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Councilmember <br />adoption: <br />AND <br />introduced the following resolution and moved for its <br />RESOLUTION #11 -07- <br />A RESOLUTION ADOPTING THE ASSESSSMENT ROLL FOR CITY PUBLIC <br />IMPROVEMENT PROJECT 11 -21. <br />WHEREAS, pursuant to proper notice duly given as required by law, the Council has met <br />and heard and passed upon all objections to the proposed assessment for Improvement Project No. <br />11 -21, the improvements include the following: <br />Street and Trail Improvement - Bunker Lake Extension <br />Drainage Improvements - Bunker Lake <br />Sanitary Sewer - Bunker Lake <br />Watermain Extension - Bunker Lake Blvd. <br />Puma Street Surfacing & Trail. <br />NOW, THEREFORE, be it resolved by the City Council of the City of Ramsey as follows: <br />1. Such proposed assessment, a copy of which is attached hereto and made a part <br />hereof, is hereby accepted and shall constitute the special assessment against the <br />lands named therein, and each tract of land therein included is hereby found to be <br />benefited by the proposed improvement in the amount of the assessment levied <br />against it. <br />2. Such assessment on Lot 1, Block 1, Alpha Development is proposed to be payable in <br />equal semi- annual installments extending over a period of twenty (20) years, the first <br />of the installments to be payable on or before October 15, 2012, and will bear interest <br />at the rate incurred by the City in its bond debt issuance for this improvement plus <br />any discount and costs of issuance of the bonds actually payable by the City, not to <br />exceed two percent (2 %) of the aggregate amount of the bonds plus two (2) basis <br />points, per year from the date of the adoption of the issuance of the bonds by the City <br />to finance the improvements. To the first installment shall be added interest on the <br />entire assessment from the date of the bond sale until October 15, 2012. To each <br />subsequent installment when due shall be added interest for one year on all unpaid <br />installments. <br />Such assessment on Outlots B and D, Alpha Development to be payable in <br />equal -semi annual installments extending over a period of seventeen (17) years, <br />the first of the installments to be payable on or before May 15, 2015, and will <br />bear interest at the rate incurred by the City in its bond debt issuance for this <br />improvement plus any discount and costs of issuance of the bonds actually <br />payable by the City, not to exceed two percent (2 %) of the aggregate amount of <br />the bonds plus two (2) basis points, per year from the date of the adoption of <br />