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It's our recommendation that the assessment be spread over a period not to exceed 15 years and, of course, under the law, they would then pay 1/15 of whatever their assessment is each year, together with the interest. The interest to be assigned - at this particular point we don't know what it is because we donlt know what we're going to get on our bonds. The state law allows two approaches for Councils to take. One is 1% more than what you pay on your bonds and the other one is a complicated formula, which runs around 12% to 13% - whatever the maximum is permitted under the improvement code. Normally we haven't gone that high - we've always gone 1% over whatever we got on the bond issue. All of these could be merged together and if the City didn't finance them internally, we would hope to have a bond issue sometime this summer if the construction bids are let and then you would know exactly "where you would be. People have the right to prepay their assessments and save all interest charges and also have the right - if they don't do it within 30 days after the adoption of the assessment roll - at anytime during anyone of the years in which it is spread. Those general comments apply not only to this i~provement, but to the other improvements as well. ACTING MAYOR JOHNSON: Are there any written statements? MR. ANDRE: We have received none on this project. ACTING MAYOR JOHNSON: Okay, I'm going to open the public hearing then on Oxford - Project 27. Are there any comments, questions or statements on this project? MR. BRUCE JOHNSON, 2431 Oxford Street: to say that I would like to see it happen. I would just like 11m for it. MRS. PHIYLLIS HAUGEN, 2476 Oxford Street: That street doesn't look that bad. I don't understand why you don't put your efforts into fixing the bad ones like Hamline Avenue. ACTING MAYOR JOHNSON: We handle these on a petition basis. The City has backed away from the idea of doing a general street improvement, as you may recall, and this was submitted to the City on a petition basis by 80% of the people on the street, which is a pretty high interest. That's why we're proceeding. ' MR. ANDRE: I might add that Hamline Avenue is under the county roads and just recently we have approved a capital improvement program the county has submitted to improve that street. We're hopeful that that will happen within the next two or three years. ACTING MAYOR JOHNSON: Anything else on Project 27? I will close the hearing. -6-