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<br />~ <br />~~HILLS <br /> <br />MEMORANDUM <br /> <br />DATE: May 24, 2007 <br /> <br />TO: Kristine Giga, Civil Engineer <br /> <br /> <br />FROM: Sue Iverson, Finance Directo~ <br /> <br /> <br />SUBJECT: Special Assessment Interest <br /> <br />In response to your inquiry about special assessment interest, I have researched the various <br />options and have provided documentation attesting to the information we previously discussed <br />and provided in the staff recommendation. This information comes from the League of <br />Minnesota Local Improvement Guide, pages 24 and 25, and Statutes 429.061 from the <br />Minnesota Office of the Revisor of Statutes. <br /> <br />Specifically, the question of whether the council can waive the interest charge after the 30 day <br />period, if not addressed in this literature. I have called the Research Department at the League of <br />Minnesota Cities, and they are looking into this for us and will get back to us with an answer. It <br />seems from reading the statute that the Council may determine any interest rate within reason, <br />but the option of not charging interest after the 30 days, may mean that the entire assessment <br />period would not have interest charged. Staff anticipates an answer from the League of <br />Minnesota Cities by the Council meeting on Tuesday evening. <br />