Resolution No. 98-22 CITY OF TIGARD, OREGON
RESOLUTION NO. 98c;kQ<'
A RESOLUTION ESTABLISHING AN INTEREST RATE TO BE USED IN DETERMINING
THE ANNUAL FEE ADJUSTMENT FOR RETMBURSEMENT DISTRICTS.
WHEREAS, Tigard Municipal code section 13.09.115(2) stipulates that the
Finance Director shall recommend an interest rate to the City Council
to be used in determining the annual fee adjustment for reimbursement
districts, and,
WHEREAS The yield on a treasury bond security with a fifteen year
maturity is 6.05%, which return theoretically could be recognized by
the sponsor of the improvement had the costs of construction been
invested for the same period, and,
NOW, THEREFORE, BE IT RESOLVED by the Tigard City Council that:
Section 1 -'he interest rate established for 1997/98 for reimbursement
districts is 6.05%.
PASSED: This � — day of 1998.
Mayor - i y of tigard
ATTEST:
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City Recorder - City of Tigar�
RESOLUTION NO. 98-
Page 1