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~ . . . STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF ARDEN HILLS RESOLUTION NO. 98-36 A RESOLUTION ADOPTING FINAL RECONSTRUCTION ASSESSMENT ROLL (8 YEAR AMORTIZATION) WHEREAS, upon due notice properly made as required by law, the Arden Hills City Council has met and heard and passed upon all objections to the proposed assessment for the 1998 Reconstruction Street Improvements 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 ofthe City of Arden Hills, Minnesota: 1. The 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 benefitted 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 at eight percent (8%) over a period of eight (8) years for those assessment amounts greater than $3,500 in value. 3. The owner of any property so assessed, may, at any time prior to certification to the County Auditor of the assessment, pay to the City Treasurer at least fifty percent (50%) of the assessment on such property, with no interest accrued on the paid portion of the assessment, if the assessment is paid within thirty (30) days after the adoption of this Resolution. Prepayment may also be made after the certification of the assessment to the County by paying to the County 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 year in which payment is made. If payment is made after November 15, interest will be calculated through December 31 of the next succeeding year.