(A) Installments.
(1) Except as provided below, all assessments shall be payable in equal annual installments extending over such period, not exceeding 30 years, as the resolution determines, payable on the first Monday in January in each year, but the number of installments need not be uniform for all assessments included in a single assessment roll if a uniform criterion for determining the number of installments is provided by the resolution. The first installment of each assessment shall be included in the first tax rolls completed after its adoption and shall be payable in the same year as the taxes contained therein; except that, the payment of the first installment of any assessment levied upon unimproved property may be deferred until a designated future year or until the platting of the property or the construction of improvements thereon, upon such terms and conditions and based upon such standards and criteria as may be provided by resolution of the Council.
(2) In any event, every assessment, the payment of which is so deferred, when it becomes payable, shall be divided into a number of installments such that the last installment thereof will be payable not more than 30 years after the levy of the assessment.
(B) Interest. All assessments shall bear interest at such rate as the resolution determines, not exceeding the maximum permitted by law; except that, the rate may, in any event, equal the average annual interest rate on bonds issued to finance the improvement for which the assessments are levied.
(C) Application of interest to installments.
(1) To the first installment of each assessment shall be added interest on the entire assessment from a date specified in the resolution levying the assessment, not earlier than the date of the resolution, until December 31 of the year in which the first installment is payable, and to each subsequent installment shall be added interest for one year on all unpaid installments, or alternatively, any assessment may be made payable in equal annual installments, including principal and interest, each in the amount annually required to pay the principal over such period with interest at such rate as the resolution determines, not exceeding the maximum period and rate specified above. In the latter event, no prepayment shall be accepted under division (G) below without payment of all installments due to and including December 31 of the year of prepayment, together with the original principal included in such installments, computed on an annual amortization basis.
(2) When payment of an assessment is deferred, as authorized in this division (C), interest thereon for the period of deferment may be made payable annually at the same times as the principal installments payable on account of assessable real property; except that, interest accruing shall not begin to run until the notice provided in § 37.061(A)(3) of this chapter has been properly given and 30 days thereafter have elapsed.
(3) The Council shall provide for the payment of these amounts and shall take appropriate action to that end.
(D) Notice of installment. If the assessment is not paid in a single installment, the city’s Finance Director shall annually mail to the owner of any right-of-way and, as long as the property is publicly owned, to the owner of any public property, a notice stating that an installment is due and should be paid to the city’s Finance Director.
(E) Collection from railroads and public utilities. The city may collect the amount due on account of the right-of-way of any railroad or privately owned public utility by distress and sale of personal property in the manner provided by law in case of taxes levied upon personal property or by suit brought to enforce the collection of this indebtedness unless a different method of collecting such amounts is provided for by a contract between the owner of any right-of-way and the city.
(F) Partial prepayment of assessments. Any person desiring to partially prepay any assessment for a public improvement, the assessment roll of which has been certified to the County Auditor for collection with general taxes, the County Treasurer and the County Auditor are hereby authorized to establish whatever procedure is necessary to make possible the payment of the balance to the county officials in lieu of paying same to the Municipal Finance Director as provided for by division (G) below. The county officials are hereby designated as agents of the city to collect the assessments, and the mechanics therefor shall be set up by the County Auditor, County Treasurer and the Municipal Clerk-Administrator so that the intent and purpose of this chapter can be accomplished.
(G) Payment of remaining unpaid installments. Any person desiring to pay the remaining unpaid installments of an assessment for a public improvement, the assessment roll of which has been certified to the County Auditor for collection with general taxes, the County Treasurer and the County Auditor are hereby authorized to establish whatever procedure is necessary to make possible the payment of said balance to the county officials in lieu of paying same to the Municipal Finance Director as provided in M.S. § 429.061, subd. 3, as it may be amended from time to time. The county officials are hereby designated as agents of the city to collect such assessments, and the mechanics therefor shall be set up by the County Auditor, County Treasurer and the Municipal Clerk-Administrator so that the intent and purpose of this chapter can be accomplished.
(Prior Code, § 202.12)