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CITY OF LAKE ELMO <br />WASHINGTON COUNTY <br />STATE OF MINNESOTA <br />RESOLUTION NO. 2007-042 <br />A RESOLUTION ESTABLISHING LATERAL WATER MAIN BENEFIT CHARGE AND <br />CONNECTION CHARGE PAYBACK PERIOD AND INTEREST RATE <br />FOR THE WATERMAIN INTERCONNECT PHASE I & 11 PROJECTS <br />WHEREAS, the Lake Elmo City Minnesota Codes Section 600.06 Subdivision (3) <br />provides as follows.- <br />If no assessment has been Levied, and no assessment <br />proceedings will be completed in due course, a sum equat <br />to the portion of the costs of constructing the trunk water <br />main facility and lateral water main has been paid as a <br />benefit charge to the City. <br />WHEREAS, the City Water System Interconnect Project Phases I & 11 are <br />complete. <br />WHEREAS, the City does not intend to specially assess lateral watermain benefit <br />charges; and <br />WHEREAS, the City does wish to provide property owners who connect to the <br />City Water System Interconnect Project Phases I & 11, the option of paying for the lateral <br />watermain benefit charges over a period of time pursuant to M.S. 444.075, <br />NOW THEREFORE, be resolved in regard to the City Water System Interconnect <br />Project Phases I & JI, property owners who choose to connect prior to September 1, <br />2007 shall have their lateral watermain benefit charge and connection charge spread <br />out over five (5) equal installments accruing interest at the rate of 5.75% per annum <br />provided that property owners have executed appropriate Lateral watermain Benefit <br />Charge Repayment Agreements with the City. <br />