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An independent project organizing public records from the City of Nowthen, Minnesota. Not an official city site. Documents and votes are sourced from cityofnowthen.gov; interpretations are AI-extracted and may need correction.

Home/Money/Clusters/$2

Cluster · rate · FY 2020

$2

Verified

Minimum statutory margin above city borrowing rate for assessment interest.

Not promoted to the official baseline.

This cluster is useful evidence for review. It does not drive the budget simulator until an admin confirms the amount against an official source and promotes it.

Corroboration

1docs

Consensus

0%

Votes attached

0

Date range

2020-07-07 — 2020-07-07

Every document that mentions this number (1)

Meeting City Council Public Hearing — Minutes (2020-07-07)Jul 7, 2020p.2raw: 1.5%
PDF →Auto-extracted
Minimum statutory margin above city borrowing rate for assessment interest.
By law, the city has to increase the interest rate that they borrow at to at least 1.5% - 2% more. The reason that the State Legislature set that is because the city has to pay that debt back under the full faith and credit under the city.
Reasoning: Statutory requirement for assessment interest rate.