After the public hearing, the City Commission may, by resolution, determine to make the improvement and defray the whole or any part of the cost of the improvement by special assessment upon the property especially benefitted in proportion to the benefits derived or to be derived, and designate whether it is to be assessed according to frontage, area, valuation, benefit or other basis. By such resolution, the Commission shall approve the plans and specifications for the improvement; determine the number of installments in which assessments may be paid; determine the rate of interest to be charged on installments, not to exceed 6% per annum; designate the district or land and premises upon which special assessments shall be levied; direct the Assessor to prepare a special assessment roll in accordance with the Commission’s determination; and designate the name by which the assessment roll shall be known and referred to.
(Prior Code, § 25-39)
Statutory reference:
Higher interest permitted when there are obligations in anticipation of special assessments, see M.C.L.A. § 141.2507