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Meeting Date: 4/28/93 <br /> Agenda Item: P -1 <br /> CITY OF FALCON HEIGHTS <br /> REQUEST FOR COUNCIL CONSIDERATION <br /> ITEM DESCRIPTION: Establishing an interest rate for the 1993 <br /> street improvement project's property <br /> assessments <br /> SUBMITTED BY: Susan Hoyt, City Administrator <br /> REVIEWED BY: Discussed with city engineer, Terry Maurer <br /> Discussed with financial consultant, Steve <br /> Apfelbacher <br /> EXPLANATION /SUMMARY: <br /> At the April 14, 1993 the city sold $1,075,000 in general <br /> obligation bonds to finance the city's 1993 street improvement <br /> project. The bonds were sold at a 4.4142 net interest rate over <br /> ten years. The council proposed adopting a 6.5% interest rate <br /> for ten years for property owners by adding 2% to the net <br /> interest rate. This will cover the costs of issuing the bonds <br /> and administering the assessments. This is a fairly typical rate <br /> to add for the interest to charge property owners. <br /> f <br /> ACTION REQUESTED: <br /> Adopt 6 1/2% interest rate for assessments to property owners' <br /> for the 1993 street improvement project. <br />