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Council member introduced the following ordinance and <br />move its adoption: <br />CITY OF LINO LAKES <br />ORDINANCE NO. 33-97 <br />EMERGENCY ORDINANCE ALLOWING PARTIAL PREPAYMENTS <br />ON ASSESSMENTS <br />WHEREAS, The City of Lino Lakes does not have a current ordinance allowing partial <br />prepayments on assessments, and <br />WHEREAS, accepting partial prepayments on assessments greater than $100,000 is financially <br />smart for the City, and <br />WHEREAS, the City can invest the funds to earn high interest. <br />NOW THEREFORE BE IT RESOLVED, that the Lino Lakes City Council adds Section 303.11 to <br />the City Code. The Section will read as follows: <br />Section 303.11. Allowing partial prepayments on assessments. <br />The City will accept partial payments on assessments exceeding $100,000. <br />This ordinance shall become effective immediately upon its passage by the City Council. <br />Adopted by the City Council of Lino Lakes this 27th day of October, 1997. <br />t< ./.t, L• Lt d, li 7/ <br />Marilyn G. Anderson, Clerk Treasurer <br />o Landers - Mayor <br />The motion for the adoption of the foregoing ordinance was duly seconded by <br />and upon vote being taken thereon, the following voted in favor thereof: <br />The following voted against same: <br />Where upon said ordinance was declared duly passed and adopted: <br />