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3 be known. Obviously once the assessment hearing is held,and the people have a right to be heard again then, we could firm up the figures with more detail than we have now. However, in order to determine whether it's a feasible project these costs are now given. In view of the market conditions that exist, we are recommending that the assessments do not extend to the normal 20 years, but to be cut back to 15 years. You don't have to make that decision tonight. You can make it at the time of the assessment hearing, but because of the high interest ratE~s and the money market, 15 year assessments are going out to 8.50% and if you run out to 20 years you'd be over 9% and that's what we'd have to pay on the bond issue if we had to sell bonds next year to cover this. The Council has the right on those i:hat do not prepay the assessments to charge a carrying charge on the assessments over that period of time of 1% more than the interest rate that the Council gets on its bonds, so if we were to sell bonds next year and over a 15 year period, and end up at 8.50%, we would have a right to ~harge 9.50% as the carrying charge on the assessments over that 15 year period. Everyone has a right to prepay within 30 days after the assessment hearing, or any time during the 15 year period. I think that covers the points I want to make. I should indicate that while this is handled as a separate improvement, there are a number of paving projects on the agenda tonight and the Council does have the right, deoending on which go ahead, to consolidate them for purposes of construction anc for pur- poses of assessments. Whether they go ahead individually or consolidated. If consolidated, then the cost per foot can vary, but we don't know the ones that the people want so the presentations are being made as if individual improvement:s. Later on some of the costs will be $14 or SlOe If we merged them together and got $14 a foot for all improvements this cost would then be higher if we consolidate. I thought I'd point that out at the beginning of the presentation. MR. ANDRE: We have one letter from Gerald Bilski, 1915 Gluek Lane,in support of the improvement MAYOR DEMOS: At this time I will open the hearing for Gluek Lane to the public. I ask that each person corne to the microphone, identify him or herself, and give their name and address and mention the property to which they're referring. Any statements pro or con concerning Gluek Lane? Any statements pro or con? There being none, I will close the hearing. Councilman Curley then introduced the following resolu- tion and moved its adoption: