Chapter 4.40
IN-LIEU OF ASSESSMENT CHARGES

Sections:

4.40.010    Purpose of Fund.

4.40.020    Classifications of Fees or Earnings.

4.40.030    Authority of Utilities Department.

4.40.040    Interest Charges.

4.40.050    Amounts on Deposit – Generally.

4.40.060    Amounts on Deposit – Use and Transfer.

4.40.070    Correction of Overpayments.

4.40.080    Annual Operating Budget.

4.40.010 Purpose of Fund.

The purpose of the Customer Advances for Sewerage Construction Fund (the "fund") is to accumulate moneys which are intended to be used to defray the cost of future construction of permanent public sewer systems which directly benefit the parties or properties for which payment of such moneys is made or to contribute toward the payment of debt service on revenue bonds issued to defray such costs when such revenue bonds are to be or have been issued. (Res. 21571 § 1, 1979)

4.40.020 Classifications of Fees or Earnings.

There are deemed to be three classifications of fees or earnings which may be collected by or in conjunction with the in-lieu of assessment charges provided under authority of Resolution 14017 as follows:

A.    Payments of principal amounts of in-lieu of assessment charges by property owners;

B.    Payment of 8 percent interest on unpaid balances of in-lieu of assessment charges, which is deemed a charge for the privilege of paying in-lieu of assessment charges over a period of time;

C.    Earnings on the investment of the principal amounts of in-lieu of assessment charges and interest thereon, which is deemed an addition to and increase of customer accounts on deposit.

(Res. 21571 § 2, 1979)

4.40.030 Authority of Utilities Department.

The Pierce County Utilities Department is directed to maintain records of the collection and payment of in-lieu of assessment charges provided in subsection A. of Section 4.40.020. The County Treasurer is directed to invest the accumulation of these moneys in the fund, advise the Utilities Department of the earnings and accumulate such earnings for the benefit of the fund. The Utilities Department will make allocation of the interest earnings to each account for which records of principal amounts of in-lieu assessment charges on deposit are maintained within the fund. (Res. 21571 § 3, 1979)

4.40.040 Interest Charges.

Interest shall be charged on all unpaid principal amounts of in-lieu of assessment charges at the rate of 8 percent per year, simple interest until paid. Such interest on unpaid charges shall be deposited to the Pierce County Sewer Maintenance Fund and used first to defray the costs of administering, maintaining records of, and collecting moneys into and on behalf of the fund, and thereafter for such other purposes and uses as may be deemed necessary or desirable by the Utilities Department. (Res. 21571 § 4, 1979)

4.40.050 Amounts on Deposit – Generally.

Principal amounts of in-lieu of assessment charges together with the allocation of earnings thereon shall remain on deposit with the fund until the property on behalf of which such payments were made is able to be served by construction of a permanent public sewer system, or until such time as an assessment roll is filed for collection for the payment of revenue bonds issued to defray costs of such construction, whichever occurs first. (Res. 21571 § 5, 1979)

4.40.060 Amounts on Deposit – Use and Transfer.

Upon or subsequent to the conditions set forth in Section 4.40.050, the amounts on deposit in the fund for each property shall be used and transferred to the applicable funds, in the order of priority set forth as follows:

A.    When an assessment roll for payment of revenue bonds is filed for collection, credit toward the assessment against each property shall be given for all principal amounts of in-lieu of assessment charges and interest earnings allocated thereon to the owner of such property at that time. Said moneys are to be transferred to the revenue bond fund established for payment of the revenue bonds authorized.

B.    When permanent public sewer service is made available to a property, and that permanent public sewer service facility to which the property is able to be connected was constructed and financed by revenue bonds issued by the County, then the principal and interest earnings allocation on deposit shall be transferred to the revenue bond fund established for such revenue bonds.

C.    When permanent public sewer service is made available to a property, and that service is provided by a facility which is or has been constructed and financed by means other than the issuance of revenue bonds, the principal and interest allocations on deposit for that property shall be used first to defray or repay to the Utilities Department the costs of such construction, and thereafter for such other sewer utility construction purposes of costs as deemed desirable by the County.

(Res. 21571 § 6, 1979)

4.40.070 Correction of Overpayments.

Authority is also given the Utilities Department to disburse such moneys as necessary to correct the overpayment of amounts from property owners. (Res. 21571 § 7, 1979)

4.40.080 Annual Operating Budget.

An annual budget shall be prepared for the operation of the fund in accordance with the provisions of RCW Chapter 36.40, and all disbursements of moneys from the fund shall be made by the County Auditor in accordance with prescribed accounting procedures. (Res. 21571 § 8, 1979)