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3. HOUSING IMPROVEMENT FEE. (A) The City may, by resolution adopted in accordance with the petition, hearing and notice requirements of Minn. Stat. § 428A.14, impose a fee on the housing units within Housing Improvement Area No. 2 at a rate, term or amount sufficient to produce revenues required to provide the Housing Improvements subject to the terms and conditions set forth in this Section, the Housing Improvement Fee may be imposed in phases. (B) Any Housing Improvement Fee shall be imposed on the basis of the total cost of the Housing Improvements to be financed by the Housing Improvement Fee, including the costs of issuing bonds if they are issued. Housing Improvement Fees may be allocated to the units within the Housing hnprovement Area by any method permitted by Minn. Stat. § 428A.14, as set forth in any resolution adopted under that statute setting the fee. (C) Any Housing Improvement Fee shall be imposed and payable for a period no greater than 20 years after the first installment is made. (D) Any Housing Improvement Fee shall be prepayable in full or in part by housing unit owners within 30 days after the effective date of the resolutioi setting the Housing Improvement Fee, provided that if only a portion is prepaid, the prepayment amount must be at least 25% of the total fee for that unit. After such 30-day period the Housing Improvement Fee (or unpaid portion thereof) shall not be prepayable. (E) The resolution imposing any Housing Improvement Fee may provide that any fee (or portion thereof) not prepaid by the housing unit owner shall be deemed to include interest on unpaid Housing Improvement Costs at a rate that will produce total fee revenue collected from all units in Housing Improvement Area No. 2 in an amount that equals 105 percent of the debt service payable each year on the bonds to be issued under Section 4 hereof. (F) Any I-lousing Improvement Fee shall be collected at the same time and in the same manner as provided for payment and collection of ad valorem taxes, in accordance with Minn. Stat. § 428A.05. As provided by that statute, the Housing Improvement Fee is not included in the calculation of levies or limits on levies imposed under any law. 4. ISSUANCE OF BONDS. At any time after a contract with Canabury Townhouses for construction of all or part of the Housing Improvements has been entered into or the work has been ordered, and the 30-day period for prepayment of the Housing hnprovement Fee has expired as described in Section 3(D) hereof, the Council may issue bonds in the principal amount necessary to finance the cost of the Housing Improvements that have not been prepaid together with costs of issuance of the bonds. Such bonds shall be issued pw•suant to and in accordance with Minn. Stat. § 428A.16. 5. ANNUAL REPORTS. (A) On August 15, 2009 and each August 15 thereafter until there are no longer any outstanding bonds issued in connection with Housing Improvement Area No. 2, the Canabury Townhouse Association shall submit to the City Clerk a copy of the association's audited financial statements.