HomeMy WebLinkAbout2019-152 CCRMember Lawrence -Anderson introduced the following resolution and
moved its adoption:
RESOLUTION NO. 2019-152
RESOLUTION ESTABLISHING INTEREST RATE FOR 2020 SPECIAL
ASSESSMENTS
WHEREAS, the City Council levies special assessments for certain neighborhood
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 1.41 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 2020 is hereby established at 3.5 percent.
November 12, 2019 K/
Date Mike Elliott, Mayor
ATTEST: i°(►,i,L �/
Barb Suciu, City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Ryan
and upon vote being taken thereon, the following voted in favor thereof:
Elliott, Graves, Lawrence -Anderson, Ryan
and the following voted against the same: None
whereupon said resolution was declared duly passed and adopted.