City of Madison - File #: 04101

• File #: 04101
• Version: 1
• Name: special assessments - installment payments and deferrals
• Type: Ordinance
• Status: Passed
• File created: 7/5/2006
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 8/1/2006
• Final action: 8/1/2006
• Enactment date: 8/22/2006
• Enactment #: ORD-06-00115
• Title: Amending Sections 4.08 and 4.081(3) of the Madison General Ordinances to modify the maximum allowable term for installment payments and change the interest rate on deferrals and installments.
• Sponsors: David J. Cieslewicz

Date	Ver.	Action By	Action	Result
8/1/2006	1	COMMON COUNCIL	Adopt	Pass
7/24/2006	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
7/11/2006	1	COMMON COUNCIL	Refer
7/6/2006	1	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office
7/6/2006	1	Attorney's Office/Approval Group	Approved As To Form
7/6/2006	1	Attorney's Office	Referred for Introduction
7/5/2006	1	Attorney's Office	Fiscal Note Required / Approval

Fiscal Note
This amendment brings the ordinance regarding special assessment interest charges into conformity with existing practices. It also establishes an automatic annual adjustment of the interest rate for new special assessments so that the rate charged will remain consistent with the City's cost of financing the related capital projects. There is no significant fiscal impact resulting from this amendment.
Title
Amending Sections 4.08 and 4.081(3) of the Madison General Ordinances to modify the maximum allowable term for installment payments and change the interest rate on deferrals and installments.
Body
DRAFTER'S ANALYSIS: This ordinance would redefine the maximum allowable term for installment payments and change the interest rate on deferrals and installments from the 10% currently stated in the ordinance (9% for Water Utility assessments) to a rate to be calculated annually, based on the City's most recent borrowing costs. For 2006, the interest rate calculation result would be 5%. These changes would bring the ordinance into conformity with the City's actual practices.
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The Common Council of the City of Madison do hereby ordain as follows:

1. Section 4.08 entitled "Special Assessments -- Payment in Installments" of the Madison General Ordinances is amended to read as follows:

"4.08 SPECIAL ASSESSMENTS--PAYMENT IN INSTALLMENTS.
(1) Whenever any special assessments shall be levied to defray the cost of any public improvement, such special assessments may be paid in annual installments of not more than ten (10) fifteen (15) in number for major improvements nor more than eight (8) for sidewalk repair and installation of street lights and street trees as determined by the Common Council. Board of Public Works, except that the Board may increase the annual installments to fifteen (15) if more than one type of major public improvement (street, public w...