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• Page 3 <br />City Council Minutes <br />May 26,1999 <br />Establish interest rate for the assessments on the 1999 street im rovement <br />ro 'ect. <br />City Administrator, Susan Hoyt, explained the city's policy is to charge <br />interest 2% over the cost of the bond issue to the city to recapture the <br />financial costs to the city for borrowing money for a rate of 6.4%. She <br />explained that the city had informed property owners being assessed that <br />the interest would be 7%. Councilmember Kuettel moved a 6.4% interest on <br />the assessment rate for the 1999 street improvement project. The motion <br />passed unanimously. <br />Update on the results of the 1999 legislative session <br />• Administrator Hoyt summarized some of the ke oints from <br />y p the 1999 <br />legislative session including the continuation of levy limits for 2000. <br />Announcements followed <br />Mayor Gehrz adjourned the meeting at 8:40 P.M. <br />Respectfully submitted, <br />Susan oyt Susan L. Gehrz, Mayor <br />Recording Secretary <br />