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"Improvement Assessment": means an annual special assessment imposed against property <br />located with the Summerset North Assessment Area to fund the Project Cost of the Summerset North <br />Subdivision Wall, and related expenses, computed in the manner described in Section 4.04 hereof. <br />"Improvement Assessment Collection Cost": the estimated cost to be incurred by the City <br />during any Fiscal Year in connection with the collection of Improvement Assessments. <br />"Improvement Assessment Collection Cost Component": the amount computed for each Tax <br />Parcel pursuant to Section 4.04 (c) hereof. <br />"Improvement Assessment Roll": a non -ad valorem assessment roll relating to the Project Cost <br />of the Summerset North Subdivision Wall, and related expenses. <br />"Improvement Assessment Statutory Discount Amount": the amount computed for each Tax <br />Parcel pursuant to Section 4.04 (B) hereof. <br />"Initial Prepayment Amount": the amount computed pursuant to Section 4.03(A) hereof for each <br />Platted Lot located in the Summerset North Assessment Area to prepay the Improvement Assessment, in <br />full, prior to the date specified in the notice sent to the owner of each Tax Parcel pursuant to Section <br />4.05(A). <br />"Local Improvement": a capital improvement program or plan for the construction or installation <br />by the City for the special benefit of a neighborhood or other local area, for which special assessments may <br />be imposed pursuant to the Ordinance. <br />"Obligations": Original Obligations or Refunding Obligations. <br />"Operating Cost": expenses that are properly attributable to Related Services, for which special <br />assessments may be imposed pursuant to the Ordinance. <br />"Ordinance": Ordinance No. 04-1137, the Local Improvement and Related Service Assessment <br />Ordinance. <br />"Original Obligations": bonds or other evidence of indebtedness including but not limited to, <br />notes, commercial paper, capital leases or any other obligation issued or incurred to finance a portion of the <br />Resolution No. 04-1511 <br />Page 5 of 23 <br />