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Attachment G <br />a. Any Housing Improvement Fee shall be imposed on the basis, of the total <br />cost of the Housing Improvements, to be financed by the Housing <br />Improvement Fee, divided as established by Section 6 Second Amendment <br />of Common Interest Community No. 727, Westwood Village I <br />Declarations, as filed of Record with County Recorder. <br />b. Any Housing Improvement Fee shall be imposed and shall be fully <br />payable no greater than fifteen years, after the first installment is due and <br />payable. <br />c. The resolution imposing any Housing Improvement Fee shall provide that <br />any fee, or portion thereof, not prepaid by the housing unit owner shall be <br />deemed to include amortized interest upon unpaid housing improvement <br />costs, at an annual rate equal to the rate imposed for special as,s,es,s,ments, in <br />the City at the time the resolution is adopted plus, an additional one and <br />one-half percent (1.5%). <br />d. Any Housing Improvement Fee shall be collected at the same time and in <br />the same manner as provided for payment and collection of ad valorem <br />taxes,, in accordance with Minn. Stat. 428A.05. As set forth in Minn. <br />State. 428A. 14, the Housing Improvement Fee is not included in the <br />calculation of levies, or limits, on levies, imposed under any law or charter. <br />e. Any Housing Improvement Fee shall not exceed the amount specified in <br />the notice of public hearing regarding the approval of such fee; provided, <br />however, that the Housing Improvement Fee may be reduced after <br />approval of the resolution setting the Housing Improvement Fee, in the <br />manner specified in such resolution. <br />Section 6. Issuance of Bonds,. At any time after a contract for construction of <br />all or part of the housing improvements, has been entered into or the work has <br />been ordered, and the period for prepayment of the Housing Improvement Fee <br />has expired, the Council may issue bonds, in the principal amount necessary to <br />finance the housing improvements, that have not been prepaid along with costs, <br />of issuance of the bonds,. Such bonds, shall be is,sued pursuant to and in <br />accordance with Minn. Stat. 428A. 16 of the Housing Improvement Act. <br />Section 7. Annual Reports <br />a. On or before August 15, and each August 15 1h thereafter until all <br />Housing Improvement Fees, derived in the Westwood Village I <br />Housing Improvement Area are fully paid, the Westwood Village <br />Townhouse Association and any successor in interest, shall submit to <br />