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r <br />i I <br />A RESOLUTION TO AMEND THE <br />INTEREST RATE AND DATE APPLIED TO THE <br />SHORELINE DRIVE, HERITAGE DRIVE AND <br />HERITAGE LANE AREAS SANITARY SEWER ASSESSMENT <br />ROLL, AS ESTABLISHED BY RESOLUTION NO. 4106 <br />WHEREAS, the City Council of Orono, Minnesota established the interest rate at <br />8.00%, and the effective interest date as June 29, 1998, on the assessments for the improvement of <br />sanitary sewer in the Shoreline/Heritage area by passage of Resolution No. 4106; and <br />WHEREAS, the City Council intends to amend said interest rate based on the <br />4.973% interest rate of the bonds sold for the 1997 sanitary sewer improvement projects and the <br />projected interest rate for a possible future bond sale to finance this project; and <br />Minnesota: <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of Orono, <br />1. Such assessment shall be payable in equal annual installments extending over a <br />period of 15 years, the first of the installment to be payable on or before the first Monday in <br />January 1998, and shall bear interest at the rate of 6.25% per annum from November 1,1998. <br />To the first installment shall be added interest on the entire ..issessment from November 1, <br />1998, until December 31, 1999. To each subsequent installment when due shall be added <br />interest for one year on all unpaid installments. <br />2. The owner of any property so assessed may, at any time prior to certification of the <br />assessment to the County Auditor, pay the whole assessment on such property, with interest <br />charged to the date of payment, to the City Treasurer, except that no interest shall be charged <br />if the entire assessment is paid within thirty (30) days of October 14,1998, and he may, at <br />any time thereafter, pay to the City Treasurer the entire amount of the assessment remaining <br />unpaid, with interest accrued to December 31 of the year in which such payment is made. <br />Such payment must be made before November 30 in 1998, or before November 15 in a <br />subsequent year or interest will be charged through December 31 of the next succeeding <br />year. <br />Page 1 of2