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A RESOLLITION 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 /> 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 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 assessment from November l, <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 of 2 <br />