City of Racine - File #: 12-8449

• File #: 12-8449
• Version: A
• Name: 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.
• Type: Communication
• Status: Passed
• File created: 12/11/2012
• In control: Finance and Personnel Committee
• Final action: 12/18/2012
• Title: Subject: 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. Recomendation of the Finance & Personnel Committee on 12-10-12: That Ordinance 14-12 be adopted. Fiscal Note: The interest rate charged on special assessments and charges will be reviewed every five years. It will be based on the average bank prime loan interest rate for the proceeding 10 years plus a 0.50% administrative charge; the sum rounded up to the nearest 0.5 percent. The change will be limited to two percentage points. Currently, the rate for 2012-2016 assessments will drop from 8.0% to 6.0%.

Date	Ver.	Action By	Action	Result
12/18/2012	A	Common Council	Approved as Presented	Pass
12/10/2012	A	Finance and Personnel Committee

Title

Subject:  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.

Recomendation of the Finance & Personnel Committee on 12-10-12:  That Ordinance 14-12 be adopted.

Fiscal Note:  The interest rate charged on special assessments and charges will be reviewed every five years. It will be based on the average bank prime loan interest rate for the proceeding 10 years plus a 0.50% administrative charge; the sum rounded up to the nearest 0.5 percent. The change will be limited to two percentage points. Currently, the rate for 2012-2016 assessments will drop from 8.0% to 6.0%.