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26 <br />Financing Assessments <br />• One Time Assessment Notice Sent in May 2014 <br />• Assessments Paid Over lS-Yr Period <br />o tion Deadline <br />1. <br />2. <br />3. <br />Pay-off full Assessment Nov. 30, 2014 (1 st year) <br />to avoid interest Nov. 14 (every year after) <br />Partial Payment Nov. 1,2014 (l't year) <br />Apply direct to Property Automatic if above <br />Tax options are not exercised <br />If Applied to Taxes .... 15 Year Payback .. 2% over the True Interest Cost <br />(Not known until bonds are sold) <br />Assessment Payback Table <br />Example: 5.0% Interest Rate -$6,000 Assessment <br />Year Principal Principal <br />Intercst <br />Annual 'fotal Coll ectible <br />Paid COUllly Fee Year <br />1 S6,000.00 S400.00 $300.00 $1.50 S701.S0 2015 <br />2 $5,600.00 S400.00 $280 .00 $1.50 S681 .S0 2016 <br />3 $5,200.00 $400.00 $260 .00 $1.50 $661.50 2017 <br />4 $4,800.00 S400.00 $24ll.O0 $1.50 S641.50 2018 <br />5 $4,400.00 S400.00 $220.00 $1.50 S621.50 2019 <br />6 $4,000.00 $400.00 $200.00 $1.50 $601.50 2020 <br />7 $3,600.00 S400.00 $180.00 $1.50 S581.50 2021 <br />8 $3,200.00 S400.00 $160.00 $1.50 S561 .50 2022 <br />9 $2,800.00 S400.00 $140.00 $1.50 $541.50 2023 <br />10 $2,400.00 S400.00 $120.00 $1.50 S521.50 2024 <br />11 52,000 .00 $400.00 $100.00 $1.50 S501.50 2025 <br />12 $1,600.00 S400.00 $80.00 $1.50 $481.50 2026 <br />13 $~200.00 S400.00 $60.00 $1.50 $461.50 2027 <br />14 $800.00 S400.00 $40.00 $1.50 S441.50 2028 <br />15 $400.00 S400.00 $20.00 $1.50 S421.50 2029 <br />$6,000.00 52,400.00 $22.50 S8,422.50 <br />Interest Payment Declines as Principal is Paid <br />1.8