RESOLUTION NO. _____________

BOARD OF SUPERVIORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA

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RESOLUTION APPROVING AN ASSESSMENT PAYMENT ASSISTANCE PROGRAM IN CONNECTION WITH THE LA HONDA AREA SCENIC DRIVE LANDSLIDE ASSESSMENT DISTRICT

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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that

WHEREAS, this Board of Supervisors did, on February 12, 2008, adopt Resolution No. 069258, declaring its intent to consider the formation of an assessment district in order to finance the construction of the Improvements that are required for the convenience of the public, including providing the La Honda community and the Scenic Drive roadway with added protection against land movement; and

WHEREAS, the Board desires to consider the creation of a financial assistance program to provide needy property owners with financial assistance in the payment of the proposed assessment; and

WHEREAS, there has been presented to this Board a proposed Assessment Payment Assistance Program.

NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that:

If the La Honda Area Scenic Drive Landslide Assessment District is formed, then an Assessment Payment Assistance Program is to be created and to include the following components:

1.

Applicants will identify the assessment unit property by the appropriate Assessor’s Parcel Number (APN) and certify that they own the assessment unit, reside at that assessment unit property, and will experience an extreme financial hardship if required to pay the assessment either in total within 30 calendar days after the formation of the assessment district, or at the fixed 15-year annual payment specified. The application must be received by the County no later than 16 calendar days after the date of formation of the assessment district.

2.

Only owner-occupied assessment unit properties will be eligible.

3.

The County will pay into the Assessment District an amount equal to the full assessment for the assessment unit, provided the applicant/owner executes the Assistance Program Documents.

4.

The Assistance Program Documents shall include a promise to pay, secured by a deed of trust, pursuant to which the applicant/owner agrees to repay to the County the full assessment amount, plus interest thereon, no later than the date of transfer of ownership of the assessment unit or any portion thereof.

5

The interest rate shall be 3.5 percent (3.5%) of the full assessment amount, compounded annually until the entire amount is paid in full.

6.

Repayment may be made in full at any time.

7.

The County shall require proof of ownership of the property.

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