Resolution - #11-07-136 - 07/26/2011

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Mayor Ramsey introduced the following resolution and moved for its adoption: AND RESOLUTION #11 -07 -136 A RESOLUTION ADOPTING THE ASSESSSMENT. ROLL FOR CITY PUBLIC IMPROVEMENT PROJECT 11 -21. WHEREAS, pursuant to proper notice duly given as required by law, the Council has met and heard and passed upon all objections to the proposed assessment for Improvement Project No. 11 -21, the improvements include the following: Street and Trail Improvement - Bunker Lake Extension Drainage Improvements - Bunker Lake Sanitary Sewer - Bunker Lake Watermain Extension - Bunker Lake Blvd. Puma Street Surfacing & Trail. NOW, THEREFORE, be it resolved by the City Council of the City of Ramsey as follows: 1. Such proposed assessment, a copy of which is attached hereto and made a part hereof, is hereby accepted and shall constitute the special assessment against the lands named therein, and each tract of land therein included is hereby found to be benefited by the proposed improvement in the amount of the assessment levied against it. 2. Such assessment on Lot 1, Block 1, Alpha Development is proposed to be payable in equal semi - annual installments extending over a period of twenty (20) years, the first of the installments to be payable on or before October 15, 2012, 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 To the first installment shall be added interest on the entire assessment from the date of the bond sale until October 15, 2012. To each subsequent installment when due shall be added interest for one year on all unpaid installments. Such assessment on Outlots B and D, Alpha Development to be payable in equal -semi annual installments extending over a period of seventeen (17) years, 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. 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,