HomeMy WebLinkAboutResolution 4357 /
� O�
• O ' O
��, - CITY of ORONO
� F
� G'� RESOLUTION OF THE CITY COUNCIL
�9kESH�4��' NO. � � � �
A RESOLUTION TO AMEND THE
INTEREST RATE AND DATE APPLIED TO THE
EDGEWOOD HILLS AREA SANITARY SEWER
ASSESSMENT ROLL,AS ESTABLISHED BY RESOLUTION NO. 4301
WHEREAS,the City Council of Orono, Minnesota established the interest rate at
8.00%, and the effective interest date as June 14, 1999, on the assessments for the improvement of
� sanitary sewer in the Edgewood Hills area by passage of Resolution No. 4301; and �
W�IEREAS,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 IT RESOLVED, by the City Council of Orono,
• Minnesota:
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 2000,and shall bear interest at the rate of 6.25%per annum from October l, 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 sha11 be charged
if the entire assessment is paid within thirry(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 ri'iade. Such payment must be made before November 30 in 1999, or before November 15
in a subsequent yeaz,or interest will be chazged 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.
• Page 1 of 2 �
. �
, .
� ��
� o o .
��b - CITY of ORONO
� '" . �
,� �,'�� . RESOLUTION OF THE CITY COUNCIL
��kEsH�4�' NO. � `�, � `� -
. The Clerk shall forthwith transmit a certified duplicate of tlus 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 regulaz meeting
held September 27, 1999.
. �
Gabri 1 Jabbour,Mayor �
ATTEST:
- �� � ��- �
• . Linda S. Vee, City Clerk � � �
� Page 2 of 2
, �