CC 02-24-1960 - Laserfiche WebLink

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. . , . . 14 cor-rl'uni:ies are mcving up to 6~<. This community so far has done it on the basis of 5~ and Improvement No. 1 has been predicated on that basis as has No.2 and we carry that forward here in Improvement No.3. of course, if the money market gets tighter, we may have to move up to 6% in order to cover the interest on bonds because you have to cover your principal and interest und that's the reason for it. This interest charge, ",hether 5~; er 6%, and as I say it's predicated now on 5%, is what you can save if you desire to pay cash. The way this works is that assuming the Council decides to move ahead after they ascertain from the people what their feelings are, they would then order the improve- ment and then construction bids would be re4uested by the engineers in probably I, 2 or 3 pr0jects. Sometimes it's not all let at one time, but that's an engineering recommendation given to the Council. After the contracts have been let and all costs have been ascertained we issue the bonds to cover it so that the village has money to pay the contractors as they proceed. Toward the end of the year - in this particular case we couldn't finish this year - this would probably run from 1960 to 1961 and the fall of 1961 is when 'iie would hold our assessment hearing because we would then know what all the costs would be and would then hold our assessment hearing at which time you would have notice and you would then know exactly what your charge would be against your individual property. "hether you have a home or unplatted property, whatever the case may be, we list it in an asse$ment roll. It's on file with the Village Clerk. Notice is published. You have a right to come in and look at it before the hearing so you know exactly what your proposed assessment wculd be and then the hearing is held and you have the .-