2011-855 RESOLUTION NO. 2011 -855
RESOLUTION REDUCING THE INTEREST RATE FOR PROPERTY OWNERS WHO
HAD SIDEWALK INSTALLED IN 2011 AND ELECT TO HAVE PAYMENTS SPREAD
OVER FIVE (5) YEARS
WHEREAS, on October 25, 2010 the Common Council of the City of Janesville
approved File Resolution 2010 -742 which authorized the installation of sidewalk at
various locations throughout the City of Janesville during 2011; and
WHEREAS, under the terms contained within that Resolution property owners
who have sidewalks installed may elect to have payments spread over a period of five
(5) years at an interest rate of 6 %; and
WHEREAS, on October 24, 2011 the Common Council of the City of Janesville
approved File Resolution 2011 -834 which also authorized the installation of sidewalk at
various locations throughout the City of Janesville during 2012; and
WHEREAS, during the deliberations on File Resolution 2011 -834 an amendment
was offered and approved reducing the interest rate from 6% to 3% for property owners
who elect to have payments spread over a period of five (5) years; and
WHEREAS, it is the desire of the Common Council to provide this same interest
rate of 3% to property owners who had sidewalk installed in 2011 and who elected to
have payments spread over a period of five (5) years;
NOW, THEREFORE, BE IT RESOLVED, by the Common Council of the City of
Janesville, that they hereby authorize and direct the City Clerk- Treasurer to reduce the
interest rate from 6% to 3% for property owners who had sidewalks installed under the
2011 sidewalk program under Resolution No. 2010 -742 and who elected to have
payments spread over a period of five (5) years, and to that extent alone, Resolution
No. 2010 -742 is hereby reopened, so amended, and closed; and
BE IT FURTHER RESOLVED, that the City Manager, and his designees, are hereby
authorized to negotiate, draft, prepare, execute, file and modify such other documents,
papers and agreements ancillary and /or pertaining thereto and, from time to time, to
take and /or make whatever other minor actions and /or minor modifications to the above
described agreements as the City Manager and /or his designee may deem necessary
and /or desirable to effectuate the purposes of such agreements and the intent of this
resolution.
Resolution No. 2011 -847
Page 2
ADOPTED: November 14, 2011 Motion by: McDonald
APPROVED. Second by: Voskuil
Councilmember Aye Nay Pass Absent
LAG! .
Eric J. - evict, C' 7. pager Dongarra -Adams X
Liebert X
ATTEST:
McDonald X
��. Rashkin X
Je. Ann Wulf, City Clerk -Trea> er Steeber X
APPROVEn // AS TO FORM Voskuil X
f//9
Wald Klimczyk, City Attorney
Proposed by: City Council
Prepared by Director of Administrative Services
W