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CITY OF PEQUOT LAKES,MINNESOTA <br /> ASSESSMENT PROCEDURES & POLICY <br /> Adopted: February 7, 2006 <br /> Amended: November 5, 2019 <br /> For example, if an improvement has an expected service life of 20 years, but the <br /> improvement needs to be reconstructed at 15 years, assessments will include a 25% credit <br /> [(20 yrs expected— 15 yrs actual = 5 yrs remaining)/20 yrs expected= 0.25 or 25% <br /> credit]. <br /> Such a credit shall be applied to the original principle amount of the assessment with no <br /> consideration for inflation or interest. <br /> ASSESSMENT PERIOD: <br /> This will be set by the City Council, with a guide that it not exceed a period one year less <br /> than either the expected service life or of the term of the financial instrument(e.g. bond) <br /> for the project. <br /> INTEREST RATE: <br /> This will be set by the City Council, with a guide of two percent(2.0) above the rate the <br /> City pays for financing of the improvements. <br /> Page 7 of 7 <br />