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• Funds <br /> g) Municioal State-Aid Construction uns <br /> • <br /> Municipal State-Aid construction funds are monies apportioned to <br /> the City from the State to be used for the construction of routes <br /> designated on the Municipal State-Aid system. All construction <br /> funded with these monies must be in accordance with the Minnesota <br /> Department of Transportation (Mn0OT) Office of State-Aid design <br /> criteria. <br /> The City Council may choose to use these funds to offset the costs <br /> of MnDOT approved improvements to a State-Aid designated street. <br /> h) Interest Rate on Unpaid Balance <br /> The interest rate used over the life of the assessment shall be <br /> determined at the time of the assessment hearing. It shall be <br /> • calculated based upon the cost of financing over the life of the <br /> assessment plus any associated overhead costs. This amount shall <br /> be expressed as a percentage. <br /> i ) Land Not Included in Assessment <br /> The City may reserve the right to delete land within the <br /> assessible area from the assessment roles if in its opinion the <br /> land cannot be developed and/or the improvement does not provide <br /> benefit. No development of that property shall be permitted nor <br /> shall any physical connection to the City' s utility or drainage <br /> facilities be made by any development on that property until the <br /> assessment or connection fees are paid. <br /> • • <br /> 6 <br />