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MINUTES <br />CITY COUNCIL <br />OCTOBER 13, 1992 <br />Administrator noted that until the project is ordered, <br />designed and bid, the amounts being discussed are only <br />estimates, including the interest rates. <br />Hanson again noted that the property owner would have <br />30 days from the time the assessment is levied to pay <br />it in full without interest. <br />The City Administrator noted that the assessment would <br />have to be paid in full according to State Statute. <br />Partial payments could not be accepted. <br />The City Engineer also pointed out that the City would <br />hope to combine this project with others that are being <br />considered to achieve an economy of scale resulting in <br />a cost savings to the property owners. <br />Jim Michaud, Allen Avenue, asked why the project is not <br />being extended north of Allen. <br />The City Administrator reported that it was the feeling <br />of City staff that it would not make sense to extend <br />the project north until such time as that property <br />develops. The Administrator noted that there is no <br />street grid plan for that area, and it would be better <br />to wait and see how the property develops before laying <br />out the public improvements. <br />Tom Moser, 2960 Vanderbie, asked which side of the <br />street the improvements are proposed. <br />The City Engineer reported that the proposal is for <br />watermain on the west side of Vanderbie, with storm <br />sewer on the east. The lay-out being discussed this <br />evening is only preliminary at this point, however. <br />Clarence Bruhn, 2977 Vanderbie, reported that when <br />sanitary sewer was put in, some of the property owners <br />had copper pipe laid in the same trench to their homes <br />in anticipation of future water main. Bruhn asked if <br />it would be acceptable to connect the water main <br />service to this line. <br />The City Engineer replied that this should be possible. <br />Bruhn questioned the interest rate suggested by the <br />City Administrator. <br />The City Administrator reported that typically the City <br />takes the rate that the bonds are sold at and adds 1 or <br />2 percentage points, based on the advise of the fiscal <br />agent. The Administrator pointed out that currently <br />interest rates are low, but it is a volatile market and <br />Page 5 <br />