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/ <br /> � O� <br /> • O ' O <br /> ��, - CITY of ORONO <br /> � F <br /> � G'� RESOLUTION OF THE CITY COUNCIL <br /> �9kESH�4��' NO. � � � � <br /> A RESOLUTION TO AMEND THE <br /> INTEREST RATE AND DATE APPLIED TO THE <br /> EDGEWOOD HILLS AREA SANITARY SEWER <br /> ASSESSMENT ROLL,AS ESTABLISHED BY RESOLUTION NO. 4301 <br /> WHEREAS,the City Council of Orono, Minnesota established the interest rate at <br /> 8.00%, and the effective interest date as June 14, 1999, on the assessments for the improvement of <br /> � sanitary sewer in the Edgewood Hills area by passage of Resolution No. 4301; and � <br /> W�IEREAS,the City Council intends to amend said interest rate based on the 5.00% <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 /> 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 2000,and shall bear interest at the rate of 6.25%per annum from October l, 1999. <br /> To the first installment shall be added interest on the entire assessment from October 1, 1999 <br /> until December 31, 2000. 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 sha11 be charged <br /> if the entire assessment is paid within thirry(30) days of September 27, 1999, and he may, <br /> � at any time thereafter, pay to the City Treasurer the entire amount of the assessment <br /> remaining unpaid,with interest accrued to December 31 of the year in which such payment <br /> is ri'iade. Such payment must be made before November 30 in 1999, or before November 15 <br /> in a subsequent yeaz,or interest will be chazged 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 />