CCRes_82-45 - Laserfiche WebLink

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10. It is hereby determined that no less than 20% of the cost to the City of each improvement financed hereunder • within the meaning of Minnesota Statutes, Section 475.58, Subdivision 1(3) shall be paid by special assessments to be levied against every assessable lot, piece and parcel of land benefited by the improvements. The City hereby covenants and agrees that it will let all construction contracts not here- . tofore let within one year after ordering each improvement financed hereunder unless the resolution ordering the improvement specifies a different time limit for the letting of construction contracts and will do and perform as soon as they may be done, all acts and things necessary for the final and valid levy of such special assessments, and in the event that any such assessment be at any time held invalid with respect to any lot, piece or parcel of land due to any error, defect, or irregalarity, in any action or proceedings taken or to be taken by the City or this Council or any of the City officers or employees, either in the making of the assessments or in the performance of any condition precedent thereto, the City and this Council will forthwith do all further acts and take all further proceedings as may be required by law to make the assessments a valid and binding lien upon such property. The assessments have not heretofore been authorized, and accordingly, for purposes of Minnesota Statutes, Section 475.55, Subdivision 3, the special assessments are hereby authorized. Subject to such adjustments as are required by conditions in existence at the time the assessments are levied, it is hereby determined that the assessments shall be payable • in equal, consecutive, annual installments, with general taxes for the years shown below and with interest on the declining balance of all such assessments at a rate per annum not greater than the maximum permitted by law and not less than 10 %: Improvement Designation Amount Levy Years Gortner/Larpenteur/Prior $215,664.03 1982/1991 At the time the assessments are in fact levied the City Council shall, based on the then current estimated col- lections of the assessments, make any adjustments in any ad valorem taxes required to be levied in order to assure that the City continues to be in compliance with Minnesota Statutes, Section 475.61, Subdivision 1.