HomeMy WebLinkAboutResolution 4173 •- - ---w•
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� G'� RESOLUTION OF THE CITY COUNCIL
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A RESOLUTION TO AMEND THE
INTEREST RATE AND DATE APPLIED TO THE
SHORELINE DRIVE,HERITAGE DRIVE AND
HERITAGE LANE AREAS SAlvITARY SEWER ASSESSMENT
ROLL,AS ESTABLISHED BY RESOLUTION NO. 4106
WHEREAS,the City Council of Orono, Minnesota established the interest rate at
8.00%,and the effective interest date as June 29, 1998, on the assessments for the improvement of
sanitary sewer in the Shoreline/Heritage area by passage of Resolution No. 4106; and .
. W�iEREAS, the City Council intends to amend said interest rate based on the
4.973% interest rate of the bonds sold for the 1997 sanitary sewer improvement projects and the '
projected interest rate for a possible future bond sale to finance this project; and
• NOW THEREFORE BE IT RESOLVED, b the City Council of Orono, �
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� Minnesota:
1. Such assessment shall be payable in equal annual instaliments extending over a
period of 15 yeazs,the first of the installment to be payable on or before the first Monday in
January 1999, and shall beaz interest at the rate of 6.25%per annum from October 12, 1998.
To the first installment shall be added interest on the entire assessment from October 12,
1998 until December 31, 1999. 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
chazged 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 12, 1998, 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 1998, or before November 15 in a
subsequent year, or interest will be charged through December 31 of the next succeeding
year.
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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 October 12, 1998. . �
Gabriel J bour, Mayor
ATTEST:
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Lin a S. Vee, City Clerk
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