Agenda Packets - 1985/09/16 - Laserfiche WebLink

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26.10 The assessment, with der ruing interest, shall he a lien upon all private and public property included therein, trom the date of the resolution adopting the assessment, concurrent with the general taxes; but the lien shall not be entorceable against public property as long as it is publicly owned, and during such period the assessment sha.l be recoverable from the owner of such property only in the manner and to the extent provided in Chapter 26.16. Except as provided b<rlow, all assessments snati oe payable in equal annual installments extending over such period, not exceeding thirty years, as the resolution determines, payable on the tirst Monday in January in each year, but the number of installments need not be uniform for all assessments included in a single assessment roll if a unitorm criterion for determining the number of installments is provided by the resolution. The first installment of each assessment shall be included in the tirst tax rolls completed after its adoption and shall be payable in the same year as the taxes contained therein; except that the payment of the tirst installment of any assessment levied upon unimproved property may be deferred until 5 designated future year or until the platting of the property or the construction of improvements chereon, upon such terms and conditions and based upon such standards and criteria as may be provided by resolution of the Council. In any event, every assessment, the payment of which is so deferred, when it becomes payable, shall be divided into a number of installments such that the last installment thereof will be payable not more than thirty years atter the levy of the assessment. All assessments shall bear interest at such rate as the resolution determines, not exceeding the maximum permitted by law, except that the rate may in any event equal the aveiaye annual interest rate on bonds issued to tinanev the impr-)vement f;r which the assessments are levied. To the first irstaiiment of each assessment shall be added interest on the entire assessment fror, a dat•. specified in the resolution levying the assessment, not earlier than the date of the resolution, until December 31 of the year in which the first Installment is payable, and to each subsequent installment shall be added interest for one year on all unpaid installments; or, alternatively, any assessment may be made payable in equal annual installments including principal and interest, each in the amount annually requirad to pay the principal over such period with interest at such rate as the resolution determines, not exceeding the maximum period and rate specified above. In the latter event, no prepayment shall be accepted under Subdivision 3 without payment of all installments due to and including December 31 of thepyear of prepayment, together withthe original principal included in such installments, comuted on an annual amortization basis. When payment of an assessment is deferred, as authorized in this subdivision, interest thereon tnr the period of deferment may be made payable annually at the same times as the principal