The cost of the Project set forth in CCC 19.50.020 is estimated to be $110,000. Said Project shall be financed through the collection of special assessments in the estimated amount of $110,000. The final amount of said costs and expenses of undertaking said Project will be determined after the Project has been completed. The property owners’ share of the costs and expenses shall be assessed against each lot, tract, or parcel of property within the boundary of the District. (The estimated special assessments will be approximately $3,056 for those parcels with a zone factor of 1 and approximately $1,528 for those parcels with a zone factor of .5. Zone factors are shown on Attachment C attached hereto.

The final amount of the assessment against each lot, tract, or parcel of property within the District shall be dependent upon the final total costs and expenses incurred in accomplishing the Project, but the total special assessments shall not exceed 150 percent unless said resolution is amended pursuant to RCW 36.61.170, and any special assessment on any lot, tract, or parcel of property shall not exceed 110 percent of the estimated special assessment amounts set forth above, except as provided in RCW 36.61.115.

Such special assessments may be paid, at the option of the owner, in full without interest or penalty within thirty (30) days of the date of publication of the first notice of confirmation of the special assessment roll, or in equal annual installments, together with interest on the diminishing principal at a rate which is one-half of one percent higher than the net effective interest rate on bonds which may be sold to pay the costs of improvements within the District per annum plus a penalty of ten (10) percent on the principal amount and accrued interest of any delinquent installment. Such installments shall be deemed delinquent if unpaid twenty-one (21) days after their due date. The special assessments shall be paid in ten (10) annual installments but the last installment shall be due at least two (2) years before the maximum tern of the bonds issued to pay for the improvements or maintenance.

The amount of final assessment, together with interest and provisions for penalty, shall, upon confirmation of the assessment roll by the Board, become a lien upon each lot, tract, or parcel of property within the District from the time said assessment roll is placed within the hands of the County Treasurer for collection, except as otherwise provided in RCW 36.61.230.