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0413 Interest on Reserve Strips 1994Ll CITY OF CHUBBUCK, IDAHO ORDINANCE NO. 41 AN ORDINANCE OF THE CITY OF CHUBBUCK, IDAHO, AMENDING SECTION 17.16.040 OF THE CHUBBUCK MUNICIPAL CODE TO DELETE THE PROVISION FOR INTEREST BEING CHARGED ON RESERVE STRIPS; REPEALING PRIOR CONFLICTING ORDINANCES; PROVIDING FOR THE SEVERABILITY OF THE PROVISIONS OF THIS ORDINANCE; PROVIDING THAT ALL OTHER SECTIONS AND PROVISIONS OF CHAPTER 17.16 NOT HEREIN AMENDED SHALL REMAIN IN FULL FORCE AND EFFECT; AND PROVIDING WHEN THIS ORDINANCE SHALL BECOME EFFECTIVE. BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF CHUBBUCK, IDAHO: Section 1. Amending 17.16.040. Section 17.16.040 of the Chubbuck Municipal Code is amended as follows: 17.16.040 Reservation of Striy. Where a street or easement is dedicated as provided in Section 17.16.020, and where such street or easement potentially benefits adjoining lands not yet developed, the developer making the dedication may reserve a strip not less than one foot in width parallel to the street or easement, between the street or easement and the undeveloped lands; provided, however, that said developer must execute and deliver to the city an instrument binding him, his successors or assigns, to convey the reserved strip to the owner(s) of the adjoining lands upon the request of such owner(s) for a stated monetary consideration, fixed by the city, consisting of the fair value at that time of the strip itself and the reasonably apportioned value of improvements properly chargeable to the adjoining lands_ , and interest at the legal r -at For eefitrnn4 obligations ADMINISTRATIVE PROVISIONS Section 1. Repeal of Conflicting Ordinances. The provisions of any Ordinance of the City of Chubbuck, Idaho, and any provision of the Chubbuck Municipal Code which are in conflict with the provisions of this Ordinance are hereby repealed to the extent of Ordinance - Page 1 dsc chbbckO1.111 such conflict. All other sections and provisions of Chapter 17.16 not herein amended shall remain in full force and effect. Section 2. Severability. If any provision of this ordinance is held invalid, for any reason, by any court of competent jurisdiction, such holding shall not affect the validity or enforceability of any of the remaining provisions. Section 3. Effective Date. The rule requiring an ordinance to be read on three separate days, one of which shall be a reading in full, is hereby dispensed with, and this Ordinance shall become effective upon its passage, approval and publication as provided by law. PASSED BY THE COUNCIL AND APPROVED BY THE MAYOR OF THE CITY OF CHUBBUCK, IDAHO, this 10TH. day of MAY , 1994. AYOR ATTEST: J YY1�' CITY CLERK Ordinance - Page 2 dsc chbbck01.111