemed necessary to advise the holder of the bonds being called of such call. The notice of call shall state the serial number or numbers of the bonds being called, that they will be paid on the date the next interest coupons on the same become due, and that interest thereon will cease on such call date.
(Ord. 392 § 1(A.150), 1980)
Neither the holder nor the owner of any L.I.D. bond, interest coupons or warrant issued against an L.I.D. fund shall have any claim therefor against the borough except for payment from the special assessments made for the improvement for which such bond or warrant was issued and except for payment from the local improvement guaranty fund of the borough as to bonds issued the payment of which is secured by such fund. The borough shall not be liable to the holder or owner of any such bond, interest coupon or warrant for any loss to the local guaranty fund occurring in the lawful operation thereof. A copy of the foregoing part of this section shall be plainly written, printed or engraved on each L.I.D. bond.
(Ord. 392 § 1(A.160), 1980)
If the borough fails to pay any bonds, interest coupons or warrants issued against an L.I.D. fund or promptly to collect any assessments when due, the owner or holder of any bond may enforce payment of the principal thereof or interest thereon and costs of collection in a civil action in the same manner and with the same effect as actions for the foreclosure of mortgages on real property. Foreclosure shall be against all property on which assessments are in default. The period for redemption shall be the same as in the case of a mortgage foreclosure on real property. Any number of owners or holders of bonds of any single L.I.D. may join as plaintiffs, and any number of owners or property upon which the delinquent assessments are liens may be joined as defendants in the same suit. Such owners and holders shall also have recourse against the local improvement guaranty fund.
(Ord. 392 § 1(A.170), 1980)
A. 
If special assessment bonds have been issued in any L.I.D. based on the estimated cost of the improvements, and if after actual costs have been ascertained the amount of bonds issued exceeds the property owner's share of the actual costs plus any delinquency charge that may have been included in the assessment by more than one percent, credit shall be given on assessments due or refunded on assessments paid in full in the same proportion as they were levied.
B. 
If special assessment bonds have been issued in any L.I.D., all moneys remaining in any L.I.D. fund after all costs of improvements in such district (including the redemption of all warrants and bonds of such district which have been paid) shall be paid into the guaranty fund of the borough as provided in WMC § 5.12.300.
C. 
If no special assessment bonds have been issued in any L.I.D., all moneys remaining in any L.I.D. fund after all costs of improvements in such district (including the redemption of all warrants which have been paid) shall be paid into the L.I.D. revolving fund of the borough.
(Ord. 392 § 1(A.180), 1980)
A. 
There is established a local improvement guaranty fund of the borough (herein at times called the "guaranty fund") for the purpose of guaranteeing the payment of the principal of all special assessment bonds, interest coupons pertaining thereto, and warrants issued upon any special assessment district funds. The guaranty fund shall be kept separate from all other funds of the borough. All assets of this fund shall be held in trust for the uses and purposes provided in this chapter. Money in this fund shall be deposited in a bank in which such a deposit is covered by the full amount of Federal Deposit Insurance Corporation insurance available to banks or in a savings and loan association in which such a deposit is covered by the full amount of federal savings and loan insurance acceptable to the borough. Such insurance shall be equal to Federal Deposit Insurance Corporation insurance. Money in this fund may also be invested in direct obligations of the United States of America or other obligations, the payment of the principal of and interest on which is guaranteed by the United States of America.
B. 
Prior to the issuance of any special assessment fund warrants or bonds, the borough shall deposit in the guaranty fund a sum which, when added to the existing moneys in the guaranty fund, shall not be less than 20 percent of the principal amount of all special assessment fund warrants and bonds. The borough shall always maintain in the guaranty fund an amount not less than 20 percent of the principal amount of all outstanding special assessment fund warrants and bonds then outstanding. Any moneys paid out of the guaranty fund to redeem special assessment district bonds, coupons pertaining thereto, or warrants shall be replaced by the borough as soon as possible out of any legally available sources.
(Ord. 392 § 1(A.190), 1980)
A. 
Defaulted special assessment bonds, interest coupons pertaining thereto, and special assessment fund warrants shall be purchased out of the guaranty fund and, as between the several issues of bonds, coupons or warrants, no preference shall exist, but they shall be purchased in the order of their presentation.
B. 
Whenever any sum is paid out of the guaranty fund on account of principal or interest on a special assessment district bond or warrant, the borough, as trustee of such fund, shall be subrogated to all the rights of the holder of such bond, interest coupon or warrant so paid, and the proceeds thereof or of the underlying assessment shall become a part of the guaranty fund.
C. 
All interest and earnings derived from the investment of moneys in the guaranty fund shall be credited to such fund.
D. 
As provided in WMC § 5.12.300, if special assessment district bonds have been issued, all moneys remaining in any L.I.D. fund or of any special assessment district fund after all costs of improvements in such district including the redemption of all warrants and bonds of such district have been paid shall also be paid into the guaranty fund.
E. 
Should the assembly, after determining that the amount in the guaranty fund meets all required guaranty requirements plus foreseeable future requirements, find there are excess moneys in the guaranty fund, it may authorize transfer of said excess to the revolving fund.
(Ord. 392 § 1(A.200), 1980)
There is created a local improvement district revolving fund of the borough, which shall be used for the following purposes:
A. 
Financing the property owners' share of the cost of improvements of an L.I.D. not available from other moneys of the municipality or where the sale of special assessment bonds is not feasible.
B. 
Financing the municipal share of the cost of improvements of an L.I.D. not available from other moneys of the municipality.
C. 
Making payments into the guaranty fund.
(Ord. 392 § 1(A.210), 1980)
A. 
Moneys to be paid into this revolving fund may be provided from general taxes, from the sale of general obligation bonds of the borough, or from any other legal sources as determined by the assembly.
B. 
As provided in WMC § 5.12.290, if special assessment district bonds have not been issued, all moneys remaining in any L.I.D. fund after all costs of improvements in such district including the redemption of all warrants and bonds of such district have been paid shall also be paid into the revolving fund.
(Ord. 392 § 1(A.220), 1980)
When any disbursements are made from such revolving fund to pay part of the costs of improvements in any L.I.D., any assessment paid by owners in such L.I.D. shall be repaid to the revolving fund to the extent of the moneys disbursed by such fund to such L.I.D.
(Ord. 392 § 1(A.230), 1980)