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Councilmember Elvig introduced the following resolution and moved for its adoption: RESOLUTION #11 -10 -191 RESOLUTION ADOPTING ASSESSMENT FOR IMPROVEMENT PROJECT #09 -25 (DYSPROSIUM STREET IMPROVEMENTS) WHEREAS, pursuant to proper notice duly given as required by law, the Ramsey City Council has met and heard and passed upon all objections to the proposed assessment for the Improvement Project #09 -25; the reconstruction of Dysprosium Street NW from Bunker Lake Boulevard NW to Nowthen Boulevard NW. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That 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 improvement in the amount of the assessment levied against it. 2) That such assessment shall be payable in annual installments extending over a period of ten years, the first of the installments to be payable with the first tax rolls of 2012 and shall bear interest at the rate of 4.28 percent annum from the date of the adoption of this assessment resolution. To the first installment interest shall be added on the entire assessment from the date of this resolution until December 31, 2012. To each subsequent installment, when due, interest shall be added for one year on all unpaid installments. 3) That the owner of any property so assessed may, at any time prior to certification of the assessment to the Anoka County Auditor, pay the whole of the assessment on such property, with interest accrued to the date of payment, to the City Finance Department, except that no interest shall be charged if the entire assessment is paid by November 14, 2011. If payment is not made on or before November 14, 2011 interest will be charged through December 31 of the succeeding year (December 31, 2012). 4) That a certified duplicate of this assessment be transmitted to the Anoka County Auditor's Office to be extended on the property tax lists of the County and such assessments shall be collected and paid in the same manner as other municipal taxes. The motion of the adoption of the foregoing resolution was duly seconded by Councilmember Ramsey and upon vote being taken thereon, the following in favor thereof: Mayor Ramsey Councilmember Elvig Councilmember Backous Councilmember McGlone Councilmember Strommen Resolution #11 -10 -191 Page 1 of 2