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Lino Lakes Charter Commission <br /> 25Jul95 <br /> Chapter 8 Amendment Draft <br /> Replace entire sections of 8.04, 8.05, 8.06 and 8.07 of current charter with <br /> below two sections. <br /> 8.04 Special Assessment Limitations <br /> Subdivision 1. The amount of the special assessment against a <br /> benefited property shall be limited to the special benefit received <br /> from an improvement project. <br /> Subdivision 2. The amount of the special assessment which may be <br /> levied against a benefited property shall be limited to the lower of: <br /> A. 10% of assessed property value as established for property <br /> tax purposes, or <br /> B. $25,000.00 <br /> All special assessments levied shall be spread with equal principal <br /> and interest payments over a minimum of 10 years. <br /> Subdivision 3. The amount by which a special benefit received <br /> under Subdivision 1 hereof exceeds the amount that may be levied <br /> under Subdivision 2, shall be considered a deferred assessment. <br /> Subdivision 4. The deferred assessment shall bear interest accrued <br /> from the date of the resolution establishing special assessments, at a <br /> rate not to exceed 1% in excess of the interest rate paid by the City on <br /> the improvement financing. The deferred assessment shall be due and <br /> payable in full upon subdivision of or sale of the property. <br /> 8.05 Additional Funding <br /> Improvement costs not covered by special assessments may be funded <br /> by the use of general funds of the City. <br />