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<br />202.12 202.12 <br /> <br /> <br />202.12: PAYMENT OF ASSESSMENTS: <br /> <br />Subd. 1. Installments: <br /> <br /> a. Except as provided below, all assessments shall be payable in equal annual <br />installments extending over such period, not exceeding thirty (30) years, as the resolution <br />determines, payable on the first Monday in January in each year, but the number of <br />installments need not be uniform for all assessments included in a single assessment roll <br />if a uniform criterion for determining the number of installments is provided by the <br />resolution. The first installment of each assessment shall be included in the first tax rolls <br />completed after its adoption and shall be payable in the same year as the taxes contained <br />therein; except, that the payment of the first installment of any assessment levied upon <br />unimproved property may be deferred until a designated future year or until the platting <br />of the property or the construction of improvements thereon, upon such terms and <br />conditions and based upon such standards and criteria as may be provided by resolution <br />of the Council. <br /> <br /> b. In any event, every assessment, the payment of which is so deferred, when it <br />becomes payable, shall be divided into a number of installments such that the last <br />installment thereof will be payable not more than thirty (30) years after the levy of the <br />assessment 1. <br /> <br />Subd. 2. Interest: All assessments shall bear interest at such rate as the resolution <br />determines, not exceeding the maximum permitted by law; except, that the rate may, in <br />any event, equal the average annual interest rate on bonds issued to finance the <br />improvement for which the assessments are levied. <br /> 1 See Section 202.13 for deferral of assessments. <br />City of Mounds View <br />