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A RESOLUTION TO AMEND <br />RESOLUTION NO. 1872 APPROVING AN ASSESSMENT <br />FOR SANITARY SEWER - PROJECT 83-1A <br />ON PROPERTY OWNED BY THE <br />FRESHWATER BIOLOGICAL INSTITUTE FOUNDATATION <br />BE IT RESOLVED, by the City Council of the City of <br />Orono, Minnesota as follows: <br />1. Resolution No. 1872 passed October 28, 1985 stipulated an <br />assessment of $47,080.00 at 9.2% interest to be paid over <br />five years. <br />2. By mutual agreement the Freshwater Biological Institute <br />Foundation was given the option to pay the scheduled annual <br />installment of principal and interest on or before October <br />10, each year directly to the City with the understanding <br />that if an installment was not made timely the entire <br />remaining principal plus appropriate interest would be <br />spread against the property to be collected by the County as <br />provided by law. <br />3. The original principal balance has been reduced to <br />$37,664.00 through scheduled payments as of November 15, <br />1985. <br />4. If the scheduled payment is not received by October 10, <br />1986, the principal balance remaining shall be collected <br />over the next four (4) years commencing with taxes <br />collectible in 1987 with interest at 9.2% on the unpaid <br />balance for 26 months in 1987 and 12 mon. is each year <br />thereafter until finally collected. <br />5. The City has obtained from the Hennepin County Auditor <br />Levy No. __ for the Sanitary Sewer Project 83-1A <br />assessment and the County Auditor is hereby authorized and <br />directed to extend upon proper tax lists of the County and <br />further collect said assessments as provided by law. <br />Adopted by the City Council of the City of Orono, <br />Minnesota, at a regular meeting held September 22, 1986. <br />Mary C. Butler, Mayor <br />ATTEST: <br />Dorothy M. Hallin, City Clerk <br />