The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1906-1907, 1907-08-22
WHEN DOES
INTEREST BEGIN?
Opinion of Attorneys on Disputed
Sewer Bond Points

The city treasurer recently sub
mitted a number of questions regard
ing the dates on which interest should
begin on sewer bonds, time of pay
ment and whether the balance due on
an assessment could be paid up at
any time. The commission referred
khe matter to it's attorneys, Sanders
D Flynn, for legal opinion and this
ID given by Mr.. Flynn as follows:
1.-THE first question asked reads as
pillows: In cases where the prop
rty owner has not taken advantage Of
be thirty day period within which
Ne was allowed to redeem from the
assessment without interest, when
Fill the interest on his assessment
begin to rum
1.-THE sewer assessment was finally
pOnfirmed by the Board of Trustees
pf the village on September 25,
906, after the period allowed by law
lor protests by property owners with
n the district had elapsed.
Ordinance No. 100 provides that
the bonds issued to cover the costs of
ghe sewerage improvement shall be
Slated December LIST, 1906. The
bonds draw per cent interest. The
proceeds of the assessment are In.
ended to take up the bonds and
ordinarily the assessments should
raw sufficient interest to protect
be bond holder. The thirty days
thin which the property holders
build redeem from the total assess
ent did not begin to run until the
RtutOry notice was given. This
ptice was not given owing to the
endency of the action brought to
est the validity of the proceedings
Rken for the assessment. II it had
Pen given, the city treasurer would
ave no alternative but to collect the
oil amount of the assessment with
lterest from the date of confirmation
the assessment by the village board
trustees. Since it was not given
It'll July II, 1907, we think that
e treasurer and the committee
build be making a distinction
tween those who have paid
the full amount of
lr assessment without interest and
Use who are unable or unwilling to
~ pay, by charging interest from the
naSe OF the confirmation OF the assess
Int, towit, September 20, 1905. If
20 date at which interest shall be
sd to run should be fixed as August
= 1907, the last date on which
NEoperty owners could redeem with
ID interest by paying the full
Amount OF their assessment, we think
that no one will be prejudiced.
Neither the city nor the sewer
dlstrcict can be prejudioed inasmuch
the purchaser of the bonds pays
- par value thereof plus the accrued
erest from December /, 1906, up
the date of taking up the bonds.
sewer district and the property
ners therein getting the benefit of
accrued interest. The property
Der, who has not yet paid his as
sment, certainly cannot object to
latter date because this will
late the objection that a distinc-
is being made between those who
the full amount of their assess
pit and those who wish to take ad-
tage Of the annual installment
b.
We would advise you, therefore.
August IL, 1907, should be fixed
he date from which interest is to
and that IL 1t is so fixed no prop
owner can possibly have any
I objection the validity of the
rage assessment or the payment
e interest due thereon.
question two is as follows: Sec
20 Of ordinance No. l6O provides
ne assessment may be paid in
lual annual Installments with
= 'st on the whole sum so charged
assessment and unpaid at the
~ per cent q year and the first
liment shall be due and collect
So % October l, 1907, and each
Al lnstallment thereafter shall
= Pc on the first day Of October in
eaeA succeeding year thereafter and
asaAt become delinquent twenty DAYS
AL.s becoming due. The amount
Hnieh shall be payable and collect.
7a.@ each year shall be one OF such
aAl annual instaIIments with the
asrest due thereon, together with
interest on all instalIments there