2002_0408_packet - Laserfiche WebLink

Home

202.12 202.12 b. In any event, every assessment, the payment of which is so deferred, when it becomes payable, sha11 be divided into a number of installments such that the last installment thereof will be payable not more than thiriy (30) years after the levy of the assessment". Subd. 2. Interest: All assessments shall bear interest at such rate as the resolution determines, not exceeding the maximum permitted by law; except, that the rate may, in any event, equal the a�erage annual interest rate on bonds issued to finance the improvement for which the assessments are levied. Subd. 3. Application of Interest to Installments: a. To the first installment of each assessment sha11 be added interest on the entire assessment from a date specified in the resolution levying the assessment, not earlier than the date of the resolution, until December 31 of the year in which the first installment is payable, and to each subsequent installment sha11 be added interest for one year on all unpaid installments, or alteratively, any assessment may be made payable in equal annual installments, including principal and interest, each in the amount annually required to pay the principal over such period with interest at such rate as the resolution determines, not exceeding the ma�mum period and rate specified above. In the latter event, no prepayment sha11 be accepted under subdivision 7 of this Section without payment of a11 installments due to and including December 3 1 of the year of prepayment, together with the original principal included in such installments, computed on an annual amortization basis. b. When payment of an assessment is deferred, as authorized in this subdivision, interest thereon for the period of deferment may be made payable annually at the same times as the principal installments payable on account of assessable real properiy; except, that interest accruing sha11 not begin to run until the notice provided in subdivision 202.10(1)c of this Chapter has been properly given and thiriy (30) days thereafter have elapsed. c. The Council shall provide for the payment of these amounts and sha11 take appropriate action to that end. Subd. 4. Notice of Installment: If the assessment is not paid in a single installment, the City Finance Director/Treasurer sha11 annually mail to the owner of any right of way and, as long as the properiy is publicly owned, to the owner of any public property, a notice stating that an installment is due and should be paid to the City Finance Director/Treasurer. �� See Section 202.13 for deferral of assessments.