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. WHEREAS, RESOLUTION 86- 70 A RESOLUTION ADOPTING ASSESSMENT FOR WATER MAIN IMPROVEMENTS ON SCHOOL STREET the property owner for this assessment has signed a Waiver of Public Hearing for the water main improvement on School Street NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota that: . . 1. Such proposed assessment, a copy which is attached hereto and made a part hereof is hereby accepted and shall constitute the special assessment against the land named therein and this tract of land therein included is hereby found to be benefitted by the proposed improvement in the amount of the assessment levied against it. 2. Such assessment shall be payable in equal annual installments extending over a period of fifteen (15) years, the first of the installments to be payable on or before the first Monday in January, 1987 and shall bear interest at the rate of IB% per annum from the adoption of this assessment resolution until December 31, 1986. To the first installment shall be added interest on the entire assessment from the date the adoption of this roll. To each subsequent installment when due shall be added interst for one year on all unpaid installments. 3. The owner of the property so assessed may at any time prior to certification of the assessment to the County Auditor, pay the whole of the assessment on such property, with interest accrued to the date of the payment to the City Treasurer, except that no interest shall be charged if the entire assessment is paid within 3B days from the adoption of this resolution; and he may, at any time thereafter, pay to the City Treasurer the entire amount of the assessment remaining unpaid, with interest accrued to December 31 of the year in which such payment is made. Such payment shall be made before November 15 or interest shall be charged through December 31 of the succeeding year. The Clerk shall forthwith transmit a certified duplicate of this assessment to the County Auditor to be extended on the proper tax lists of the County, and such assessments shall be collected and paid over in the same manner as other municipal taxes. 4.