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MINUTES <br />City Council <br />May 13, 1986 <br />projects the City Council approves, will be taxed over the entire <br />City. This is how the City has handled storm sewer projects in the <br />past. <br />The owners of the mobilehome court at 3020 Rice Street expressed <br />concern with a drainage problem that they are experiencing. <br />The City Engineer pointed out that the State will be rebuilding Rice <br />Street including the bridges and Woodlyn Avenue. Woodlyn Flvenue will <br />have catch basins installed on it and this will help the drainage <br />situation at 3020 Rice Street. <br />A property owner on Windward Way was concerned about the filling in <br />of Ditch 7 behind his property. <br />The Engineer reported that this area will be piped. This could not <br />be done until the City knew where the lots would be located, but now <br />that the City has this information, the work will eventually be done. <br />Another resident expressed concern about the quality of water into <br />Lake Gervais. <br />Ms. Nardini replied that the projects will not have any good or bad <br />effect on the lake, but will prevent City streets from being ruined <br />due to water running down the streets. Nardini pointed out that there <br />are 50 square miles of land draining into Gervais and,hopefully, the <br />Watershed will do something about cleaning up the chain of lakes. <br />Mr. Drake pointed out that the water flowing into Gervais is flowing <br />out just as fast. Drake also felt that holding ponds would help <br />clean up the water going into the lake. <br />At this point in the meeting, Council took a 5 minute recess. <br />Mr. Robert Voto, the City's Auditor, presented information on how <br />the total projects could be financed by the City. Voto st.ated that <br />the cost of construction could be financed by a bond issue. The <br />total estimated cost is $2,440,000 and could be financed over 14 to <br />15 years. Payments over the life of the bond issue would range <br />between $150,000 and $300,000 annually. <br />Voto presented graphs outlining the debt payment schedule as well <br />as adjusted bonded debt tax levies. The City could follow either <br />a standard or optional payment scheduled as Mr. Voto outlined. <br />Voto reported that the City would be able to maintain a 10 mill <br />levy from 1986 through 1997 and perhaps less than that during 1998 <br />and 1999. <br />Voto reported the following effect on homesteaded property: $50,000 <br />home - $18.31; $75,000 home - $34.48; $100,000 home - $67.00; <br />$125,000 home $99.48. <br />Page -6- <br />