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RESOLUTION No 82718 <br />RESOLUTION ADOPTING SUPPLEMENTAL ASSESSMENT <br />WHEREAS, pursuant to MS 429.071 the City Council for the <br />City of Lino Lakes determined it was necessary to make a supplemental <br />assessment to correct the interest rate charged on the unpaid <br />assessments on Improvement Project No. 79 -1; and <br />WHEREAS, such interest rate adjustment was necessitated <br />as a result of the refinancing of the temporary improvement bonds <br />sold at the commencement of Improvement Project No. 79 -1 and the <br />increased interest rate on the permanent refinancing; and <br />WHEREAS, pursuant to proper notice duly given as required <br />by law, the Council has met, and heard, and passed upon all objec- <br />tions to such supplemental assessment. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />LINO LAKES, MINNESOTA: <br />1. That the original assessment adopted by the City <br />Council on the /W day of 5ZL , 198/ is hereby <br />confirmed and shall continue to constitute the special assess- <br />ments against the lands named in such resolution. <br />2. That such assessment shall continue to be payable <br />in equal annual installments extending over a period of ten years <br />as originally adopted, however, such assessment shall bear interest <br />at the increased rate of 11.25 percent (11-1/4%) per annum from the <br />date of adoption of this assessment resolution. <br />3. The Clerk shall forthwith transmit a certified duplicate <br />of this supplemental assessment reflecting the increased interest <br />