HomeMy WebLinkAboutResolution 4538 �.�, o.�,.
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�e. - CITY of ORONO
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'�' RESOLUTION OF THE CITY COUNCIL
. � ��`9.kE p4�'G � NO. � 5 c� � .
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A RESOLUTION TO AMEND THE
INTEREST RATE AND DATE APPLIED TO THE �
FOX RIDGE AREA SA1vITARY SEWER '�
ASSESSMENT ROLL,AS ESTABLISHED BY RESOLUTION NO. 4493
� WHEREAS,the City Council of Orono, Minnesota established the interest rate at
8.00%, and the effective interest date as July 10,2000, on the assessments for the improvement of
sanitary sewer in the Fox Ridge area by passage of Resolution No. 4493; and
� W�iEREAS,the City Council intends to amend said interest rate based on the 5.07%
interest rate of the bonds sold for the project
NOW, THEREFORE, BE IT RESOLVED, by the City Council of Orono, �
� Minnesota:
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1. 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 2001,and shall bear interest at the rate of 6.25%per annum from October 9,2000.
To the first installment shall be added interest on the entire assessment from October 9,2000 �
until December 31,2001. 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 October 9,2000,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 2000, or before November 15 in a
subsequent year, or interest will be charged through December 31 of the next succeeding '
year.
3. Partial prepayment is allowed in accordance with Ordinance No. 160,Second Series,
adopted May 12, 1997. �
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�b. - CITY of ORONO
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RESOLUTION OF THE CITY COUNCIL
� ���xE, p4��'G � � NO. � e� o� � _
SI3
4. The Clerk shall forthwith transmit a certified duplicate of this assessment to the
County Auditor to be extended on the property tax lists of the County. Such assessments
shall be collected and paid over in the same manner as other municipal taxes.
Adopted by the City Council of the City of Orono, Minnesota at a regular meeting
held October 9, 2000.
_ Gabri Jabbour, Mayor
ATTEST:
� �
, i,inda S. Vee, City Clerk
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