87-7361R31
RESOLUTION NO. 7361
RESOLUTION REDUCING INTEREST RATE PER ANNUM FOR
UNPAID PORTION OF SPECIAL ASSESSMENTS FOR 1986 ALLEY
PAVING AND ACADEMY OF HOLY ANGELS FIRE
SUPPRESSION IMPROVEMENTS
WHEREAS, the City of Richfield has adopted special
assessments for the 1986 Alley Paving and Academy of the Holy
Angels fire suppression improvements, and
WHEREAS, the assessments adopted contained a provision which
imposed a 8 1/2~; per annum interest charge on the unpaid balance
of said special assessments, and
WHEREAS, the City of Richfield sold general obligation
special assessment bonds to finance the cost of said improvements
at a net interest rate of 6.869b, and
WHEREAS, the City of Richfield normally charges an interest
rate on unpaid special assessments which is approximately 1~
greater than the net interest cost of the respective special
assessment bond,
NOW, THEREFORE, BE IT
City of Richfield that the
Alley Paving and Academy o
improvements be reduced to
Adopted this 28th day
of the City of Richfield.
RESOLVED by the City Council of the
interest rate per annum for the 1986
f Holy Angels fi suppression
8~ per annum.
of ~ept~mbe~f, 987 ~yy the City Council
n Nam
ATTEST:
_ ~ ',
/ ~ --C,~2,~~
Thomas P. Ferber City Clerk
Mayor