10-09-2000 Council Packet - Laserfiche WebLink

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¥ t>r A RESOLUTION TO AMEND THE INTEREST RATE AND DATE APPLIED TO THE WEBBER HILLS AREA SANITARY SEWER ASSESSMENT ROLL, AS ESTABLISHED BY RESOLUTION NO. 4459 WHEREAS, the City Council of Orono, Minnesota established the interest rate at 8.00%, and the effective interest date as May 8,2000, on the assessments for the improvement of sanitary sewer in the Webber Hills area by passage of Resolution No. 4459; and WHEREAS, the City Council intends to amend said interest rate based on the 5.07% interest rate of the bonds sold for the project NOW, THEREFORE, BE IT RESOLVED, by the City Council of Orono, Minnesota: 1. Such assessment shall be payable in equal annual installments extending over a period of 15 years, the first of the installment to be payable on or I” cfore the first Monday in January 2001, and shall bear interest at the rate of 6.25% per annum from October 9,2000. To the first installment shall be added interest on the entire assessment from October 9,2000 until December 31,2001. To each subsequent installment when due shall be added interest for one year on all unpaid installments. 2. The owner of any property’ so assessed may, at any time prior to certification of the assessment to the County Auditor, pay the whole assessment on such property, with interest charged to the date of payment, to the City Treasurei, except that no interest shall be charged if the entire assessment is paid within thirty (30) days of October 9,2000, and he may, at any time thereafter, pay to the City Treasurer the entire amount of the assessment remaining unpaid, with interest accrued to December 31 of the year in which such payment is made. Such payment must be made before November 30 in 2000, or before November 15 in a subsequent year, or interest will be charged through December 31 of the next succeeding year. 3. Partial prepayment is allowed in accordance with Ordinance No. 160, Second Series, adopted May 12, 1997. Page 1 of2