HomeMy WebLinkAbout6592 - ADMIN Resolution - City Council - 1980/07/07July 7, 1980
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RESOLUTION NO. 6592
RESOLUTION STATING POLICY FOR INTEREST
RATE ON SPECIAL ASSESSMENTS
WHEREAS, in the last few years the City has experienced a
significant expenditure of property tax revenues for special
assessment projects due to the inflationary trend of interest
rates over the past several years, and
WHEREAS, this expenditure of funds has severely limited
the possible services which can be provided from property
tax revenue due to its diversion to finance special assessment
projects, and
WHEREAS, it is deemed desirable to increase the interest
rates for special assessment projects to help reduce this
diversion of funds, therefore
BE IT RESOLVED, by the City Council of the City of St.
Louis Park that, in the absence of other instructions by
the City Council on specific projects, for the purposes of
preparation of reports, assessment proceedings, and other
administrative and financial matters, the interest rate for
special assessments is hereby fixed at eight percent (8.0%)
per annum, and
BE IT FURTHER RESOLVED, that the above interest rate
applies to all improvement projects wherein the special
assessment improvement hearings are held subsequent to July 7,
1980.
Attest:
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- City Clerk
Adopted by the City Council July 7, 1980.
Reviewed for administration:
Acting City Manager
Mayor (+/-44ar
Approved as to form and legality:
City ttorne