273196 WH17E - CITV CLERK ��� ��
PINK - FINANCE GITY OF SAINT PAUL Council • �
CANARV - DEPARTMENT
BLUE -MAVOR File NO.
Ordin�nce Ordinance N 0. � �
Presented By
Referred To Committee: Date
Out of Committee By Date
An Administrative Ordinance Amending
Chapter 64 of the Saint Paul Admini-
strative Code pertaining to the levying
and collection of Special Assessments
for Local Improvements.
THE COUNCIL OF THE CITY OF SAINT PAUL DOES ORDAIN:
Section l.
That Section 64.04, Subdivision 1, of the Saint Paul Admini-
strative Code, is hereby amended to read as follows:
64. 04.
Subdivision 1. A�ssessments shall bear interest at the
rate of e��-�6}-ge�-ee�� eight (8) per cent per annum.
Assessments may be paid in whole or in part to the
city's finance department without interest being charged
if done so within sixty (60) days after the adoption and
publication of the assessment roll. In the event that
less than the total assessment is paid within this sixty
(60) day period, the finance department shall calculate
the remaining outstanding principal balance and shall
divide this balance into equal annual installments ex-
tending over the period established by the assessment
resolution.
Section 2 .
This ordinance shall take effect and be in force thirty (30)
days from and after the passage, approval and publication of this
ordinance, and shall apply to all assessment rolls which are
ratified by resolution from and after the effective date of this
ordinance.
COU(VCILMEIV Requested by Department of:
Yeas Nays
-�ertlrr � Fina and Ma ment Services
Hozza [n Favor
Hunt J
L.evine Against BY
Maddox
Showalter ,_�-- ���� V
Tedesco '" � �UL i O Form Approved City Attorney
Adopted by�uncil: D e
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Certifi�d Passe uncil cretar}� BY
By _�—_,,�
A r by Mayor: Date �j 919 App ov y Mayor for Submi ion C uncil
By ^ By
�tJ�t;1SNED J U L 1 4 i979
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� _:_.\`�-:� '� .:� ��_::,' Da t�, - �une 18, 1979
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� 3; �} ��,;) = C 0;7"1 i i'f f�f€.'� . Q�FINANCE, MANAGEMEIVT AND PERSONNEL �
RUBY HUNT �i chairr�cn, mcr;es the: foft�:•�inr
repori on C. F. �� Orc3i�,c�nce -
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The Finance Committe�, at its meeting of June 18, 1979 recommended aobrova� of
the following: . �
° 1 . Resolution aioproving 1979-7980 AGreements between City of St: Paul , ISD :#65 - �
and the Glaziers Local 1324. � ' �
2. Resol�tion to transfer $10,037 from Contingent Reserve to City Attorney Dept.
- to provide for funding of one additional Legal Assistant II , to provide_for
: Worker's Compensation C1air.is Examiner. � � -
� 3, Reso7ution establishing �title and class speEification for Administrative and . �
Procurement Assistant in Grade 14 of the Professional-Administrative Group. _
- � 4. Resolution establishi.ng title and class specification for Vendor Assistance �
Analyst in Grade 5 of the Professional-Administrative Group. �
- .� 5. Ordinance amending interest rate on City of Saint Paul srecial assessments �
from 6 to 8%.
� 6. Resolution to transfer $15,000 from 1979 General Fund to Office of Information
and Complaints for ��one additional staff inember and for telephone and office
. expenses. . , � -
7. Resolution to transfer �8,818.1$ for budget line item change for District 8
- Planning Council . (Bi11 Patton will submit before Thursday) .
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3-�Z GITY EI.1LL
�AINT YALI., MINN�:50T11 .�510�
(f31i.',) �.9II—�:3°3
GEORGE LATIMER
MAYOR
May 25, 1979
David Hozza, President, and
Members of the City Council
Re: Interest Rate on City of Saint Paul Special Assessments
The interest rate charged on special assessments has always been 6%. In
the last 10 years our economy has seen a rise in interest rates to where
today the prime rate is approximately 12o,and some economists predict the
prime rate may go as high as 13�%.
The high interest costs of other capital sources and the extremely low
interest cost on City assessments has the effect of encouraging a great many
people to spread out the assessments up to a maximum of 20 years, simply be-
cause they feel they can't afford to pass up such a good deal on the interest
rate.
The attached ordinance, prepared by the Finance Department, would increase
the special assessment interest rate from the present 6o to 80. This action
is long overdue.
Sincerely, `
G
Mayo
attach.
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lst � �.� 2nd , p��
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, Adopted � /;
Yeas Nays
BUTLER
� HUNT
LEVINE �C.�r)���
�
, MADDOR �
SHOWALTER
TEDESCO
PRESIDENT (HOZZA)
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