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Council Member Reinert introduced the following resolution and moved its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 56-90 <br />RESOLUTION DECLARING COST TO BE ASSESSED AND ORDERING PREPARATION <br />OF PROPOSED ASSESSMENT POR WEST CENTRAL TRUNK <br />WHEREAS: contracts have been awarded for improvement of West Central Trunk (sanitary <br />sewer and watennain) and the contract price for such improvements is <br />$1,706,638,00 and the expenses incurred or to be incurred in the making of such <br />improvement amount to $503,492.28 so that the total cost of the improvement will <br />be $2,210,130.20. <br />WHEREAS: it is the policy of the City of Lino Lakes to collect area charges, unit charges and <br />front footage charges in the assessment for said improvements, said area charges <br />amount to $404,791.71, said unit charges amount to $483,342.00, said front <br />footage charges amount to $447,612.16 so that the total amount of charges on the <br />present assessment roll will be $1,335,745.87. <br />WHEREAS: The balance of the cost of the improvement will be paid by future area charges and <br />future unit charges in the amount of $874,384.33. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF LINO LAKES, <br />MINNESOTA: <br />1. The portion of the cost of such improvement as represented by the present assessment roll <br />to be paid by future connections is hereby declared to be $145,115.45 and the portion of <br />the cost to be assessed against benefited property owners with this assessment roll is <br />declared to be $1,190,630.42. <br />2. Assessments shall be payable in equal annual installments extending over a period of <br />fifteen (15) years, the first installments to be payable on or before the first Monday in <br />January, 1991, and shall bear interest at the rate of nine percent (9.0%) per annum from the <br />date of the adoption of the assessment resolution. <br />Page 1 <br />