Title
Amending Chapter 64.04 of the Saint Paul Administrative Code pertaining to assessments.
Body
THE COUNCIL OF THE CITY OF SAINT PAUL DOES ORDAIN:
SECTION 1
Sec. 64.04. - Interest, installments; certification to county department of property taxation is hereby amended to read as follows:
a) All assessments shall bear interest at a rate as determined by the city's "pool rate" or borrowing rate if bonds were used to finance the improvement, as set by the treasury manager at the time the assessments are ratified by the city council. plus a factor flat fee to cover the city's cost the administrative cost of annual billing for installments on an assessment, as determined by the valuation and assessments engineer and treasury manager. For assessments for new street construction, street reconstruction, seal coating and mill and overlay projects a flat fee will be charged to cover the city’s costs related to the assessment as determined by the real estate manager and treasury manager. For all other assessments, an additional interest factor will be charged to cover the city’s costs related to the assessment as determined by the real estate manager and treasury manager.
Assessments may be paid in whole or in part to the city's office of financial services real estate section without interest being charged if done within thirty (30) days after the adoption of the assessment roll. In the event that less than the total assessment is paid within this thirty-day period, the real estate section shall calculate the annual installment of the unpaid principal balance in the following manner:
1) If the balance due is less than forty dollars ($40.00), the real estate section shall consider the entire balance as a single installment;
2) If the balance due divided by the period established by the assessment resolution is less than forty dollars ($40.00), the real estate section shall consider forty dollars ($40.00) to be the annual installment until the entire balan...
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