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faith attempt to locate the 'DEVELOPER" be unable to do so, the latecomer's fee
shall be placed In the Special Deposit Fund held by the •Cf1 V 1'or two years. At
any time within the two year period the 'DEVELOPER' may receive the
latecomer's fee, without interest, by applying to the •CIIY" fos that latecomer's
fee. After the expiration of the two year period, all rights of the "DEVELOPER' to
that fee shall expire, and the IMV shall be decmcd to be the owner of those
funds.
10. When the TM" has received the funds for a iatccomces fee, it wW forwud that
fcc to the 'DEVELOPER' within thirty (30) days of receipt of the funds. Funds
received by negotiable instrument, such as a check, will be deemed received ten
(10) days after delivery to the 'CITY". Should the •CITY' fag to forward the
latecomcrs (cc to the "DEVELOPER' through the "CITY'S' sole negligence, then
the •CITY" shall pay the •DEVELOPER' interest on those monies at the rate of
interest specified in City Code Section 3.241 M- However, should the
'DEVELOPER' not keep the 'CITY" informed of Its curren'r, correct mailing
address, or should the "DEVELOPER" otherwise be negligent and thus contribute
to the failure of the "CITY• to pay over the latecomer's fee, then no interest shall
accrue on late payment of the latecomer's fee.
It. When authorized by the City Council, a latecomer's agreement can be extended
for a period of up to five years. The extension will be granted upon written
request for such extension made by the "DEVELOPER' prior to the expiration of
the agreement. Tile latecomers agreement will expire at the end of the tar year
period of item or, if extended, at the end of the extended period of time, but in
no event shall tilt latecomers agreement be of more than 15 years in duration.
12. By instituting the latecomer's agreement tine °C11Y' does not agree to assume any
responsibility to enforce the latecomer's agtrcment. The assessment roll will be
a matter of public record and will serve as a notice to the owners of the potcntlal
assessment should connection to the improvements be made. 1'he'DEVELOPER°
has responsibility to monitor those parties connecting to the improvement.
Should lhe'CIrP become aware of such a connection, it will use its best efforts
to collect the latecomcrs fee, but shall not incur any liability should it
inadvertently fail to collect the latecomer's fee.
tAYF.CONERS nGREEN6'"rr. S
92-39" DOC/M111/M,
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