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ARDEN HILLS CITY COUNCIL—APRIL 9, 2018 6 Councilmember Holmes asked why the City would not be taking partial assessment payments. City Administrator Perrault reviewed the assessment policy language and noted the City could take payments in full but had no language to address how to handle partial payments. He explained the Council could make a determination on this matter. Councilmember Holden stated she supported the interest rate being set at 2% over the bond interest rate. She commented she could support a partial payment as well. Mayor Grant supported this interest rate as well. Councilmember McClung also supported the 2% interest rate over the bond interest rate (2.75%) or 4.75%. Councilmember Holmes stated she would like to see residents have the ability to make a partial payment on their assessment. Councilmember Holden agreed with this recommendation. Councilmember Holden and Councilmember Holmes supported the interest rate being set at 5%. The Council was in agreement. Councilmember Scott asked if the City's bonds would have a fixed interest rate. City Administrator Perrault reported this was typically the case. Councilmember Scott commented he would like the interest rate to be set at 4.75%. Mayor Grant stated he believed the City would be better off setting the interest rate at 5%. He reported the interest rate could always be reduced to 4.75%at a future date. Councilmember McClung stated it was his preference to set the interest rate at 5%. MOTION: Councilmember Holden moved and Councilmember McClung seconded a motion to adopt Resolution #2018-027 — Declaring Costs to be Assessed, Ordering Preparation of Proposed Assessments, and Calling for a Public Hearing for Proposed Assessments — 2018 Street and Utility Improvement Project. AMENDMENT: Councilmember Holden moved and Councilmember Holmes seconded a motion to amend the interest rate within the Resolution to be 5%. The amendment carried (5-0).