H-3687.1          _______________________________________________

                                  HOUSE BILL 2243

                  _______________________________________________

State of Washington              54th Legislature             1996 Regular Session

By Representative Smith

Read first time 01/08/96.  Referred to Committee on Government Operations.

Modifying provisions related to prepayment of installments due later for local improvement assessments.

     AN ACT Relating to prepayment of local improvement assessment installments; and amending RCW 35.49.050.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

     Sec. 1.  RCW 35.49.050 and 1965 c 7 s 35.49.050 are each amended to read as follows:

     The owner of any lot, tract, or parcel of land or other property charged with a local improvement assessment may redeem it from all liability for the unpaid amount of the assessment at any time after the thirty day period allowed for payment of assessments without penalty or interest by paying the entire installments of the assessment remaining unpaid to the city or town treasurer together with interest thereon ((to the date of maturity of the installment next falling due)) and a service charge not to exceed twenty-five dollars.  The interest shall be applied only to the amount of the next installment.  The interest rate shall be calculated on a monthly basis, with an annual interest rate being multiplied by a fraction, the numerator of which is the number of months or portion thereof since the last installment or full payment of the entire assessment was due, and the denominator of which is twelve.

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