HomeMy WebLinkAboutCity Council Resolution 2003-179CITY OF PLYMOUTH
RESOLUTION NO. 2003-179
ESTABLISHING A PROCESURE TO CALCULATE
NON -PENALTY RELATED SPECIAL ASSESSMENTS
WHEREAS, the City must establish an interest rate on special assessments; and
WHEREAS, the current process of establishing special assessment interest rates is
somewhat subjective and difficult to explain,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PLYMOUTH, MINNESOTA that non -penalty related special assessment rates shall
be based on the then current primate rate as published by the Wall Street Journal or
Federal Reserve. The rate for a five-year assessment will be prime. The rate for a 10 -
year assessment will be prime + .5%. The rate for a 15 -year assessment will be prime +
1%.
Adopted by the City Council on April 8, 2003.