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DUPUIS KIN RIVAIVID130119191 VIVHEREAS, a contract has been let for the Lake Elmo Avenue Trunk Watermain Improvements including trunk watermain improvements along Lake Elmo Avenue from 30th Street south to future 5t" Street; and WHEREAS, the total cost of the water improvements will be $2,498,800 and WHEREAS, the City Clerk and City Engineer have prepared the proposed assessment roll and will maintain said assessment roll on file in the City offices for public inspection. 1. The portion of the cost of such water improvement to be paid by the City is hereby declared to be $2,406,000, and the portion of the cost to be assessed against benefited property owners is declared to be $92,800. 2. The City Clerk, with the assistance of the City Engineer, has calculated the proper amount to be specially assessed for such improvements against every assessable lot, piece or parcel of land to be benefited by the improvements, and the Clerk has filed a copy of such proposed assessment in the City offices for public inspection. 3. Assessments shall be payable in equal annual installments extending over a period of 15 years, the first of the installments to be payable on or before the first Monday in January, 2015, and shall bear interest at the rate of 4.61 percent per annum from the date of the adoption of the assessment resolution. 4. A public hearing shall be held on the 2l't day of October, 2014, in the Council Chambers of the City Hall at or approximately after 7:00 P.M. to pass upon such proposed assessment. All persons owning property affected by such improvement will be given an opportunity to be heard with reference to such assessment. 5. The City Clerk is hereby directed to cause a notice of the hearing on the proposed assessment to be published once in the official newspaper at least two weeks prior to the hearing, and he shall state in the notice the total cost of the improvement. He shall also cause mailed notice to be given to the owner of each parcel described in the assessment roll not less than two weeks prior to the hearings. 6. The owner of any property so assessed may, at any time prior to certification of the assessment to the county auditor, pay the entire assessment on such property, with interest accrued to the date of payment, to the City Clerk. No interest shall be charged if the entire assessment is paid within 30 days from the adoption of the assessment. A property owner may at any time thereafter, pay to