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Lino takes Charter Commission <br />20June95 <br />Chapter 8 Amendment Proposal 1 <br />8.04 Special Assessment Limitations <br />Subdivision 1. The special assessment value on a benetited property <br />is limited to the lower of: <br />a) Cost of improvement <br />b} Valve of benefit received <br />Subdivision 2. The amount of the special assessment value which <br />rn'ay be levied against a benefited property is limited to the lower of: <br />a) 1O% of assessed property value <br />b) S25,000 <br />The assessment levied will be spread evenly over a minimum of ten <br />(10) years. <br />Subdivision 3. The a.rnouni to which the special assessment value <br />(subdivision 1) exceeds that levied (subdivision 2) is the deferred <br />assessment. <br />Subdivision h. The deferred assessment will ride on the property <br />until such time the property is subdivided or sold, at which time it is <br />payable in full (including interest charges at a rate not to exceed 1% in <br />excess of the rate obtained by the city on the improvement financing). <br />8.05 Additional Improvement Funding <br />Improvement costs not covered by special assessments may be funded <br />through general funds. <br />