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CITY OF GEM LAKE, MN <br />City Hall - 4200 Otter Lake Road <br />Gem Lake, MN 55110 <br />RESOLUTION NO.2019-04 <br />16 APRIL 2019 <br />A RESOLUTION AMENDING THE INTEREST RATE OF ASSESSMENTS FOR <br />THE SCHEUNEMAN ROAD RECONSTRUCTION ASSESSMENT # S-371900030 <br />WHEREAS, the City of Gem Lake noticed property owners affected by the Scheuneman <br />Road Reconstruction Project of a special assessment hearing to be held on the 17`" day of <br />April 2018; and <br />WHEREAS, said notice to property owners stated the assessments shall be payable in <br />equal annual installments extending over a period of 15 year, the first installment to be <br />payable on or before the first Monday in January, 2019, and shall bear interest at the rate <br />of 4% per annum from the date of adoption of the assessment resolution; and <br />WHEREAS, the City passed Resolution 2018-09, which state the assessment shall be <br />payable in equal annual installments extending over a period of 15 year, the first <br />installment to be payable on or before the first Monday in January, 2019, and shall bear <br />interest at a rate of 7% per annum from the date of adoption of the assessment resolution; <br />and <br />WHEREAS, according to State Statute the final interest rate adopted by resolution <br />cannot exceed the interest rate provided in the assessment notice to property owners. <br />NOW, THEREFORE BE IT RESOLVED, that the City Council of the City of Gem <br />Lake does formally adopt an amendment that the assessments shall be payable in equal <br />annual installments extending over a period of 15 year, the first installment to be payable <br />on or before the first Monday in January, 2019, and shall bear interest at the rate of 4% <br />per annum from the date of adoption of the assessment resolution. <br />The foregoing Resolution was offered by Councilor Cacioppo and was supported by <br />Councilor Lindner and was declared adopted based upon the following vote: <br />NAME <br />UZPEN <br />CACIOPPO <br />LINDNER <br />KUNY <br />ARTIG- <br />SWOMLEY <br />Vote <br />Absent <br />Yea <br />Yea <br />Yea <br />Yea <br />Attest <br />I, Gloria Tessier, the duly qualified City Clerk for the City of Gem Lake, County of <br />Ramsey, State of Minnesota, do hereby certify that the foregoing Resolution is a true and <br />accurate representation of action taken by the City Council of the City of Gem Lake on <br />the date first written. <br />16 APRIL 2019 —� <br />GLORIA TESSIER, City Clerk <br />Look for us on the World Wide Web at gemlakemn.org <br />