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<br />202.12 202.12 <br /> <br /> <br />Subd. 3. Application of Interest to Installments: <br /> <br /> a. To the first installment of each assessment shall be added interest on the entire <br />assessment from a date specified in the resolution levying the assessment, not earlier than <br />the date of the resolution, until December 31 of the year in which the first installment is <br />payable, and to each subsequent installment shall be added interest for one year on all <br />unpaid installments, or alternatively, any assessment may be made payable in equal <br />annual installments, including principal and interest, each in the amount annually <br />required to pay the principal over such period with interest at such rate as the resolution <br />determines, not exceeding the maximum period and rate specified above. In the latter <br />event, no prepayment shall be accepted under subdivision 7 of this Section without <br />payment of all installments due to and including December 31 of the year of prepayment, <br />together with the original principal included in such installments, computed on an annual <br />amortization basis. <br /> <br /> b. When payment of an assessment is deferred, as authorized in this subdivision, <br />interest thereon for the period of deferment may be made payable annually at the same <br />times as the principal installments payable on account of assessable real property; except, <br />that interest accruing shall not begin to run until the notice provided in subdivision <br />202.10(1)c of this Chapter has been properly given and thirty (30) days thereafter have <br />elapsed. <br /> <br /> c. The Council shall provide for the payment of these amounts and shall take <br />appropriate action to that end. <br /> <br />Subd. 4. Notice of Installment: If the assessment is not paid in a single installment, the City <br />Finance Director/Treasurer shall annually mail to the owner of any right of way and, as <br />long as the property is publicly owned, to the owner of any public property, a notice <br />stating that an installment is due and should be paid to the City Finance <br />Director/Treasurer. <br /> <br />Subd. 5. Collection from Railroads and Public Utilities: The City may collect the amount <br />due on account of the right of way of any railroad or privately owned public utility by <br />distress and sale of personal property in the manner provided by law in case of taxes <br />levied upon personal property or by suit brought to enforce the collection of this <br />indebtedness unless a different method of collecting such amounts is provided for by a <br />contract between the owner of any right of way and the City. (1988 Code §26.10) <br />City of Mounds View