§ 17-344. Payment of assessments.

(a)

Annual installments. The principal amount of the assessment, together with interest accruing at the rates provided in section 17-349, shall be payable over the period of time specified in the resolution, provided such period shall not exceed thirty-five (35) years. Unless the resolution provides otherwise, principal and interest shall be payable in equal annual installments to be placed on the yearly ad valorem tax bill for each assessed property, commencing with the first available tax bill, and each annual installment shall be the sum of:

(1)

That amount necessary to amortize principal and interest over the payment period in equal annual payments;

(2)

An allowance for all discounts provided for under F.S. ch. 197;

(3)

An allowance for all commissions payable under general law to the tax collector and property appraiser for collection of these annual installments; and

(4)

An allowance not in excess of one (1) percent of the annual installment, as determined from time to time by the board of county commissioners, for the comptroller's costs of administration.

All annual installment revenue received by the board of county commissioners shall be applied first to the payment of accrued interest, with the balance to principal and the comptroller's administrative costs.

(b)

Payment in full. At any time after adoption of the resolution an assessment plus accrued interest may be paid in full. Thereafter, no further annual installments may be imposed against the particular property assessed, and upon the request of the owner of that property the comptroller shall record, at the board of county commissioners' expense, a satisfaction of the assessment in the official records of the county.

(c)

Special provisions for special assessment bonds. If special assessment bonds or other bonds or obligations have been or will be issued or incurred by the board of county commissioners in connection with the capital project and in anticipation of receiving special assessment revenues, the board of county commissioners may require, as a condition to payment in full, the payment of additional amounts equal to:

(1)

A proportionate share of the redemption premium, if any, on an amount of bonds corresponding to the prepaid assessment; and

(2)

Interest which otherwise would have accrued on the prepaid assessment from the date of prepayment to the date upon which the board of county commissioners pays or calls a corresponding amount of bonds for redemption with funds derived from such prepayment.

(d)

Acceleration. Notwithstanding the above subsections, the board of county commissioners may provide in the resolution that the assessment and accrued interest plus the redemption premium and unaccrued interest described in subsection (c) shall become due and payable in full upon occurrence of particular events (e.g., application for a building permit on the assessed property).

(Code 1965, § 33-58; Ord. No. 82-7, § 2, 5-18-82; Ord. No. 82-12, § 1, 6-22-82)