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RICHARD MEYERS, P <br />ATTORNEY AT LAW <br />11E0 VEN"a AVENUE <br />ST. PA -IL. MINNESOTA SS 111 <br />011) aaa•EEu <br />A. ' <br />1. • .V�r . � <br />1',1 rsi <br />r <br />September 22, 1982 <br />Mr, Donald F. Pauley <br />City Administrator <br />City Hall <br />2401 Highway 10 <br />Mounds View, Minnesota 55112 <br />Re: Interest on Assessments <br />Dear Don: <br />In view of Join Kirby's letter of September 9, 1982, it appears <br />that regardless of any restrictions that we may have in our Code, the <br />rate of interest that can be charged on assessments is regulated pur- <br />suant to Minnesota Statutes. Therefore, our provision that the interf, <br />should not exceed eight per cent found in Chapter 26.10, Sub. 2, is <br />irrelevant. I suggest that that Code have a change which would be as <br />follows: <br />RM/ew <br />"All assessments shall bear interest at such rate as the <br />resolution determines, not exceeding the maximum permitted <br />by law, except that the rate may in any event equal the <br />average annual interest rate on bonds issued to finance <br />the improvement for which the assessments are levied." <br />This wording should clarify the situation <br />Yours very truly,, / <br />Richard Meyers <br />L � <br />