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RESOLUTION 98 - ~ A RESOLUTION FOR THE CITY OF ELK RIVER A RESOLUTION ADOPTING FINAL ASSESSMENT ROLL IN THE MATTER OF THE RAILROAD DRIVE IMPROVEMENTS OF 1998. WHEREAS, upon due notice properly made as required by law, the Elk River City Council has met and heard and passed upon all objections to the proposed assessment for the Railroad Drive improvement and has determined the amount to be assessed against each individual property as the Council deems just; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota: 1. Final assessment roll, 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 benefited 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 as 6.5% over a period of 5 to 10 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/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 next succeeding year. 4. The City Administrator shall transmit to the County Auditor a certified duplicate of the attached assessment roll to be extended on the property tax lists of the County. Such assessment shall be collected and paid over in the same manner as other municipal taxes. Passed and adopted this 3151 day of August 1998. ATTEST: ~O~ Sandra A. Peine, City Clerk ~ a ~ui...&- - ~enry . Duitsman, Mayor \\SPNWFS\vOL 1 \DA T A\PROJ\801840j\0564\840-2605.aug. Res.doc