Sponsor
Alderman
Title
Ordinance 14-12
To repeal and recreate Section 90-28 of the Municipal Code of the City of Racine, Wisconsin relating to special assessments and special charges.
The Common Council of the City of Racine, Wisconsin, do ordain as follows:
Part 1: Repeal and recreate Section 90-28 (b) to read as follows:
“(b) Special assessments. Special assessments shall be due upon determination of the amount of such assessment and may be paid without interest up to and including the due date. Any balance remaining unpaid after the due date shall be collected with interest from and after the due date at the annual interest rate specified in sub. (3), below. All unpaid balances will be collected in the following manner:”
Part 2: In Section 90-28 (b), create sub. (3) to read as follows:
“(3) The annual interest rate for all unpaid special assessment balances failing under subs. (1) and (2), above, will be adjusted every five (5) years (beginning in 2012), as follows:
a. First, the average Bank Prime Loan Interest Rate percentage for the preceding ten-year period shall be calculated. Next, a 0.5 percent administrative charge shall be added to this rate. Finally, this total interest rate percentage shall be rounded up to the nearest 0.5 percent.
For example, if the average Bank Prime Loan Interest Rate percentage for 2002-2011 is 5.017%, then the 2012-2016 interest rate for all unpaid special assessment balances falling under subs. (1) and (2), above, are as follows:
5.017% (avg. 10-year Bank Prime Loan Interest Rate %)
+ 0.500% (administrative charge)
5.517% (which is then rounded up to 6.0%)
b. No adjustment to the special assessment interest rate shall exceed the previous rate by more than + 2.0 percent.
c. The Bank Prime Loan Interest Rate percentage will be calculated from the annual figures released by the Federal Reserve System available at
.”
Part 3: Repeal and recreate State law...
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