Source: http://www.ecode360.com/15675111
Timestamp: 2017-08-17 19:22:28
Document Index: 334475067

Matched Legal Cases: ['§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 70', '§ 61', '§ 62', '§ 62', '§ 70', '§ 66', '§ 34', '§ 66', '§ 66', '§ 70', '§ 101', '§ 101', '§ 340', '§ 66', '§ 77', '§ 66', '§ 70', '§ 66', '§ 70', '§ 70', '§ 70', '§ 66', '§ 70', '§ 70', '§ 66', '§ 66', '§ 70', '§ 66', '§ 66']

Village of Baldwin, WI Finance and Taxation
Ch 70 Art I Finance
§ 70-1 Preparation of tax roll and tax collections.
§ 70-2 Duplicate treasurer's bond eliminated.
§ 70-3 Village budget.
§ 70-4 Changes in budget.
§ 70-5 Village funds to be spent in accordance with appropriation.
§ 70-6 Fiscal year.
§ 70-7 Public depositories.
§ 70-8 Claims against Village.
§ 70-9 Temporary investment of funds not immediately needed.
§ 70-10 Receiving money; receipt for same.
§ 70-11 Statement of real property status.
§ 70-12 Public construction.
§ 70-13 Financing public works projects.
§ 70-14 Bid solicitation procedures.
§ 70-15 Accounts receivable billing procedures.
§ 70-16 Annual audits.
§ 70-17 Liability of the Village for acts of agents.
§ 70-18 Fee for returning checks with insufficient funds; reimbursement of collection costs.
§ 70-19 Policy for public deposits and investments.
§ 70-20 Mileage.
§ 70-21 Facsimile signatures.
§ 70-22 Hotel-motel room tax.
Ch 70 Art II Special Assessments and Charges
§ 70-23 Village Board may levy special assessments.
§ 70-24 Resolutions and report required.
§ 70-25 Costs that may be paid by special assessment.
§ 70-26 Exemptions; deductions.
§ 70-27 Notice of proposed or approved project.
§ 70-28 Board actions after hearing.
§ 70-29 Board's power to amend, cancel or confirm special assessment.
§ 70-30 Where cost of improvement is less than assessment.
§ 70-31 Appealed assessments payable when due.
§ 70-32 Special assessment a lien on property.
§ 70-33 Special charges.
§ 70-34 Miscellaneous provisions.
§ 70-35 Special assessment B bonds.
Chapter 70: Finance and Taxation
Chapter 70 : Finance and Taxation
[Adopted 4-28-2004 as Title 3, Ch. 1, and Sec. 6-1-3 of the 2004 Code]
Bond eliminated. The Village of Baldwin elects not to give the bond on the Village Clerk-Treasurer acting as Village Treasurer as provided for by § 70.67(1), Wis. Stats.
§ 70-3 Village budget. [1]
Departmental estimates. When requested by the Village President or Village Clerk-Treasurer, each officer, department and committee shall annually file with the Village Clerk-Treasurer an itemized statement of disbursements made to carry out the powers and duties of such officer, department or committee during the preceding fiscal year, and a detailed statement of the receipts and disbursements on account of any special fund under the supervision of such officer, department or committee during such year, and of the conditions and management of such fund; also detailed estimates of the same matters for the current fiscal year and for the ensuing fiscal year. Such statements shall be presented in the form prescribed by the Village Clerk-Treasurer and shall be designated as "Departmental Estimates," and shall be as nearly uniform as possible for the main division of all departments.
Consideration of estimates. The Budget and Finance Committee shall consider such departmental estimates in consultation with the department head and develop a budget amount for such department or activity.
Budget and Finance Committee to prepare budget. It shall be the duty of the Budget and Finance Committee to have estimates prepared of the expenditures that will be incurred by the Village for the ensuing year. On or before the 20th day of October each year, the Budget and Finance Committee shall prepare a proposed budget presenting a financial plan for conducting the affairs of the Village for the ensuing year.
The Budget and Finance Committee shall make a report to the Village Board no later than the Board's first November meeting. The report shall include the estimated cost of improvements as well as the estimated cost of operating the various departments and all other costs, including interest charges, for which money will have to be raised by taxation during the following year.
§ 70-4 Changes in budget. [1]
No money shall be drawn from the treasury of the Village, nor shall any obligation for the expenditure of money be incurred, except in pursuance of the annual appropriation in the adopted budget or when changed as authorized by § 70-4 of this article. At the close of each fiscal year, any unencumbered balance of an appropriation shall revert to the general fund and shall be subject to reappropriation, but appropriations may be made by the Board, to be paid out of the income of the current year, in furtherance of improvements or other objects or works which will not be completed within such year, and any such appropriation shall continue in force until the purpose for which it was made shall have been accomplished or abandoned.
§ 70-7 Public depositories. [1]
That funds are available therefor pursuant to the budget.
Order checks, execution of. All disbursements of the Village shall be by order check which shall not be valid unless signed by the Clerk-Treasurer and countersigned by the Village President.
Due to the timing of Village Board meetings, certain claims may need to be settled prior to the next Board meeting or the Village may incur late fees and additional costs related to the timing of payments of claims. Additionally, certain claims are routine in nature, such as utility bills. Therefore, pursuant to 66.0609, Wis. Stats., the Administrator/Clerk-Treasurer is authorized to issue checks for the below-listed items without prior approval from the Village Board. All payments must be made pursuant to the provisions of § 70-8A and D.
[Added 5-29-2013]
Debt service payments: principal and interest.
Court-related payments.
Credit cards or regular accounts which would become past due and incur interest charges.
Lease agreement payments.
Miscellaneous purchases under $100, as approved by the Administrator/Clerk-Treasurer.
Payments to contractors when authorized by the Village Engineer.
The Administrator/Clerk-Treasurer shall file with and provide to the Village Board a monthly list of the claims approved pursuant to Subsection E, showing the date paid, name of claimant, purpose and amount.
Upon the payment of any money (except for taxes as herein provided), the Village Clerk-Treasurer, or his/her designees shall make out a receipt in duplicate for the money so received. The Village Clerk-Treasurer, or his/her designees, shall charge the amount thereof to the treasury and credit the proper account. The payment of the money to any receiving agent of the Village or to the Village or to the Village Clerk-Treasurer, or his/her designees, shall be safeguarded in such manner as the Village Board shall direct.
The Village Clerk-Treasurer and his/her designees are authorized to prepare a Statement of Real Property Status form to be used to provide information often requested for transfers of real property such as the amount of outstanding special assessments, deferred assessments, changes in assessments, amount of taxes, outstanding water and sewer bills, current water and sewer bills, contemplated improvements, outstanding citations on building code violations and similar information. Any such information sought shall be provided to the person requesting it on said form. Requests for Statements of Real Property Status shall be made to the Village Clerk-Treasurer, or his/her designees a minimum of one business day in advance. A fee as prescribed in the Village Fee Schedule shall be charged for compiling this information. In providing this service, the Village of Baldwin and its officials assume no liability for such service nor is any warranty intended or implied.
Pursuant to § 61.54, Wis. Stats., all contracts for public construction shall be let by the Village Board in accordance with § 62.15, Wis. Stats. The Village Board, or a person or body designated by the Village Board, shall exercise the powers and duties of the Board of Public Works under § 62.15, Wis. Stats.
Financing. Except for those improvements required to be constructed and paid for by developers as part of a new land division, the financing of extensions, additions, repairs, alterations, and initial construction of water and sewer mains, sewer laterals, water laterals, storm sewer, curb and gutter, sidewalks, driveways, street lighting and street improvements within the Village shall be as follows:
[Amended 3-9-2005; 3-13-2013]
Sidewalk ("Sidewalk" means the Village sidewalk, and not private sidewalks).
The costs for repair, removal and/or replacement of existing sidewalks in front of the property shall be shared 50/50 between the Village and the property owner; repair, removal and/or replacement of existing sidewalks anywhere other than the front of the property shall be paid for in total by the Village.
[Amended 3-9-2016]
The costs of installation of new sidewalks in front of the property shall be shared 50/50 between the Village and the property owner; installation of sidewalks anywhere other than the front of the property shall be paid for in total by the Village.
Property owners may pay their share of expenses incurred in three annual installments. Interest on outstanding balances due will be charged at a rate of 7%. Annual installment amounts will be entered on the tax roll as a special tax and shall be collected in all respects like other taxes on real estate.
Sewer laterals. The property owner shall pay 100% of the total cost of installation and replacement.
Water laterals. The property owner shall pay 100% of the total cost of new installation or replacement from curb stop to building. The Village pays 100% of total cost of new installation and replacement to and including the curb stop. If the initial water service lateral was not installed, the charge will be as approved by the Public Service Commission.
The property owner shall pay 100% of the total cost for new installation, except for properties which have more than one side of street frontage. For properties which have street frontage on more than one side, the property owner shall pay 100% of the total cost for new installation up to a maximum of the length of the frontage on the longest side of the property. If a property which has street frontage on more than one side has existing curb and gutter on any side, and new curb and gutter will be installed on a side where it has not previously existed, the property owner will be given a credit equal to the length of any existing curb and gutter up to a maximum equal to the longest side of the property. The property owner shall pay 100% of the total cost for new installation, minus said credit, up to a maximum length of the frontage on the longest side of the property. Said credit is a credit in length equal to the number of feet of the existing curb and gutter; it is not a monetary value and no refunds are due if the credit is greater than the length of the new construction.
The Village shall pay 100% of replacement costs.
Street improvement. The Village shall pay 100% of the total cost.
Driveways. The property owner shall pay 100% of new installation and replacement.
Sewer and water mains. The property owner shall pay 100% of new installation. The Village shall pay 100% of replacement costs.
Storm sewer. The Village shall pay 100% of the total cost of new installation and replacement.
Lighting costs. The Village shall pay 100% of the total cost of new installation and replacement.
Projects fronting on property line of one or more owners. If the public works project fronts along the property line of one or more owners, the Village Board shall apportion the percentage cost share due from the property owners between the property owners in a just, fair and reasonable manner giving due consideration to such items as, but not exclusively, each property owner's front footage, degree of benefit, abnormal cost and all other pertinent factors relating or pertaining to the respective property owners.
Verbal quotation form. The Village solicits verbal quotations on items the Village purchases which are less than $15,000. The results of the verbal quotations are recorded on a memorandum of verbal quotation form.
Informal quotation. An informal quotation is a written request for quotation sent to vendors. The informal quotation is used for the purchase of goods and services in an amount less than $15,000.
Formal bid. The formal bid procedure is used for purchasing goods and services in an amount of $15,000 and higher, and in some instances in amounts less than this amount. The formal bid procedure requires a legal public notice and contains detailed, written specifications regarding the goods and services to be purchased, and a number of specific conditions associated with the purchase.
Competitive bids or quotations may be obtained before contracting to purchase articles, goods, wares, material, services or merchandise which amount in bulk to more than $1,000. Purchases up to $1,000 may be made by either telephone quotations, informal written quotations or formal bid. Purchases from $1,000 to $15,000 may be made by written quotation, telephone quotation or formal bid. Purchases of $15,000 and over, pursuant to Subsection A above, shall be made by formal bid unless exempted from it by action of the Village Board.
Verbal quotations for goods and services should be secured from at least two qualified vendors, and the results of the quotations shall be recorded on the "Memorandum of Verbal Quotation" form and signed by the person receiving the quotations.
§ 70-16 Annual audits. [1]
A firm of certified public accountants shall be employed each year by the Village, subject to the confirmation of the Village Board, to conduct a detailed audit of the Village's financial transactions and its books, and to assist the Village Clerk-Treasurer in the management of the Village's financial affairs, including the Village's public utilities. These auditors shall be employed on a calendar-year basis. The books audited may, in addition to the financial records of the office of the Village Clerk-Treasurer, include the records of the Village's public utilities, Police Department records, and any other books of any boards, commissions, officers or employees of the Village handling Village moneys.
No agent of the Village of Baldwin having authority to employ labor or to purchase materials, supplies or any other commodities may bind the Village or incur any indebtedness for which the Village may become liable without approval of the Board. Each such employment or purchase order shall be drawn against a specific appropriation, the money for which shall be available in the Village treasury and not subject to any prior labor claims or material purchase orders at the time when such employment is negotiated or purchase order drawn. The Village Clerk-Treasurer shall keep a record of such employment and purchase orders and shall charge them against the proper appropriation.
There shall be a fee as prescribed in the Village Fee Schedule for processing checks made payable to the Village that are returned because of insufficient funds in the account in question.
Collection costs and attorneys fees shall be added to the principal amounts of unpaid bills owed to the Village that are placed with collection agencies.[1]
Editor's Note: Original Sec. 3-1-18, Delinquent personal property taxes, which followed this section, was repealed at time of adoption of Code (see Ch. 1, General Provisions, Art. II).
Purpose. Cash and investments generally represent the largest asset on the Village's balance sheet, and the Village frequently has cash available for short-term, intermediate and long-term investments. Therefore, it is important that the Village establish a policy to ensure continuous prudent investment of available Village funds. It is in the interest of the Village of Baldwin to adopt a policy to insure continuous prudent deposits and investments of available Village funds. The Village Board of the Village of Baldwin establishes the following policies in the public interest for the deposit and investment of available Village funds.
Limitations. The resolution or ordinance designating one or more public depositories shall specify whether the moneys shall be maintained in time deposits subject to the limitations of § 66.0603(1m), Wis. Stats., demand deposits or savings deposits, and whether a surety bond or other security shall be required to be furnished under § 34.07, Wis. Stats., by the public depository to secure the repayment of such deposits. Not more than $500,000 shall be deposited in any one public depository, unless specifically authorized by the Village Board.
Deposits. The Village Clerk-Treasurer shall deposit public moneys in the name of the Village of Baldwin in such public depositories designated by the Village Board and subject to the limitations hereinabove set forth.
Withdrawals. Withdrawals or disbursements by the Village Clerk-Treasurer of moneys deposited in a public depository shall be made as provided by § 66.0607, Wis. Stats. The Village Clerk-Treasurer is authorized, at her/his discretion, to process periodic payments through the use of money transfer techniques as set forth in § 66.0607, Wis. Stats.
Management. Subject to the provisions of this policy, the Village Clerk-Treasurer shall have control of and discretion in the investment of all Village funds that are not immediately needed and are available for investment.
Responsibility. In exercising her/his investment responsibilities, the Village Clerk-Treasurer shall exercise the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a similar capacity, having the same resources, and familiar with like matters in the management of a similar activity, with a like purpose.
Investment factors. The Village Clerk-Treasurer is authorized and directed to utilize investment options as set forth within these guidelines, subject to Board approval, and that the Village Clerk-Treasurer shall take into consideration the following factors which are listed in order of priority to the investment decision:[1]
Repurchase agreements. Village funds may be invested in repurchase agreements in financial institutions authorized to conduct business in the State of Wisconsin. Repurchase agreements can only be made in securities which are direct obligations of or guaranteed as to principal and interest by the federal government and securities which are obligations of an agency, commission, board or other instrumentality of the federal government, where principal and interest are guaranteed by the federal government. Securities purchased by a repurchase agreement must be placed in safekeeping in a segregated account in the Village's name at any designated public depository or approved financial institution.
Securities. The Village Clerk-Treasurer may invest in private securities which are senior to, or on a parity with, a security of the same issuer which is rated highest or second highest by Moody's Investors Service, Standard & Poor's Corporation or other similar nationally recognized rating agency.
In order to safeguard investments and deposits, the Village may require of each public depository its annual financial statements and evaluate such statements as to the financial soundness of the depository. Also to be reviewed is other pertinent financial information filed with regulatory agencies.[2]
The Village shall require, when investing in repurchase agreements, that collateral be pledged by the depository in an amount equal to or greater than the amount of the repurchase agreements the Village has with such depository. In excess of FDIC coverage, the collateral shall be direct obligations of the United States or of its agencies, if the payment of principal and interest is guaranteed by the federal government, or obligations of the State of Wisconsin or of the Village of Baldwin. Evidence of such collateral shall be provided by the depository.
§ 70-20 Mileage. [1]
The mileage allowance for use of personal vehicles on authorized Village business shall be as prescribed by the Village Board.
In lieu of the personal signatures of the Village Clerk-Treasurer and Village President, there may be affixed on order checks the facsimile signatures of such persons adopted by them and approved by the Village President, but the use of the facsimile signature shall not relieve such official from any liability to which he/she is otherwise subject including the unauthorized use thereof.
In this section, "hotel" or "motel" means a building or group of buildings in which the public may obtain accommodations for a consideration, including, without limitation, such establishments as inns, motels, tourist homes, tourist houses or courts, lodging houses, rooming houses, summer camps, apartment hotels, resort lodges and cabins and any other building or group of buildings in which accommodations are available to the public, except accommodations, including mobile homes as defined in § 101.91(10), manufactured homes as defined in § 101.91(2), and recreational vehicles as defined in § 340.01(48r), rented for a continuous period of more than one month and accommodations furnished by any hospitals, sanatoriums, or nursing homes, or by corporations or associations organized and operated exclusively for religious, charitable or educational purposes provided that no part of the net earnings of such corporations and associations inures to the benefit of any private shareholder or individual.[2]
Any natural person, firm, partnership, joint venture, joint stock company, association, public or private corporation, the United States, the State of Wisconsin, including any unit or division thereof, any county, city, village, town, municipal utility, municipal power district or other governmental unit, cooperative, estate, trust, receiver, executor, administrator, any other fiduciary, and any representative appointed by order of any court or otherwise acting on behalf of others.
Editor's Note: The definition of "gross receipts," which preceded this definition, was repealed at time of adoption of Code (see Ch. 1, General Provisions, Art. II).
Scope of tax and tax rate. Pursuant to § 66.0615, Wis. Stats., a tax is hereby imposed in the Village of Baldwin on the privilege and service of furnishing, at retail, of rooms or lodging to transients by hotelkeepers, motel operators and other persons furnishing accommodations that are available to the public, irrespective of whether membership is required for the use of the accommodations. Such tax shall be at a rate of 5% of the gross receipts from such retail furnishing of rooms or lodgings. Such tax shall not be subject to the selective sales tax imposed by § 77.52(2)(a)1, Wis. Stats.
Collection of tax. The room tax collection shall be administered by the Village Clerk-Treasurer. The tax imposed for the months of January, February and March, and for each calendar quarter thereafter, is due and payable on the last day of the month next succeeding the calendar quarter for which the room tax was imposed by the Village. A return shall be filed with the Clerk-Treasurer by those furnishing at retail such rooms and lodging, on or before the same date on which such tax is due and payable. Such returns shall show the gross receipts of the preceding calendar quarter from such retail furnishing of rooms or lodging, the amount of taxes imposed for such period, and such other information as the Clerk-Treasurer considers necessary. Every person required to file such quarterly return shall, with the first return, elect to file an annual calendar year or fiscal year return. Such annual return shall be filed within 90 days of the close of such calendar or fiscal year. The annual return shall summarize the quarterly returns, reconcile and adjust for errors in the quarterly returns, and shall contain certain such additional information as the Village Clerk-Treasurer requires. Such annual returns shall be made on forms as prescribed by the Village Clerk-Treasurer. All such returns shall be signed by the person required to file a return or duly authorized agent, but need not be verified by oath. The Village Clerk-Treasurer may, for good cause, extend the time for filing any return, but in no event longer than one month from the filing date.
The Village Clerk-Treasurer may, by an office audit, determine the tax required to be paid to the Village by the person responsible to pay the tax. This determination may be made upon the basis of the facts contained in the return being audited or on the basis of any other information within the Village Clerk-Treasurer's possession that meets the criteria set forth in § 66.0615, Wis. Stats. One or more such office audit determination may be made of the amount due for any one or for more than one period.
The Clerk-Treasurer may, by field audit, determine the tax required to be paid the Village or the refund any person under this section. The determination may be made upon the basis of the facts contained and the return being audited or upon any other information within the Clerk-Treasurer's possession. Whenever the Clerk-Treasurer has probable cause to believe that the correct amount of room tax has not been assessed or that the room tax is not correct, the Clerk-Treasurer is authorized to determine and inspect the books, records, memoranda and property of any person in order to verify the tax liability of that person or of any other person. Nothing herein shall prevent the Clerk-Treasurer from making a determination of tax at any time.
Article II: Special Assessments and Charges
[Adopted 4-28-2004 as Title 3, Ch. 2, of the 2004 Code]
The Village of Baldwin, by resolution of its Village Board, may levy and collect special assessments upon property in a limited and determinable area for special benefits conferred upon such property by any municipal work or improvement and may provide for the payment of all or any part of the cost of the work or improvement out of the proceeds of the special assessments.[1]
Prior to making any such special assessments, the Village Board shall declare by preliminary resolution its intention to exercise such powers for a stated municipal purpose. Such resolution shall describe generally the contemplated purpose, the limits of the proposed assessment district, the number of installments in which the special assessments may be paid or that the number of installments will be determined at the hearing required under § 70-27 of this article and direct the proper municipal officer or employee to make a report thereon. Such resolution may limit the proportion of the cost to be assessed.
A statement that the property against which the assessments are proposed is benefitted, where the work or improvements constitute an exercise of the police power. In such case, the estimates required under Subsection B(1)(c) shall be replaced by a schedule of the proposed assessments.
When the Village Board determines by resolution that the hearing on the assessments be held subsequent to the completion of the work or improvement or the rending of the service, the report required by § 66.0703(3), Wis. Stats., and Subsections A and B above shall contain a statement of the final cost of the work, service or improvement in lieu of an estimate of the cost.
§ 70-27 Notice of proposed or approved project. [1]
On the completion and filing of the report required in § 70-24B of this article, the Village Clerk-Treasurer shall give notice stating the nature of the proposed or approved work or improvement, the general boundary lines of the proposed assessment district, the place and time at which the report may be inspected and the place and time at which all interested persons, their agents or attorneys may appear before the Village Board or committee thereof and be heard concerning the matters contained in the preliminary resolution and report. The notice shall be published as a Class 1 notice, under Ch. 985, in the Village and a copy of the notice shall be mailed, at least 10 days before the hearing or proceeding, to every interested person whose post office address is known, or can be ascertained with reasonable diligence. The hearing shall commence not less than 10 days and not more than 40 days after the publication or posting of said notice.
The Village Clerk-Treasurer shall publish the final resolutions as required in § 70-27 of this article.
After the publication of the final resolution, any work or improvement provided for and not yet authorized shall be deemed fully authorized and all awards of compensation or damage and all assessments made shall be deemed duly and properly made, subject to the right of appeal by § 66.0703, Wis. Stats., or any other applicable provision of law.
If, after completion or after the receipt of bids, the actual cost of any work or improvement is found to vary materially from the original estimate, or the assessment is void or invalid for any reason, or if the Village Board determines to reconsider an assessment, it is empowered, after giving notice as required in § 70-27, to amend, cancel or confirm any prior assessment, and notice of this amending, canceling or confirming shall be given by the Village Clerk-Treasurer as provided in § 70-28 of this article.
Pursuant to § 66.0703, Wis. Stats., it shall be a condition to the maintenance of any appeal that any assessment appealed shall be paid when due and payable and upon default in payment any such appeal shall be dismissed.
In addition to all other methods provided by law, special charges for current services may be imposed by the Village Board by allocating all or part of the cost of the service to the property served; including, but not limited to, snow and ice removal, weed elimination, street sprinkling, oiling or tarring, repair of sidewalks or curb and gutter, garbage and refuse disposal, sewer service and tree care or removal. The Village Board may determine the manner of providing notice of a special charge. Before a special charge for street tarring or the repair of sidewalks, curbs or gutters may be imposed, the Village Board shall conduct a hearing on whether the service in question will be funded in whole or in part by a special charge. Notice of the hearing shall be given as provided in § 66.0627(3)(b), Wis. Stats.[1]
Such special charges shall not be payable in installments. If not paid within the period fixed by the Village Board, such delinquent charge shall become a lien as provided in § 70-32 of this article.
Section 70-24A of this article shall not be applicable to proceedings under this section.
As an alternative to any other financing method, the Village Board may provide for the payment of the initial cost of any public improvement from the proceeds of special assessment "B" bonds issued under § 66.0713, Wis. Stats. Special assessments to retire such bonds and pay the interest thereon shall be levied under § 66.0713, Wis. Stats., payable in such installments at a rate to be determined by the Board based upon borrowed money rates at the time of the special assessment.