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. . . RESOLUTION 92 - 1.02 RESOLUTION FOR THE CITY OF ELK RIVER A RESOLUTION ADOPTING FINAL ASSESSMENT ROLL WHEREAS, Upon due notice properly made as required by law, the Elk River City Council on September 28, October 12, and October 19, 1992, held an assessment hearing on the proposed assessments for the Western Area Phase 1 improvement projects; and, WHEREAS, In the course of the assessment hearing the City Council heard and passed upon all objections to the proposed assessments, and determined the amount to be assessed against each property; and, WHEREAS, The City Council's written record of the proceedings at the assessment hearing and written findings as to the amount to be assessed to individual properties are contained in the City Council's official minutes of the hearing. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota: 1. The final assessment roll, as amended by the City Council during the assessment hearing, a copy of which is attached hereto and incorporated herein by this reference, is hereby accepted and adopted and shall constitute the special assessment against the lands therein named. Each such tract of land in the assessment roll is hereby found to be benefitted by the improvement in an amount not less than the amount of the assessment levied against it. 2. Such assessment shall be payable in equal annual installments, including both principal and interest, amortized in such amount annually as is required to pay the principal with interest at 7.5% over a period of 3 - 20 years. 3. The owner of any property so assessed, may, at any time prior to certification to the County Auditor of the assessment or the first installment thereof, pay to the City Treasurer the whole of the assessment on such property, with interest accrued to the date of payment; except that no interest shall be charged if the entire assessment is paid within 30 days after the adoption of this Resolution. Prepayment may also be made after the certification of the assessment or first installment thereof by paying to the City Treasurer/County Auditor the entire amount of the assessment remaining unpaid with interest. In the case of a payment made before November 15, interest will be calculated through December 31 of the year in which payment is made. If payment is made after November 15, interest will be calculated through December 31 of the next succeeding year.