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<br />I fe ,5 (;' / l.: 7; C'hI //(.;'. (; 76-- <br />CONSIDERATION REGARDING <br />PROPOSED WATER BOND ISSUE <br />AND FUTURE FINANCING <br /> <br />1. Water Improvement No. 62-1 was authorized on <br />August 27, 1962, and on November 7, 1962 $1,000,000 Series 1 <br />bonds were sold to cover the necessary financing, maturing as <br />follows: <br /> <br />$50,000 <br /> <br />1963 - 1982 <br /> <br />with the following call feature: <br /> <br />The bonds maturir.g in the years 1973 through 1982 <br />will be callable at the option of the village on <br />November 1, 1972 and any interest payment date <br />thereafter at par and accrued interest plus a <br />premium of $20 if prepaid on or before May l, <br />1977, and without premium if prepaid on or after <br />November l, 1977. Of the Qonds outstanding at the <br />time of redemption, those bearing the highest <br />coupon rate will be prepaid first, in inverse order <br />of their serial numbers. <br /> <br />2. The Village Clerk advises that contracts have been <br />let or will be let according to the following table, thus <br />requiring an additional $2,500,000 by August, 1963: <br /> <br /> Accumulated <br />project Description Starting Construc- Total <br />Number of Project Date tion Cost Cost <br />1 Elevated Storage 11/1/62 $237,000 $260,000 <br /> Tank <br />2 Transmission l2/l/62 534,000 845,000 <br /> Mains <br />3 Booster Station 1/l/63 148,000 1,000,040 <br />4 Transmission & <br /> Lateral Mains 2/15/63 850,000* 1,950,000 <br />5 Controls <br /> Booster Station 3/1/63 8,000* 1,960,000 <br />6 Transmission & <br /> Lateral Mains 3/l/63 750,000* 2,780,000 <br /> 1 <br />