76-60
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CITY OF CHANHASSEN
CARVER AND HENNEPIN COUNTIES, MINNESOTA
RESOLUTION
Date:
August 17, 1976
Resolution No. 76-60
Motion by Councilman
Hobbs
Seconded by Councilman Shulstad
SPECIAL ASSESSMENT INTEREST RATE POLICY
BY IT RESOLVED by the City Council of the city of
Chanhassen, Minnesota, as follows:
1. The annual interest rate to be charged on the principal
balance of special assessments levied to finance all public
improvements financed under Chapter 429, Minnesota Statutes, shall
be an amount equal to the sum of 1.5% plus the net interest rate
charged on municipal bonds sold by the city to finance said
improvements, rounded to the next highest ~%; not to exceed, however,
an annual rate of 8%.
2. The foregoing interest rate policy is hereby established
~ to defer city costs in administering special assessment programs, and
said policy shall remain in force until revised by resolution of this
Council.
Passed and adopted by the Council of the City of Chanhassen this
17th day of August, 1976.
ATTEST:
(0 ~ ili..::J:k
Clerk-Administrator
t?/ 2{ ~~~
MAYOR
Yes
Mayor Klingelhutz
Councilman Hobbs
councilman Neveaux
Councilman Shulstad
Councilman Kurvers was absent
,....