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<br />17. Each property owner may pay such assessment in full or may pay in substantially equal annual <br />installments over a period of up to 10 years with interest at eight (8) percent per annum until paid <br />in full. <br /> <br />18. The petitioners agree that, upon the sale of any property within the District, any outstanding <br />assessment on such property shall be paid in full with interest accrued thereon to the date of such <br />sale. <br /> <br />19. The City is authorized to establish a maintenance fund with any funds in excess of the final cost <br />to complete the proposed improvement in paragraphs 5(a) through 5(e) up to the total final cost <br />in paragraph 13 to be held in an escrow account by the City for the benefit of the Subdivision <br />Trustees to complete the improvement in paragraph 5(f), provided that the amount of the <br />maintenance fund (prior to the accrual of any interest on annual installments or any interest on <br />the escrow account), shall not exceed the final cost to complete the proposed improvement in <br />paragraph 5( d). <br /> <br />20. After all improvements are paid in full (including without limitation the proposed improvement <br />in paragraph 5(f)), the City is authorized to release any remaining moneys in the escrow account <br />to each of the property owners in an equal amount per platted lot based upon a total of 265 <br />platted lots. <br /> <br />21. The proposed improvement is necessary and in the best interest of the Subdivision. <br /> <br />BE IT FURTHER RESOLVED: That the final cost of the proposed improvement assessed against the <br />real property within the proposed neighborhood improvement district shall not exceed $3,433.96 per <br />platted lot without a new petition or election. <br /> <br />BE IT ADDITION ALL Y RESOLVED: That the proposed neighborhood improvement district is hereby <br />established and that preliminary plans, specifications and final costs estimates for the proposed <br />improvement are to be developed by the Subdivision Trustees and are hereby ordered to be made. <br /> <br />Motion seconded by Councilmember Glickert and carried. <br /> <br />Adopted this 6th day of November, 2006. <br /> <br />I hereby certify that the above is a true excerpt from the minutes of the meeting of the City Council held <br />on the 6th day of November, 2006. <br /> <br /> <br />~~6~ <br />