Agenda - Council - 07/26/2011 - Laserfiche WebLink

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the first of the installments to be payable on or before May 15, 2015, and will bear interest at the rate incurred by the City in its bond debt issuance for this improvement plus any discount and costs of issuance of the bonds actually payable by the City, not to exceed two percent (2 %) of the aggregate amount of the bonds plus two (2) basis points, per year from the date of the adoption of the issuance of the bonds by the City to finance the improvements. To the first installment shall be added interest on the entire assessment from the date of the bond sale until May 15, 2015. To each subsequent installment when due shall be added interest for one year on all unpaid installments. Not withstanding the May 15, 2015 first installment date, in the even Hagemen Holdings, LLC conveys either of the said Outlots to a third party not affiliated with said LLC, the first installment of the special assessments may be accelerated by the City to the May 15 next succeeding the date of such conveyance. Please note at this time it is not possible to set the specific interest rate applicable to the special assessment as the City's bonds are not scheduled to be sold until August 9, 2011. Notification: This public hearing notice was published in the City's official newspaper on July 8 and July 15, 2011. Mailed Notice was sent to the property owned by U.S. Mail on July 7, 2011. Observations: In this particular case, no objections at the hearing are anticipated as the terms of the proposed assessments are those terms as agreed upon in the above references Assessment Agreement. Recommendation: Adopt the attached resolution which adopts the Assessment Roll as described above. Funding Source: Sale of general obligation bonds. Council Action: Motion to adopt Resolution 11-07 - Improvement Project 11 -21. Resolution Assessment Roll Inbox Reviewed By Kurt Ulrich Kurt Ulrich Form Started By: Bill Goodrich which Resolution is adopting the Assessment Roll for City Public Attachments Form Review Final Approval Date: 07/21/2011 Date 07/21/2011 03:22 PM Started On: 07/20/2011 04:04 PM