HomeMy WebLinkAboutResolution 4356 �
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RESOLUTION OF THE CITY COUNCIL
���kE H�4�'G NO. � `e� e� � �
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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.
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�4 CITY of ORONO
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�� G'�� . _RESOLUTION OF THE CITY COUNCIL
�9kESIi�4�' NO. � � � 6 .
3. Partial prepayment is allowed in accordance with Ordinance No. 160, Second Series,
adopted May 12, 1997.
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 September 27, 1999.
Gabn 1 Jabbour, Mayo
ATTEST:
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Linda S. Vee, City Clerk
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