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<br />RESOLUTION # 15 <br /> <br />WHEREAS, the City Council has previously determined to make <br />certain improvements to Sorel Street and to finance same as the <br />result of a bond sale on June 24, 1987; and <br /> <br />WHEREAS, Sorel Street <br />$24,615.00 is not going <br />and <br /> <br />with a proposed construction cost of <br />to be constructed at the present time; <br /> <br />WHEREAS, the Council as a part of the original improvements to <br />Peltier Lake Drive, Mill Road, Shad Avenue, and Center Street <br />which were also funded by the above referenced bond issue was <br />anticipating the payment of $20,000.00 from the general fund for <br />bituminous overlay and sealcoating; and <br /> <br />WHEREAS, the engineering, administrative, fiscal and legal costs <br />need to be reflective of the potential for appeals of special <br />assessments and the related litigation costs; <br /> <br />NOW THEREFORE, THE COUNCIL hereby reallocate the proposed <br />reconstruction costs for the project financed as a result of the <br />$615,000 general obligation improvement bond of 1987 as follows: <br /> <br />CONSTRUCTION COSTS <br /> <br />Peltier Lake Drive, Mill Road, <br />Shad Avenue, and Center Street <br />Engineering <br />Administration <br />Fiscal <br />Legal <br />Contingencies <br />Total <br /> <br />Discount <br />Capitalized interest <br />TOTAL <br /> <br />$440,324.00 <br />67,893.75 <br />14,501.75 <br />12,276.75 <br />6,231.75 <br />151572.00 <br />$556,800.00 <br /> <br />10,000.00 <br />48.200.00 <br />$615,000.00 <br /> <br />Adopted by the City Council this 28th day of July, 1987. <br /> <br />L rK~ YICLI2Q~ ~ <br />'-' <br />Mayor <br /> <br />~~/N ~Yjl~ ~/J)it- <br />Clerk/Treas re (~ <br />