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Attachment A a. Any Housing Improvement Fee sha�l be imposed and shall be fuily payable no greater than fifteen years after the first instal�ment is due and payable. b. The resolution imposing any Housing Improvement �'ee shall pro�ide that any fee, or portion thereof, not prepaid by the housing unit owner sha]] be deemed to incIude amortized interest upon unpaid hausing improvement costs at an annual rate equal ta the rate imposed for special assessments in the City at the time the resolution is adopted plus an additional one and one-halfpercent (1.5%). Any Housing I�nprovement Fee shall be collected at the same time and in the same manner as provided for payment ar�d callection of ad valorem taxes, in accordance with Minn. Stat. 428A.05. As set farth in Minn. 5tate. 428A.14, the Housing lmprovernent Fee is not included in the calculation of levies or limits on levies impased 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 may be reduced after approval of the resolution setting the Housing ItnprovEment Fee, in the manner specified in such resolution. 5ec�ion 6. Issuance of Bonds. Af any time after a contract iar eonstruction of all or part of the housing improvements has been entered into or the work has been ordered, and tl�e periad for prepayment of the Housing Irnprovement Fee has expired, the Council rnay issue bands in the princ�pal amount n�cessary to finance the housing irr�proverr�ents that have not been pr�paid 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 Housir�g Improvement Act. Sectia7� 7. Annual Reports a. On or befare August 15, and each August 15`h €hereafter until all Housing Improvement Fees derived in the Westwood Vil�age I Housing Improvement Area are fully paid, the Westwood Viilage Townhouse Association and any successor in interest, shall submit to the City Finance Department a copy of the Association's audited financial statements. b. Wesh�ood Village T Towr�louse Association, and any successor in interest, shail aiso submit to the City any other reports or infarmation at the time and as required by any contract entered into between that entity and the City.