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�: � <br />� <br />� you have issued bonds that you mus; issue as you'go ahead on <br />construction to pay off your contractors and naturally since the <br />village has no funds now it has to get sufficient funds and this <br />is what we call capitalized interest. 5o the proposed maximum <br />cost would be $60G,U00. If the project proceeds faster, there <br />wouldn't be that much interest cost. If m nstruction costs arQ <br />less than anticipated. then there will be that much less in <br />construction costs and so we have felt that we have a very con- <br />servative fi9ure here in �600,OCC. <br />In Improvement Ne. 3 th4 proportion of bonds to be paSd by <br />general taxes is "none". In other words, nothing wiii be against <br />the general taxing power of the village. No mi11 rate increase. <br />• 'fhis area alone will pay for this project on a complete assessment <br />program. This was true in tJo. 1. They handled it completely down <br />there and in No. 2 west of take Johanna, that too was 1009f assessment. <br />This is a policy decision that the,Council had made early last <br />year and they are following that consistently that each area, if <br />they want sew�r service, would pay for the cost and so your general <br />taxes on your house would not have to go up and that's the reason <br />we show it as none. Tharefore, in No. 3 the proport3on of bonds <br />t� be paid by special assessment is g600.000. Breaking that down <br />we have shown some detail here on approximate assessments, bearing <br />in mind that these are estimates and will be definite fiqures at <br />have <br />the time of the assessment hearing but in order that you/some idea <br />of what this will cost you, tfiis is it. <br />•, �t'here you have abutting sewer per fronC fbot, immediately <br />abutting the property will be �LO.C�O a front foot. If you do not <br />have sew�r abutting your propezty but because of the general benefit <br />