CC_Minutes_1980_0825 - Laserfiche WebLink

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2 MR. POPOVICH: The original published cost of this improve- ment was $70,421.31. It actually worked out to $70,986.86, a little over run of about $500.00. None of the improvement will be spread over general taxes, and it's recommended that the entire amount be spread by special assessments which will work out to $49 a front foot. In this connection, the improvement was part of the bond issue that we just had and the Notices stated that we would charge the maximum interest rate provided by law. The law permits us to charge 8% under the Local Improvement Code, or one percent over the bond issue, and we had our bond issue a week or so ago and the net interest was 7.63% which means you can charge 8.63% as the carrying charge. I discussed this with Mr. Andre. Both of us are recommending, in view of the higher interest rates on the bond issue, that obviously we need to have that 1% over ride the legislature provided and in all of the improvements included in the bond issue that figure of 8.63% would be the carrying charge. As to those who are assessed, it would be spread over 20 years with one-twentieth due each year and the interest on the remaining amount. It can be prepaid during the first 30 day period after adoption of the assessment roll, or each year during the period of the assessment collections. There were no writben communications. Mayor Demos announced that the meeting was open for the consideration of objections, if any, to said proposed assessment. All persons present were given the opportunity to present oral objections. No one appeared to be heard. Mayor Demos declared the hearing closed, and Councilman Curley moved that the adoption of the proposed assessment be continued to September 8, 1980 at 7:30 o'clock p. m. The motion was seconded by Councilman Anderson and the following voted in favor thereof: AlIi and the following voted against: None. The motion carried.