Agenda Packets - 1985/10/28 - Laserfiche WebLink

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26.10 The assessment, with accruing interest, shall top a Iron upon all private and public property included therein, from the date of the resolution adopting the assessment, concurrent with the general taxes; but the lien shall not be enforceable dgdul+t public property as long as it is Publicly owned, and during such period the assessment shall be recoverable from the owner of such property only rn the manner and to the extent a, provided below, all as' scssments'shall prExcept he payable in equal annual installments extending over such period, not exceeding thirty years, as the resolution determines, Payable on the first Morday in January in each year, but the number of installments need not 1>e uniform for all assessments included in a single assessment roll if a uniform criterion for determining the number of Installments is provided by the resolution. The first Installment of each assessment shall oe included in the first 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 first instdllment of any aseessmunt levied upon unimproved property may he defea designated rred until future year or until the platting of tM property the es construction of the thereon, upon suoh terms and conditions and based upon such standards ,.nd criteria as may be provided by resolution of the Council. In any event, every assessment, the payment of whith Is so deferred, when it becomes ll installments asuchethat athe blastvineteided ll nto t ther�oforfll De ' payable not more than thirty years after the levy of the assessment. All assessments shall h.. !atc atermIF ilie resolution r needing at eman permitted b law nee, not exceeding the maximum Y , except that the rate may In any event equal the average annual intereat Cote on bonds issue+ to finance the Improvement for which the assessments are 1-vied. To the first installment if ee,h assessment shall be added interest on the entire esseasmant true a date specified in the resolution levying the ess»esment, rot 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 shell be added Interest fur one year on all unpaid lnetallmenta� or, alternatively, any assessment may he made payable In equal annual installments including principal and Interest, oach In the amount annually required to pay tn& principal over arch period with interest at such ratan am the reenlution 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 thePycar of ptepayment, together withthe original principal included in such installments, commuted on an annual amortisation basis. When payment of an assessment is deferred, as authorized in this subdiv;sio- intereat thoteun tor the period of deferment may be made payable annually at the same times as the principal