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a. Any Housing Improvement Fee shall be imposed and shall be fully payable no greater than fifteen years after the first installment is due and payable. b. The resolution imposing any Housing Improvement Fee shall provide that any fee, or portion thereof, not prepaid by the housing unit owner shall be deemed to include amortized interest upon unpaid housing improvement costs at an annual rate equal to the rate imposed for special assessments in the City at the time the resolution is adopted plus an additional one and one-half percent (1.5%). c. Any Housing Improvement Fee shall be collected at the same time and in the same manner as provided for payment and collection of ad valorem taxes, in accordance with Minn. Stat. 428A.05. As set forth in Minn. State. 428A.14, the Housing Improvement Fee is not included in the calculation of levies or limits on levies imposed under any law or charter. d. Any Housing Improvement Fee shall not exceed the amount specified in the notice of public hearing regarding the approval of such fee; provided, however, that the Housing Improvement Fee maybe reduced after approval of the resolution setting the Housing Improvement Fee, in the manner specified in such resolution. Section 6. Issuance of Bonds. At any time after a contract for construction of all or part of the housing improvements has been entered into or the work has been ordered, and the period for prepayment of the Housing Improvement Fee has expired, the Council may issue bonds in the principal amount necessary to finance the housing improvements that have not been prepaid along with costs of issuance of the bonds. Such bonds shall be issued pursuant to and in accordance with Minn. Stat. 428A.16 of the Housing Improvement Act. Section 7. Annual Reports a. On or before August 15, and each August 15th thereafter until all Housing Improvement Fees derived in the Westwood Village I Housing Improvement Area are fully paid, the Westwood Village Townhouse Association and any successor in interest, shall submit to the City Finance Department a copy of the Association's audited financial statements. b. Westwood Village I Townhouse Association, and any successor in interest, shall also submit to the City any other reports or information at the time and as required by any contract entered into between that entity and the City.