Fiscal Note
No Funds Required.
Title
Amending Resolution RES-11-00087, Approving Plans, Specifications and Schedule of Assessments for Williamson Street and South Ingersoll Street Assessment District-2011. This resolution will correct an error in the interest rate for assessments collected in installments
Body
On January 18, 2011, the Common Council approved RES-11-00087, Approving Plans, Specifications and Schedule of Assessments for Williamson Street and South Ingersoll Street Assessment District-2011. The resolution incorrectly listed 3.5 percent as the interest rate for assessments collected in installments. Pursuant to MGO Sec. 4.08(2), the rate established by the comptroller for projects approved in 2011 is 2.5 percent. This resolution will correct the error.
NOW, THEREFORE BE IT RESOLVED that the Common Council authorizes an amendment to Resolution RES-11-00087, Approving Plans, Specifications and Schedule of Assessments for Williamson Street and South Ingersoll Street Assessment District-2011 to modify the interest rate for assessments collected in installments to 2.5 percent.