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<br /> <br />RESOLUTION # 15 <br /> <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 with a proposed construction cost of <br />'24,615.00 is not going to be constructed at the present time; <br />and <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 />anticipatinc the payment of '20,000.00 from the general fund for <br />bituminous overlay and aealcoatins; and <br /> <br />WHIRIAS, the ena!neering, administrative, fiscal and leaal costs <br />need to be reflective of the potential for appeal. of special <br />assessmenta 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 />'815,000 aeneral obllaation improvement bond of 1987 a8 follows: <br /> <br />CONSTRUCTION COSTS <br /> <br />Peltier Lake Drive, Hill Road, <br />Shad Avenue, and Center Street <br />Inaineerina <br />Administration <br />Fiscal <br />Leaal <br />Continaencie. <br />Total <br /> <br />Discoun"t <br />Capitaliaed io"terest <br />TOTAL <br /> <br />$440,324.00 <br />67,893.75 <br />14,501.75 <br />12,276.75 <br />6,231. 75 <br />15.572.00 <br />'556,800.00 <br />10,000.00 <br />48.200.00 <br />'615,000.00 <br /> <br />Adopted bv the City Council this 28th day of July, 1987. <br /> <br />.-/iN-> 02, ,Y'a Ofb~" <br /> <br />Mayor <br /> <br />I <br /> <br />:rn~/YI4~" -LJjIt <br />Clerk/Treas re \. <br />