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FEB 4 '34 10:48 FROM LSD 1 898 PAGE 003 with other laws governing the School District, pay contractors pursuant to the procedure in Minn. Stat. 429.041, subd. 6, 7. Payment of Funds to School District. Following thirty days after adoption of the resolution ordering the Improvements, the School District may request funds for the Improvements from the City. Prior to disbursement of any funds, the School District shall prepare and submit for approval by the City Administrator a schedule for payout of funds. The schedule shall require evidence from the School District of satisfactory completion of work prior to payout. If acceptable to the City Administrator, the City Administrator shall approve the schedule in writing. Upon approval by the City Administrator, such schedule shall be appended to this Agreement and made a part hereof as if fully set forth herein. The schedule may be amended at any time by the School District, subject to approval by the City Admin The City Administrator shall disburse funds pursuant to said schedule. 8. Levy. The City shall levy a special assessment in the amount of $250,000.00 against the Property in accordance with Minn. Stat. Ch. 429. The parties agree that $250,000 is the proper amount of the special assessment pursuant to Minn. Stat. 429.061. The school district hereby waives requirements for published and mailed notice, public hearing, determination of the amount of special assessment by resolution, and any technical defects in the assessment procedure. The school district also waives all rights to appeal the assessment pursuant to Minn. Stat. 429.081 or other law. 9. _e_a___Ipigtdel. The School District shall pay the assessment to the City in five (5) annual installments of $50,000 each commencing on the fast Monday in January, 1995 and continuing until fully paid on the first Monday in January, 1999, plus interest as set forth below. Interest shall accrue on the unpaid balance at the minimum rate of 6,1%, compounded monthly, commencing from the date of adoption of the assessment by the City. The interest rate shall be adjusted by the City on a quarterly basis to reflect the City's rate of return on investments as set forth in the City's most recent available Quarterly Financial Report; provided, however, that the iierest rate payable -by the School District shall never fall below 6.1%. Amounts paid shall be credited first to interest, then to principal. The City shall provide the School District with a schedule of the intemst payable at least ten (10) days prior to the fast Monday m January. 10. Payment of City's Adminislrati. Legal. Engineering 2 and Consultant Cow. The School District agrees to pay all costs for attorneys' fees, engineers' fees, other consultants' fees (if any), plus $500M0 for City staff time, incurred by the City to rev and process the Imps and special assessments, including but not limited to, drafting of documents. 11. loo Third Party Besieficiaries. It is the intent of the parties that this Agreement is solely for the benefit of the School District and the City; no contractor or other party whatsoever shall have any rights to require payment from the City pursuant to this Agreement, enforce this Agreement, or maintain an action for damages or equitable relief based on this Agreement. 12. Independent Anent; Remedies. In the event that, for any reason, funds are advanced by the City to the School District under this Agreenunt and the Special Assessment is determined by a court of competent jurisdiction to be void or unenforceable, this Agreement shall remain an independent and binding contract requiting repayment of funds by the School District to the City of all funds advanced under this and costs incurred by the City. The School District stipulates and agrees that the special assessment comemplated by this Agreement is not "for pi ties used or m be used for highway rim way" within, the meaning of Minn. Stat. 435.19. If the special assessment is not paid when due, the School 2