HomeMy WebLinkAboutResolution No. 211-20 - Assessment Interest Rate for Development Charges
RESOLUTION
Adopting an Assessment Interest Rate for Development Charges
WHEREAS, Resolution No. 335-03 sets the interest rate on non-Water Quality Protection
Program (WQPP) development charge assessments at 5%; and
WHEREAS, the Resolution requires an annual review of this rate on August 1st of each
year; and
WHEREAS, the Common Council of the City of Rochester has reviewed the rate and wishes
to revise it for the period August 1, 2020, through July 31, 2021.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Rochester
that the City does hereby adopt an interest rate on non-WQPP special assessments in the
amount of 3.5% for the period of August 1, 2020 through July 31, 2021.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS__________DAY OF______________, 2020.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS_____DAY OF_____________________, 2020.
__________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)