(Amended by Ordinance No. 187833, effective June 15, 2016.) The terms used in this Chapter shall be defined as provided in this Section, unless the content requires otherwise.
A. “Adjusted Prime Rate” means the interest rate as calculated by the higher of either the prime interest rate set by the City’s bank on December 31st of the previous year plus 300 basis points (3%), or twelve percent (12%) per annum.
B. “Bonded lien” means a lien which has been financed under the provisions of state law, City Code or City Charter.
C. “City lien docket” means the official City record maintained by the City Auditor for the entry of fees, charges, penalties or assessments as authorized by state law, City Code or City Charter. The fees, charges, penalties or assessments include, but are not limited to, costs related to the construction of economic or public improvements or for other improvements or purposes authorized by state law, systems development charges, costs of sidewalk repairs, costs of nuisance abatement, penalties assessed by the Code Hearings Office and fees associated with code enforcement.
D. “Collection costs” means the costs associated with the collection of liens, including but not limited to staff, mailing costs, billing and rebilling fees.
E. “Delinquent lien” means a bonded lien that is unpaid more than 30 days after the installment payment due date, or an unbonded lien which has not been paid within 30 days after entry upon the city lien docket.
F. “Foreclosure list” means a list of properties for foreclosure sale. The list contains, at a minimum, a description of each lien and a description of the property on which the lien is assessed.
G. “Foreclosure sale” means the legal process of selling real property, which allows the City to foreclose and to dispose of a delinquent lien through notice and sale.
H. “Lien” means an entry upon the city lien docket in favor of the City of fees, charges, penalties or assessments as authorized by state law, City Code or City Charter.
I. “Open lien” means a lien that has not been or cannot be financed, and that requires payment in full.
J. “Redemption” means the right of the property owner or any person with an interest in the property, excluding the purchaser in a foreclosure sale, to repurchase the foreclosed property by payment of the redemption price during the redemption period.
K. “Redemption period” means one year from the date of a foreclosure sale, commencing on the day after the sale and ending at 5:00 p.m. (PST) on the 365th day thereafter, unless the 365th day falls on a Saturday, Sunday or legal holiday specified in ORS 187.010 (2001), in which case the last day for redemption shall be 5:00 p.m. (PST) on the next working day.
L. “Redemption price” means the sales price plus redemption interest and redemption penalties accrued during the redemption period.
M. “Sales costs” means all costs, direct and indirect, associated with a foreclosure sale by the City, including but not limited to: county recording fees, title reports or other means of identifying persons with interest in the property, title insurance, service and notification, publication and advertising, posting, sale, and staff salaries, including benefits and overhead.
N. “Sales price” means a sum equal to or exceeding the greater of:
1. The amount of the lien principal plus, interest and penalties, together with all collection costs and sales costs associated with the foreclosure sale; or
2. Seventy-five percent of the total assessed value of the real property, as determined by the assessor of the county in which the land and improvements are located.