Title
Modifying the interest rate for Repair of Sanitary Sewer Line on private properties, as requested by the property owners, adopted with RES PH 24-86 on May 1, 2024. (File No. SWRP2401, Assessment No. 243000.)
Body
WHEREAS, on May 1, 2024, the City Council adopted RES PH 24-86 to ratify assessments for Repair of Sanitary Sewer Line on private properties on 119 residential properties, as requested by the property owners; and
WHEREAS, the majority of waiver forms signed by the property owners stipulated an assessment principal amount and interest rate used to determine the installment amount certified annually to Ramsey County over the term of the assessment; and
WHEREAS, for a small number of signed waiver forms no interest was specified, so the City has applied its current prevailing interest rate; now, therefore, be it
RESOLVED, that the proper city officials are authorized and directed to apply the interest rates identified on each waiver form when calculating interest amounts for annual installments resulting from the assessments approved in RES PH 24-86.