HomeMy WebLinkAbout1982-018 Council ResolutionRESOLUTION No 82718
RESOLUTION ADOPTING SUPPLEMENTAL ASSESSMENT
WHEREAS, pursuant to MS 429.071 the City Council for the
City of Lino Lakes determined it was necessary to make a supplemental
assessment to correct the interest rate charged on the unpaid
assessments on Improvement Project No. 79 -1; and
WHEREAS, such interest rate adjustment was necessitated
as a result of the refinancing of the temporary improvement bonds
sold at the commencement of Improvement Project No. 79 -1 and the
increased interest rate on the permanent refinancing; and
WHEREAS, pursuant to proper notice duly given as required
by law, the Council has met, and heard, and passed upon all objec-
tions to such supplemental assessment.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
LINO LAKES, MINNESOTA:
1. That the original assessment adopted by the City
Council on the /W day of 5ZL , 198/ is hereby
confirmed and shall continue to constitute the special assess-
ments against the lands named in such resolution.
2. That such assessment shall continue to be payable
in equal annual installments extending over a period of ten years
as originally adopted, however, such assessment shall bear interest
at the increased rate of 11.25 percent (11-1/4%) per annum from the
date of adoption of this assessment resolution.
3. The Clerk shall forthwith transmit a certified duplicate
of this supplemental assessment reflecting the increased interest
rate to the County Auditor to be extended on the proper tax lists
of the county, and such assessments shall be collected and paid
over in same manner as other municipal taxes.
Adopted by the Council this .:5'% day of
1988 .
E na L. Sarner, Clerk - Treasurer