§ 40-23-23 — Assessments for parking improvements

For any improvement consisting of acquiring or leasing of property and easements and
construction of parking lots, ramps, garages, and other facilities for motor vehicles, whether
constructed pursuant to chapter 40-22, 40-60, or 40-61 or other law authorizing a municipality to
acquire facilities used and usable in connection with the parking and storing of motor vehicles,
the governing body of the municipality, on or before October first in any year, may cancel all
installments of special assessments theretofore levied for such facilities which are due and
payable in the following year and all subsequent years, and may levy a new assessment for
such facility in accordance with the law authorizing the initial levy of special assessments
therefor, except that the amount to be newly assessed shall not exceed the total principal
amount of the installments of assessments so canceled. The new assessment shall follow the
same district lines as the original assessment district, and the same method of assessment shall
be used as was used in the original assessment. If the new assessment causes any prepaid
payment to be refunded, the refund plus four and one-half percent interest per annum on the
refunded prepaid payment shall be paid to the person, corporation, or limited liability company
who prepaid the original assessment. In determining the special benefit and levying the new
assessment against any lot or parcel, the previous determination of special benefit in any
previous proceeding shall not be binding upon the assessment commission or governing body,
but the new assessment levied on any lot or parcel, together with the principal amount of the
installments of special assessments previously paid or to be paid in the current year for that lot
or parcel with respect to that facility to be assessed, if any, shall not exceed the total special
benefit to the lot or parcel from the facility for which the assessment is levied. In levying new
assessments pursuant to this authority, an assessment commission and governing body of a
municipality may take into account any changes in conditions affecting the benefits derived and
to be derived from the improvement for which the assessments were initially levied against the
respective properties assessed. Provided, however, that in canceling any special assessments
previously levied and in levying new special assessments, a municipality cannot violate any
covenants or agreements which it has made with holders of any obligations issued by the
municipality to finance the acquisition of that improvement.