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interest at a rate of two percent 12%) over the interest on the G.O. Bonds sold to finance the'99 street project. The first installment of principal shall be due and payable on or before the first Monday in the first January following the date of this resolution, together with interest which has accrued through December 31 of the preceding year. Each owner of property that is subject to this special assessment may, at any time before certification of the assessment to the county auditor, pay to the city the principal amount plus accrued interest then owing, providing the city shall not charge interest if the entire assessment is paid by October 1, 1999. At any time on or before November 15"' of each year in which the assessment is outstanding, a property owner may prepay the assessment by paying to. Ramsey County an amount equal to the principal then outstanding, plus interest through December 31 of the year in which the property owner prepays. Any prepayment made after November 15 must include interest through December 31 of the following year. • The city directs the city administrator to transmit a certified copy of this resolution to the county auditor for Ramsey County, with instructions to extend the assessment on the appropriate tax lists of the county, and collect and pay over to the city the assessment in the same manner as other municipal taxes. April, 1999. GIBBON TALBOT Adopted by the city council of the City of Falcon Heights this 28th day of ------------------------------------------------------------ Moved by: Jacobs Approved by: Mayor April 28, 1999 GEHRZ 5 In Favor Date HUSTAD 0 Against Attested by: JACOBS City Administrator KUETTEL April 28, 1999 Date