ORDINANCE 09-04

AN ORDINANCE OF THE CITY OF ANDERSON, ALASKA,

AMENDING

SECTION 13.52.020(E) OF TITLE 13

"SUBDIVISIONS" - OF THE ANDERSON CODE OF ORDINANCES.

BE IT ORDAINED AND ENACTED BY THE CITY COUNCIL OF THE CITY OF

ANDERSON, ALASKA, THAT:

SECTION 1. CLASSIFICATION. This ordinance is of permanent nature and shall

become a part of the City Code upon adoption and ratification.

SECTION 2. GENERAL PROVISIONS. The purpose of this ordinance is to amend

Ordinance 13.52.020(E) to allow for a deposit of $10,000.00 to be utilized by the City of

Anderson as alternative security for its Deed of Trust should an applicant for property in

The Northern Lights Subdivision need to obtain a first deed of trust financing for the

purpose of building a home on the property.

Chapter 13.5.020 is amended to read as follows:

Add to (E). Should the applicant require clear title to their Northern Lights

Subdivision property to obtain financing to build a home on said

property, the City of Anderson may reconvey its Deed of Trust upon the

Applicant providing a $10,000.00 deposit, to be held by the City of

Anderson in trust, and entering into an agreement with the City of Anderson

Whereby the $10,000.00 shall be held as security by the City of Anderson

For performance of the applicants obligations under the agreement.

If the applicant timely performs their obligations under the agreement the

$10,000.00 shall be returned to the applicant upon the applicant

completing their obligations under the agreement and presenting the

required documentation to the City of Anderson. If the applicant fails to

timely perform their obligations under the agreement the $10,000.00

deposit shall become the property of the City of Anderson upon the City

Clerk of the City of Anderson declaring by affidavit that the applicant is

in default under the agreement.

SECTION 3. ADOPTION.

FIRST READING: April 14, 2009

SECOND READING: April 25, 2009

PUBLIC HEARING: April 25, 2009

ADOPTION: April 25, 2009