09-08-1997 Council Packet - Laserfiche WebLink

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A RESOLUTION TO AMEND THE INTEREST RATE AND DATE APPLIED TO THE NORTH LONG LAKE/LONG LAKE COUNTRY CLUB SANITARY SEWER ASSESSMENT ROLL, AS ESTABLISHED BY RESOLUTION NO. 3895 WHEREAS, the City Council of Orono, Minnesota established the interest rate at 8.00%, and the effective interest date as May 6, 1997, on the assessments for the improvement of sanitary sewer in the North Long Lake/Long Lake Country Club area by passage of Resolution No. 3895; and WHEREAS, the City Council did intend to amend said interest rate based on the total interest cost interest rate of the bonds sold for the sanitary sewer improvement in the North Long Lake/ Long Lake Country Club area; and has determined that the first year of collection should reflect a maximum 15 months of interest; and WHEREAS, the City Council has awarded the sale of said bonds, bearing a total interest cost interest rate of4.9793%. 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 installments to be payable on or before the first Monday in January 1998 and shall bear interest at the rate of 6.25% per annum fi-om October 1, 1997. To the first installment shall be added interest on the entire assessment from October 1, 1997 until December 31, 1998. 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 Treasurer, except that no interest shall be charged if the entire assessment is paid vdthin thirty (30) days of October 1, 1997; 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 1997, or before November 15 in a subsequent year or interest will be charged through December