§ 12-1. Powers of city; special assessment policy; service fee.

(a)

General policy. The special assessment policy of the City of Faribault shall be comprised of the statutes contained within the 2004 edition of the Minnesota Statutes, Chapter 429, which is hereby adopted by reference and incorporated in this Code as if fully set forth herein, along with any applicable provisions of the City Charter, this Code, or policy provisions adopted by ordinance or resolution. The council may, from time to time, by ordinance or resolution, adopt, amend or repeal any portion of the special assessment policy.

(b)

Partial prepayment of assessments. Partial prepayment of an assessment is authorized only until such time that the assessment is certified to the county auditor for collection. Upon certification of the assessment to the county auditor for collection, only regular annual installment payments pursuant to the terms and conditions established in the resolution adopting the assessment, or a full payment for the outstanding amount due for the assessment will be accepted by the city.

(c)

Service fee. Whenever a special assessment is levied for an improvement, of whatever nature, the council may, by resolution, establish a service fee for the administration of any bond issue in connection with such improvement. In no event shall such service fee exceed two (2) percent of the principal amount due on the unpaid balance of any special assessment levied in connection with such improvement and such fee shall be assessed and levied in the same manner as the special assessment and included therein in addition to the interest assessed and levied in connection with such assessment.

(Ord. No. 2014-010, § 1, 6-24-14)