95-116
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CITY OF SHOREWOOD
RESOLUTION NO. 95-116
A RESOLUTION AMENDING RESOLUTION NOS. 95-64 AND 95-110
ADOPTING THE FINAL SPECIAL ASSESSMENT ROLL FOR THE
BOULDER BRIDGE AND BADGER FIELD WATER SYSTEM
IMPROVEMENTS
WHEREAS, The City Council approved Resolution Nos. 95-64 and 95-110
adopting the final special assessment roll for the Boulder Bridge and Badger Field Water
System Improvements; and,
WHEREAS, it is the intention of the City Council to amortize the payment of the
assessment principal over a 15 year period instead of an equal installment of principal in
each of the 15 years in order to achieve an equal annual payment for affected residents; and,
WHEREAS, Minnesota State Statute 429.061 Subd. 2 states that unless otherwise
provided in the resolution, all assessments shall be payable in equal annual installments
extending over the term of the assessment.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Shorewood that, in order to achieve an equal annual payment, Resolution Nos. 95-64 and
95-110 are hereby amended to state that the payment of the adopted assessments shall be
amortized over a 15 year period, and will bear interest at 7% per annum on the unpaid
balance.
ADOPTED BY THE CITY COUNCIL of the City of Shorewood this 29th
day of November, 1995.
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1~",-L,",,\-1:n ~~.LiL--
Robert B. Bean, Mayor
ATTEST:
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