HomeMy WebLinkAbout2024-114 CCRMember Kragness introduced the following resolution and moved its adoption:
RESOLUTION NO. 2024-114
RESOLUTION ESTABLISHING INTEREST RATE FOR 2025 SPECIAL
ASSESSMENTS
WHEREAS, the City Council levies special assessments for certain street and
utility projects, delinquent utility bills, and other services provided to property owners that go
unpaid; and
WHEREAS, amounts outstanding are certified to Hennepin County for collection
with property taxes; and
WHEREAS, by City Council policy, interest is to be charged on outstanding
amounts certified to Hennepin County for collection with property taxes; and
WHEREAS, the interest rate to be charged is two percent over the net interest rate
for the most recent City General Obligation bond sale rounded up to the next one-half percent;
and
WHEREAS, the most recent General Obligation Improvement Bond sale resulted
in a net interest rate of 5.0 percent.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center, Minnesota, that the interest rate charged on outstanding special assessments for
the year 2025 is hereby established at 7.0 percent.
November 25, 2024
Date Mayor
ATTEST:
Assistant City Manager/City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Jerzak
and upon vote being taken thereon, the following voted in favor thereof:
Butler, Graves, Jerzak, Kragness
and the following voted against the same: none
whereupon said resolution was declared duly passed and adopted.