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situation, that the matter not be spread on over a period longer than 15 years because of the high interest rates we would have to pay on our own financing, and whereas before we used to do everything up to 20 years. Now, that's a decision we can make at the time we issue the bonds, but I'm bringing it out tonight so that they would know the difference. If we decide to go for 15 years rather than 20, they would pay 1/15 of the $555.52 each year over the assessment, together with the interest that would be charged. That interest now, under the law, (inaudible) charge 8%, which is under the Local Improvement Code, or l% over what we get on our bond issue. At this time, we haven't floated the bonds because the project hasn't been ordered, so we won't know until next summer what that interest rate charge will be. It could be l% more than the bond issue and mo"re than the 8% that the statute presently provides for. At any rate, that interest charge c~n be saved if they determine to prepay within 30 days after the assessment hearing, or any time during the period the assessments are spread. MAYOR DEMOS: Are there any written statements? MR. ANDRE: Yes, we have five letters regarding the project. Four of them were introduced at the informational hearing. They were from as follows: Joseph Moeller, 1485 Lydia, opposed to the project; Walter Lake, 1447 Lydia, opposed to the project; a letter from Walter O'Malley, 1389 Clarmar, opposed to the project; a letter from Gary Carlson, 1379 Clarmar, opposed to the project; and one we recently received from Margaret Magistad, 1315 North Albert, in favor of the project. MR. HONCHELL: Mayor, may I (inaudible) before we enter (inaudible). One of the items that I didn't mention is that the numbers that were presented to you tonight are based on the estimate, assuming that there will be no street paving to be done in the general area. By that I mean wherever there was a storm sewer built, the road would be excavated, the pipe would be put in place, and then the road would be patched or put back into its existing condition. That includes costs for all the repaving on the streets. Some of you may know there are already two projects that have had hearings, although the decisions haven't been made, namely Lydia and Arona. There are also two other projects up tonight for consideration, to be paved - Clarmar, Brenner and Pascal. We also just today received another petition from Albert. Now, if the roadways are ultimately approved, or any portions of them, the costs for repaving the streets would be reduced from the storm sewer project, which consequently would reduce the cost that each of you would be paying for the assessments because the total project cost would be less. We've done some preliminary work on that and that reduction could well be over $100.00 per lot, the assessment, in the event these projects pass and the assessment passes. I don't want to get too specific until we find out just which projects, if any, are passed. But we wanted the people to at least be aware of the fact that if the paving projects are approved, the cost of the storm sewer would be reduced. 3