Samish River Park LOCAL UTILITY DISTRICT NO. 30 THIS PRESENTATION IS FOR REPRESENTATIVE PURPOSES ONLY AND ALL DATES AND NUMERICAL REFERENCES SHOULD NOT BE CONSIDERED AS FINAL AND MAY BE MODIFIED. What topics will be presented? Annual Payments Payment Options Billing and Payment Procedures LUD attributes Miscellaneous What are the Estimated Assessments, Term, & Interest rate? Estimated Assessments vary from: $3,557.00 – $3,975.00 Estimated Interest Rate: 6.00% Estimated Term: 20 Years What are the Estimated Annual Payments? Annual Installment Expressed as Dollars Per Thousand Financed, Based upon Interest Estimate $87.18 If $3,557.00 is Financed, then the Estimated Annual Installment is Equal to $87.18 x 3.557 = $310.12 What are the total of payments? Based upon the Estimated Assessment Amount and Interest Rate: Total Principal Paid (20 Years) $3,557.00 Total Interest Paid (20 Years) $2,645.27 _________ Total Principal + Interest Paid $6,202.27 This schedule is for estimation purposes only. Actual payment amounts will be established at the time of the Final Assessment Roll Adoption. LUD Billing and Payment Procedures After recording of the Final Assessment Roll at the Skagit County Auditor’s Office, Skagit PUD Treasurer sends Collection Notice by First Class Mail and publishes Notice in Newspaper Payment Options When collection notice is published and mailed: Full assessment paid within 30 days= No interest Partial assessment paid within 30 days= Balance is paid over equal annual installments including interest Nothing paid within 30 days= Balance is paid over equal annual installments including interest LUD Billing and Payment Procedures First annual payment is due one year from date of first Treasurer’s collection notice that is mailed to the property owner of record and also published in newspaper. LUD Billing and Payment Procedures Any payoff after the 30 day period will require payment of the interest of the next installment due LUD Billing and Payment Procedures Approximately 45 days prior to the due date of your annual installment, the District will send a Statement to the Address of Record. LUD Billing and Payment Procedures Property owners have a 30 day grace period after the due date to pay the installment, without penalty. If paid after 30 days, a 12% penalty on the installment is figured. Also, all delinquent installments carry Delinquent Interest. LUD Billing and Payment Procedures After payment in full of all balances, the District releases the Assessment Lien from the County Property Records. Some LUD Attributes The Preliminary Assessment Roll is filed with the County if this LUD is adopted. The Preliminary Assessment Roll is a legal notice to all parties of a forthcoming assessment lien upon your property. This may complicate future security transactions involving your property. Some LUD Attributes Subordination- District does not subordinate lien position Foreclosure- If on the first day of January in any year, two installments are delinquent, the District shall proceed with foreclosure proceedings in the superior court of the county in which the District is located. Assumptions- The District does not require the assessment to be paid in full if you sell your property. The assessment lien remains on the property. Lender or buyer may require that it be paid. Miscellaneous Items Water bills vs. LUD bills- The District sends water bills every two months. LUD bills are sent annually and are completely separate from water bills.