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RESOLUTION DECLARING COST TO BE ASSESSED AND <br />ORDERING PREPARATION OF PROPOSED ASSESSMENT <br />WHEREAS, <br />A contract has been let for the improvement of Centerville Road from approximately 350 <br />feet north ofLaBore Road to Allen Street by water main improvement and the contract <br />price for such improvement is $53,974.93, and the expenses incurred in making of such <br />improvement amount to $18,142.25 so that the total cost of the improvement will be <br />$72,117.18. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LITTLE <br />CANADA, MINNESOTA: <br />1. The portion of the cost of such improvement to be paid by the City is hereby <br />declared to be $10.350.91 and the portion of the cost to be assessed against <br />benefited property owners is declared to be $61,766.26. <br />2. Assessments shall be payable in equal annual installments extending over a period <br />of ten years, the first of the installments to be payable on or before the first <br />Monday in January, 1999, and shall bear interest at the rate of 6.5 percent per <br />annum from the date of the adoption of the assessment resolution. <br />3. The City Administrator, with the assistance of the City Engineer shall forthwith <br />calculate the proper amount to be specially assessed for such improvement against <br />every assessable lot, piece or parcel of land within the district affected, without <br />regard to cash valuation, as provided by law, and he shall file a copy of such <br />proposed assessment in his office for public inspection. <br />The City Administrator shall upon the completion of such proposed assessment, <br />notify the Council thereof. <br />Adopted by the Council this 12`x' day of August, 1998, <br />Attest: <br />Michael I. Fahey, Mayor <br />Joel R. Hanson, City Administrator <br />Page 47 <br />