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�.�, o.�,. <br /> � � � <br /> �e. - CITY of ORONO <br /> � ti <br /> '�' RESOLUTION OF THE CITY COUNCIL <br /> . � ��`9.kE p4�'G � NO. � 5 c� � . <br /> SI� <br /> A RESOLUTION TO AMEND THE <br /> INTEREST RATE AND DATE APPLIED TO THE � <br /> FOX RIDGE AREA SA1vITARY SEWER '� <br /> ASSESSMENT ROLL,AS ESTABLISHED BY RESOLUTION NO. 4493 <br /> � WHEREAS,the City Council of Orono, Minnesota established the interest rate at <br /> 8.00%, and the effective interest date as July 10,2000, on the assessments for the improvement of <br /> sanitary sewer in the Fox Ridge area by passage of Resolution No. 4493; and <br /> � W�iEREAS,the City Council intends to amend said interest rate based on the 5.07% <br /> interest rate of the bonds sold for the project <br /> NOW, THEREFORE, BE IT RESOLVED, by the City Council of Orono, � <br />� Minnesota: <br /> • <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 2001,and shall bear interest at the rate of 6.25%per annum from October 9,2000. <br /> To the first installment shall be added interest on the entire assessment from October 9,2000 � <br /> until December 31,2001. To each subsequent installment when due shall be added interest . <br /> 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 9,2000,and he may,at any <br /> � 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 2000, or before November 15 in a <br /> subsequent year, or interest will be charged through December 31 of the next succeeding ' <br /> year. <br /> 3. Partial prepayment is allowed in accordance with Ordinance No. 160,Second Series, <br /> adopted May 12, 1997. � <br /> • ' Page 1 of 2 <br />