HomeMy WebLinkAboutContract x
i < E AC AG 94 15 7
Public : inanEe lnc. ' L
✓ r V ,.1
' 11519-NE 137th Street /
Redmond,WA:98052-2182' " l
(206)861-6864 /Fax:(206)885-6146 - <, ! t .
October 11,.1996 -
Hugh L. Simpson' i
Fiscal Services Manager' -
,City of Renton
200 Mill Avenue South -
- Renton;WA 98055
RE: AGREEMENT'TO PROVIDEL.M. ADMINISTRATION'SERVICES
Dear Mr.-Simpson: ? \ r
Public Finance; Inc. is pleased,to submit this agreement to provide comprehensive:aocal
;improvement district.administration services,.made and entered-into this - day,of
Octob e r
1996 by and between Public Finance,,Inc. and,the Ci ty of R,
erto n -Wa
hin on.-
,
- - SCOPE OF SERVICES
A. Existing-,Assessments
1... We will maintain an ASCII.format compatible database of-assessment information.
Stored fields,will include billing and payment histories for individual accounts with::
'-property owner name and mailing address, tax parcel'number, legal description,
original assessment amount's, remaining principal, current pre:payment amount and
overdue payment amounts: -
2: We will mail billing,statements to propertrowners,.each year on the'assigned.date
prescribed"by.City ordinances for each
-�UD assessment.,until the assessments are
-paid in,full.. We.wilf research all_"irregular"'payments and re-bill returned mail:
3. `Property owner. payments will be sent to the existing,City of Renton 1'o.ckbox. '
account at.US'Bank for processing.,We will-update-payment information the-same = _
\day it is received. At no time will Public,Finance,'Inc. handle any-district funds. _
4: We:will provide..pre payment quotes.and'assessrnent amortization schedules to j
property owners-up.on'request:' ,- _
1 �
.. \. ( .\
_City ofiRentdn
L.I.D. Administration Services Agreement ,
Page 2
r I
-
5.. Our staff will be available to answer telephone inquiries from-propert ro,.wners;
=title companies and other.interested:parties from 8:00,AM to`5;-00 PM-;).1VI6nday , -
through Friday,except hblidays J /
6.. We will.provde the City wrth statistics on the number. of-telepho necalls:received
Statistical information will be reported upon.requesi.- We will`print ounse`rvice
telephone number on all invoices and•-notices,sent to.property owne\rs,or other.'
- \
interested parties. _
7:1 We.will calculate accrued penalties on each delinquent account'and provide a
summary listing-of all delinquent accounts to City staff on an monthly basis.
8. On or before January 15_of each year, we will mail an initial.Notice of Overdue
Payment to delinquent property owners in-accordance with,RCW'35.50'.030. .After
a-second notice;unresponsive accounts will receive a Notice�of Intenijo Foreclose',
and'be turned over to the City Attorney's Office-for commencement.of foreclosure -
proceedings: /
-
'9,.- We will prepare an annual analysis for each district summarizing levy"collection
and delinquency,information, bond call,activity,/revised debt service requirements; .
projected:cash flow analvses, draws on the guaranty fund and other significant
events.
- - r
- 10.We will send the City.monthly reports-by the:8th working day following the end-
of the month. Monthly-reports will.include.a,�summary of accounts; including
- billing totals; overduenstallments, penalties and payment'`status.;
B. New Assessments
- 1. Upon delivery of the-confirm'ed-assessment roll to the City Treasurer for %
collection,,We will notify,each property°owner of their assessment amount in _ -
accordance with RC.W 35.49:010. _
2. Following the,expiration of the 30-day interest'free period, we will..establish the-
final-roll of unpaid assessments for annualbilling;in_.,accordance,with RCW.
35.49:020. -
5. We will add the confirmed final assessment roll:to the.database as detailed,in
section.A-1 above and begin arinual`.billings the following year..
i'
n .
`t of-Rento \ -
City
LEI D .Administration Services Agreements ;
Page 3'
J.
C: .Bond"Redemption,
7..^We will coordinate with City personnel to communicate anticipated.bond
redemption information to the paying agent and-ensure that.bond=fund balances-are
ade uate-to meet scheduled interest a 'ments`. We w ill_release property liens wh=en
assessments are paid in-full.
6 -
D.' Assessment.Segregation Services
1- We will.apportion the original assessment to the resulting parcels in accordance
with the established method of spread and RCWi35.44.41.0_
2. We-will prepare a report documenting the-spread`of the previous assessment-to!the
new.parcels; including copies of all-resolutions; certificates and other '
t /. 'documentation-required fort segregation.
\ ,, 3. We will modify the assessment roll'.to reflect the segregation:of,the,original
9 assessment to the.new parcels. 1 i"
- ,CHARGES FOR SERVICES -
A. Annual Administration Services:
i
1. Cost for each L.I.D.-District' $500:annually
2. Cost for each L.I:D. Account $10 annually
-B. Delinquency Management Services -
1. Notification of Overdue.Account ? $15-per account
�1 -2..,;Notification'of_Intent to Foreclose.. $45 per account
C_ Assessment Segregation Services
1. ;Less than 10`,assessable.parcels' - $950
2. 10 or more assessable parcels - q $15250 ± $25:per parcel:over 20
_ Any future increase in this fee structure is limited to the annual.percentage change n.the'US,'
- Consumer Price Index for the Seattle area.
,
I •
l \ / '
- r \ /
/:;City URenton .
L.I D: Admrnistratron Services 4:
ement
_
-
Page-4 .�
Al i-V
r
D. Incidental Costs - -
County recorder fees;lockbox; hostage:and printing expenses will-be.passed through.to .
= the Cit at.actual cost and clearly identified on regular invoices:
y. y ,
\ - = PAYMENT r
J
1 -
-
Charges for Administration Service billings will be'-invoiced on a�quarterly basis: Charges
for Delinquency Management-and Segregation Services will be invoice&as they.occur.
Payment.from the City will-be due thirty (30) days after the-invoice date.
-CONTRACT CANCELLATION OR NON-RENEWAL
A. Required-,Notification and'Elements J
The City of Renton.may cancel this contract at anytime, for any reason, by-
providing written,Notice of Intent.to Cancel:';This notice must include the;last
day that service will be provided.
2. Public Finance, In c. will turnover all database:information, which'.will include ally
areas mentioned in;A-1 above, within X10 days,of the contract cancellation. -
3.- All.Local Improvement Districts requiring billing:within 60 days of the:date of
cancellation wi'll be
billed with t he i v i e r being delivered to the C
i of Renton
_ for-mailing at the appropriate time: _
ACCEPTED W:
_
�
PVYdJJCfINANCE, INC:. • TY OF RENTON; WA
Rick Knopf Name
Mana ing Dir or - —T=-- , - A r
Title -
`.. Date : 4 Date%
1