Res 1982 - 42 Establishing Delayed Park Donation InterestCITY OF MENDOTA HEIGHTS
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 82-42
RESOLUTION ESTABLISHING DELAYED PARK DONATION INTEREST
WHEREAS, Ordinance No. 301, known as the Subdivision Ordinance of
the City of Mendota Heights, codified on November 3, 1981, stipulates in
Section 6.3 that interest on delayed payment of park contributions shall
be established from time to time by the City Council; and
WHEREAS, the interest rate for assessments certified in 1981 for
collection beginning in 1982 was established at 11% per annum; and
WHEREAS, the interest rate levied against said assessment rolls was
determined on current market rates;
I i
NOW THEREFORE BE IT RESOLVED by the City Council of the City of
Mendota Heights that a rate of interest of 11% per annum is hereby deemed
to be a fair and equitable rate to be charged for delayed park dedication
payments from and after the adoption of Ordinance No. 301 recodified; and
BE IT FURTHER RESOLVED that said interest rate be charged for all
park contributions established by developers agreements executed after
November 3, 1981, and until such rate is changed by Council resolution.
Adopted by the City Council of the City of Mendota Heights this
of April, 1982.
ATTEST:
1a2/d4;22///.thleen M. Swanson
City Clerk
CITY COUNCIL
CITY OF MENDOTA
20th day
HEIGHTS
By Me),,t— cke-,G,trcIL
Robert G. Lockwood
Mayor