City Council Ordinance 66ORDINANCE AMENDMENT
The City Council of Monticello hereby ordains that a
portion of Ordinance Section 11-7-1(B) be amended as follows:
The second sentence of the second paragraph of
11-7-1(B) should read as follows:
The balance of the total project cost will be assessed
100% against the benefited property, payable in not
more than ten (10) annual installments with interest
at a rate of at least 1.5% (rounded up to the nearest
.25%) over the rate paid on bonds issued to finance the
improvements, or, if financed internally, over the then
equivalent rate the City determines it would have to pay
on bonds issued at that time; provided, however, that
the entire assessment balance outstanding against a given
parcel is to be paid in full prior to the issuance of
a certificate of occupancy permit for principal use of
new construction on that parcel, or within 180 days after
a building permit for new construction is issued, whichever
comes first.
Passed by the City Council this
26th day of March, 1979
Arve Grimsmo, Mayor
ATTEST:
64ryW'er, City Administrator