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1. The proposed Assessment Rott, a copy of which is attached hereto and <br />made a part hereof, is hereby accepted and shall constitute the Special <br />Assessments against the Tracts of land named therein, and each Tract of <br />land is hereby found to be specially benefited by the improvements <br />resulting from the construction of the Project in the amount of the <br />Special Assessment levied against it. <br />2. Such Special Assessment shalt be payable in equal annual principal <br />installments extending over a period of five (5) years. The first of the <br />installments is to be payable on or before the first Monday in January, <br />2008, and shall bear interest at the rate of 5.75% per annum from the <br />date of the adoption of this Special Assessment Resolution until <br />December 31, 2008. To each subsequent installment shall be added <br />interest for one (1) year on all unpaid installments, The City Clerk shalt <br />forthwith transmit a duplicate of this Assessment to the County Auditor <br />to be extended on the property tax list for the County. Such <br />Assessments shall be collected in the same manner as other municipal <br />taxes. <br />Date: November 5, 2007 <br />ATTEST: <br />Susan J. Hoyt <br />City Administrator <br />CITY OF LAKE ELMO y <br />By:= <br />Dean Johnston <br />Mayor <br />This resolution was adopted by the City Council of the City of Lake Elmo on the <br />5th dayof November 20079 by a vote of 5 Ayes and 0 Nays. <br />F: \users\ Jessica \Jerry\4E \Resolution -City Water System Interconnect Project.v2,doc <br />Mayor Johnson <br />Council Member <br />Council Member <br />Council Membef <br />Council Member <br />Aye <br />DeLapp - Aye <br />Johnson - Aye <br />Park _ Aye <br />Smith - Aye <br />N <br />