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1976-028 DEED R E'CO~I~ NO lil ~ ~ -- ~ ~ 708 -~q ORD~N-a~ICE CLOS~NG THE HEARING ~D LEVYING AN ASSESSMENT ON THE REAL AND TRUE OWNERS OF PROPERTY ABUTTING THE STREETS SPECIFIED IN STREET PAVING ASSESSMENT ON AVENUE F FROM STELLA STREET TO THE NORTH TEXAS STATE UNIVERSITY MAINTENANCE YARD, FINDING AND DETER- MINING THAT EACH AND EVERY PARCEL OF PROPERTY ABUTTING UPON SAID STREETSIWITHIN THE LIMITS DEFINED WILL BE SPECIFICALLY BENEFITED AND ENHANCED IN VALUE IN EXCESS OF THE AMOUNT OF THE COST OF SAID IMPROVEMENTS, FIXING A CHARGE AND LIEN AGAINST ALL SAID ABUTTING PROPERTY AND THE REAL AND TRUE OWNERS THEREOF, PROVIDING FOR THE ISSUANCE OF ASSIGNABLE CERTIFICATES UPON THE COMPLETION AND ACCEPT- ANCE OF SAID WORK, PROVIDING FOR THE COMPLETION AND ACCEPTANCE OF SAID WORK, PROVIDING FOR THE MANNER OF PAYMENT OF SUCH ASSESSMENT, THE RATE OF INTEREST AND THE CONDITIONS OF DEFAULT THE COUNCIL OF THE CITY OF DENTON, TEXAS, HEREBY ORDAINS SECTION I The City Council of the City of Denton, Texas, finds that the Director of Community Development has prepared an estimate of the cost of improvements on Avenue F from Stella Street to the North Texas S%ate University Maintenance Yard, the estimate of cost hav- ing been oompleted and f~led ~n the office of the Director of Com- munity Development ten days prior to the date of this ordinance and the estlmates of oost so prepared and filed are hereby approved The City Council further f~nds that the plans and specifications prepared by the D~rector of Community Development for the improve- ments of the herein named streets are satisfactory, and such plans and speolf~oat~ons are hereby approved The C~ty Council f~nds that due notice and opportunity to be heard on th~s assessment has been given, and that notice of the publlc hearing was glven at least ten days before the date of the hearing and inserted at least three times in a newspaper published in the C~ty of Denton, as required by law The public hearing was opened and held in accordance wlth the ordinance and notlce, at whlch time and plaoe an opportunity was given to all of the persons, firms, corporations and estates owning or claiming any such abutting pro- perty, or any interest there~n, to be heard and to offer evidence as to all matters ~n accordance w~th said ordinance and notice In the course of the hearing, sufficient and competent evidence was heard showing that the lmprovements to be placed along the property in- volved would in each instance ~ncrease the value of such property by more than the cost of such improvements to the property owners Based on the evidence, matters, testimony and ob3ectlons considered at such hearing, the said City Council has determined that the pro- pertles and each and every parcel of such property abutting upon the streets and units as hereinafter set out will be enhanced in value and specifically benefited in an amount in excess of the amount of the cost of such improvements proposed to be, and as hereinafter assessed against each of said parcels of property, abutting upon said streets and the real and true owners thereof The cost of improvements of each portion of street ordered improved herein shall be apportioned among the parcels of abutting property and owners thereof in accordance with the front foot plan, which plan is found to be fair and equitable SECTION II There is hereby levied and assessed against the parcels of property described in Exhibit B attached hereto and made a part hereof, and against the real and true owners thereof, whether such owners are named or correctly named in such exhibit or not, the sums of money shown opposite the description of property in such exhibit, SECTION III Where mere than one person, firm or corporation owns an in- terest in any parcel of property described in Exhibit B, each owner shall be personally liable only for the prorata share of the total assessment against such property in proportion as such owner's in- terest bears to the real ownership of such property, and such owner's interest in such property may be released from the assessment lien upon payment of such proportional sum SECTION IV The several sums mentioned in Exhibit B and assessed against the respective parcels of property described therein and the owners thereof and interest thereon as specified herein, together with ex- penses of collection and reasonable attorney's fees, if incurred, shall be a first and prior lien on the respective parcels of pro- perty assessed superior to all other liens and claims, except State, , --2-- ,A,E 7§6 County, School Dlstrlct and City Ad Valorem taxes, and shall be a persona& l~abzl~ty and charge against the real and true owners of such property, whether such owners are named or correctly named ~n such exhibit or not SECTION V The several sums mentioned ~n Exhibit B and assessed against the respective parcels of property described therein and the owners thereof shall be payable by one of the alternative methods below set forth (a) Placing an amount equal to the paving assessment ~n escrow for the City of Denton with the Department of Finance to be paid upon completion and acceptance of the paving by the City of Denton, or, (b) Exeeutlng a note or notes, payable to the City of Denton · n an amount equal to the paving assessment to be assessed against the abutting property, said notes to be payable in equal monthly ~n- stallments not to exceed three years if the front footage as less than 300 feet, four years if the front footage is 300 feet to 400 feet, and five years if the front footage is over 400 feet Interest on the note or notes, payable ~n equal monthly in- stallments, shall be at a rate of e~ght (8%) percent per ann~ Any balance on any note that ~s due and owing and unpaid shall carry an ~nterest rate of elght (8%) percent per annum until paid Any such lnstallment may be paid at any time before maturity by the payment of the prlnclpal and accrued interest thereon Past due principal and interest shall bear interest at the same rate from maturity until pald If default as made in the amount of any such · nstallments or interest, the entire unpaid balance of the assess- ment plus interest shall, w~thout not~ce to the owners, and at the option of the holder of the Certificate of Special Assessment, if any, immediately become due and payable, together with expenses of collection and reasonable attorney's fees, if ~ncurred In the event of such default, collectlon shall be enforced by suit an any court having ~urlsd~ct~on (c) In the event the amount payable for the paving assessment as not placed in escrow, as provided In paragraph (a) above, or by the executlon of notes, as provided in the foregolng paragraph, the full sum of the assessment as shown in Exhibit B shall be due and payable upon the completion and acceptance of the work pro- v~ded for here~n SECTION VI For the purpose of evldenclng the several assessments levied, assignable certificates may be ~ssued by the City of Denton upon completion and acceptance of the lmprovements Such certificates, if Issued, shall be executed by the Mayor, signing the same, or by his facsimile signature impressed thereon, and attested by the City Secretary, under the impress of the corporate seal, and shall be payable to the City of Denton or its assigns Such certificates shall provide In substance the following (a) The amount of the assessment as specified an Exhibit B, together with tame, terms, rate of ~nterest and conditions of pay- ment as speo~fled an Section V above (b) The terms and conditions of default as specified in Sec- t~on V above (c) That the proceedlngs w~th reference to making the ~mprove- ments there~n referred to have been regularly had ~n compliance with the law and that all prerequ~sltes to the fixing of the assessment lien agalnst property descrlbed in the certificate and the personal liability of the owner or owners thereof have been performed (d) Coupons may be attached in evidence of the several stallments which may be slgned with the facsimile signatures of the Mayor and C~ty Secretary (e) That the C~ty of Denton shall exercise all of its lawful powers when requested by the holder to aid in the collection thereof Such certlflcates may also contain other appropriate and perti- nent recltals SECTION VII In the event any such assessment for any reason whatsoever shall be held or determlned to be lnval~d or unenforceable, then the City Council reserves the r~ght to supply any deficiency an proceedings with reference thereto and correct any mistake or Irregularity in 767 --4-- F'/ ~'~'/"~ CITY OF DENTON, TEXAS B~OOKS HOLT, CITY SECRETARY CITY OF DENTON, TEXAS APPROVED AS TO LEGAL FORM PAUL C ISHAM, CITY ATTORNEY CITY OF DENTON, TEXAS -5-