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<br />. <br /> <br />. <br /> <br />. <br /> <br />ORDINANCE NO. 92 - ~ <br /> <br />CITY OF ELK RIVER <br /> <br />AN ORDINANCE RELATING TO THE PARTIAL <br />PREPAYMENT OF SPECIAL ASSESSMENTS <br /> <br />The City Council of the City of Elk River does hereby ordain as <br /> <br />follows: <br /> <br />Section 1. The Code of Ordinances for the City of Elk River shall <br />be amended by the addition of the following Section 1404.02: <br /> <br />Section 1404.02 - Partial Prepayment of Special Assessments. <br /> <br />Partial prepayments of special assessments adopted by the City <br />Council are hereby authorized, pursuant to Minnesota Statutes <br />Section 429.061, Subd. 3, subject to the following: <br /> <br />1. Partial prepayments of special assessments must be made <br />prior to certification of the special assessment to the <br />County Auditor. <br /> <br />2. Partial prepayments must be made in increments of not <br />less than $100. <br /> <br />3 . <br /> <br />No interest will be charged on any portion of the <br />special assessment prepaid within thirty (30) days after <br />adoption of the special assessment. <br /> <br />4. The amount of the special assessment certified to the <br />County Auditor shall be reduced by the amount of any <br />partial prepayments, and the remaining unpaid balance of <br />the special assessment shall be spread at the same rate <br />of interest and for the same term of years as the <br />original assessment. <br /> <br />Section 2. This ordinance shall be effective upon adoption and <br /> <br />publication, according to law. <br /> <br />Passed and adopted by the City Council of the City of Elk River, <br /> <br />this 15th day of June, 1992. <br /> <br /> <br />James A. <br /> <br />Mayor <br /> <br />Attest: <br /> <br />