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� � � O� • • O O ��b. - CITY of ORONO � � ti RESOLUTION OF THE CITY COUNCIL ��kE H�4�'G NO. � `e� e� � � S . A RESOLUTION TO AMEND T� INTEREST RATE AND DATE APPLIED TO THE ORONO ORCHARDS AREA SANITARY SEWER ASSESSMENT ROLL,AS ESTABLISHED BY RESOLUTION NO. 4262 WHEREAS, the City Council of Orono, Minnesota established the interest rate at 8.00%, and the effective interest date as April 12,1999, on the assessments for the improvement of sanitary sewer in the Orono Orchazds area by passage of Resolution No. 4262; and WHEREAS,the City Council intends to amend said interest rate based on the 5.00% interest rate of the bonds sold for the project NOW, THEREFORE, BE TT RESOLVED, by the City Council of Orono, • Minnesota: l. Such assessment shall be payable in equal annual installments extending over a period of 15 years, the first of the installment to be payable on or before the first Monday � in January 2000, and shall bear interest at the rate of 6.25% per annum from October 1, 1999. To the first installment shall be added interest on the entire assessment from October 1, 1999 until December 31, 2000. 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 within thirty (30) days of September 27,1999, 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 1999, or before November 15 in a subsequent year, or interest will be charged through December 31 of tlie next succeeding yeax. • Page 1 of 2