04-1511 Initial Assessment Resolution - Summerset North Wall

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(K)The City's Finance Director has determined that a more favorable interest rate can be obtained, thereby reducing the financing costs associated with the Summerset North Subdivision Wall, if the City covenants to budget and appropriate from other available sources to pay the debt service on the Obligations in the event assessment proceeds from the Summerset North Assessment Area are insufficient. (L)The City Commission hereby finds and determines that the Improvement Assessments to be imposed in accordance with this Resolution provide an equitable method of funding construction of the Summerset North Subdivision Wall by fairly and reasonably allocating the cost based on the special benefit derived by the property, in the manner hereinafter described. ARTICLE II NOTICE AND PUBLIC HEARING SECTION 2.01. PUBLIC HEARING. A public hearing will be conducted by the City Commission at 7:00 P.M. on September 13, 2004, in the City Commission Chambers of City Hall at 95 Triplet Lake Drive, Casselberry, Florida, to consider (A) creation of the Summerset North Assessment Area, (B) imposition of the Assessments, and (C) collection of the assessments pursuant to the Uniform Assessment Collection Act. SECTION 2.02. NOTICE BY PUBLICATION. Upon completion of the Improvement Assessment Roll, the City Manager shall publish a notice of the public hearing authorized by Section 2.01 hereof in the manner and the time provided in Section 3.04 of the Ordinance. Such notice shall be in substantially the form attached hereto as Appendix B. SECTION 2.03. NOTICE BY MAIL. Upon completion of the Improvement Assessment Roll, the City Manager shall, at the time and in the manner specified in Section 3.05 of the Ordinance, provide first class mailed notice of the public hearing authorized by Section 2.01 hereof to each property owner proposed to be assessed at the address indicated on the Tax Roll. Such notice shall be in substantially the form attached to hereto as Appendix C. ARTICLE III Resolution No. 04-1511 Page 10 of 23