HomeMy WebLinkAbout5.h. Removal of Assessment for Project #197, Valley Oak Pond Outlets �
CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: April 7, 1992
AGENDA ITEM:
Removal of Assessment for
AGENDA SECTION:
Project #197,
Valley Oak Pond Outlet
Consent
PREPARED BY:
Ron Wasmund
AGENDI-mcl-
Public Works
Director/Building Official
Y!
ATTACMdENTS:
Resolution
APP B
With the recent adoption of the Storm Water Utility all storm water
projects will be funded through the utility.
Project #197, Valley Oak Pond Outlet, was approved as an assessable
project, consequently pending assessments were levied. All real
estate transactions have caused money to be escrowed to cover 1.5
times the assessment amount.
Since this project is not going to be assessed we must pass a
resolution stating so. At that point we will no longer need to hold
assessment hearings and the closing companies can release the escrow
accounts.
RECOMMENDED ACTION: MOTION TO ADOPT A RESOLUTION ELIMINATING
ASSESSMENTS ON PROJECT #197, VALLEY OAR POND OUTLET, AND FUND THE
PROJECT USING THE STORM WATER UTILITY FUND.
COUNCIL ACTION:
5
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 1992 -
A RESOLUTION ELIMINATING ASSESSMENTS ON
PROJECT #197, VALLEY OAK POND OUTLET AND
FUND THE PROJECT USING THE STORM WATER UTILITY FUND
WHEREAS, the City Council approved City Project #197 at their September 4, 1990
regular meeting; and
WHEREAS, the project was approved as an assessable project to all contributing
parties; and
WHEREAS, the City has heretofore issued its General Obligation Improvement Bonds,
Series 1991 A, to finance, among other things, the costs of Project #197, and pledge
special assessments to be levied for Project #197 to the payment of the bonds; and
WHEREAS, at the March 17, 1992 regular City Council meeting the City Council
adopted a Storm Water Utility Policy; and
WHEREAS, the Storm Water Utility will fund storm water improvement projects.
NOW THEREFORE BE IT RESOLVED, that Storm Water Utility revenues in an amount
sufficient to pay the debt service on that portion of the bonds issued to finance
Project #197 are hereby irrevocably pledged to the payment of the bonds.
NOW THEREFORE BE IT FURTHER RESOLVED, all pending assessments for Project
#197, which is a storm water improvement, be eliminated and funded through the
Storm Water Utility.
ADOPTED this 7th day of April, 1992.
E. B. McMenomy, Mayor
ATTEST:
Susan M. Walsh, City Clerk
Motion by: Seconded by:
Voted in favor:
Voted against: