Resolution 0057 - Laserfiche WebLink

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said funds shall be used solely to pay the costs of said improvements and for the other purposes specified in said ordinance, provided that $15,000 of said proceeds will be needed for the payment of interest to accrue on the bonds during the construction of the improvements and shall be credited forthwith to the Improvement Bond Redemption Fund, for this purpose. (4) In accordance with said ordinance, it is hereby estimated that approximately $560,000 principal amount of the special assessments to be levied upon properties in the area assessable for said improvements, as heretofore established by previous resolutions, will be available for credit to the Improvement Bond Redemption Fund after the cost of the improvements are paid in full; of said assess- ments, approximately $325,000 will be payable in fifteen equal annual installments commencing in the year 1961, and the remainder, $235,000, will be payable in fifteen equal annual installments, to be spread upon the tax rolls of the Village collectible in consecutive years commencing, it is planned, in 1962, with interest at the rate of 6% per annum. To the first installment shall be added interest on the entire assessment on each property from the date of adoption thereof until December 31 of the year in which the first installment is pay- able, and to each subsequent installment shall be added interest for one year on the then unpaid balance of the assessment. There is also hereby levied, upon all of the taxable property in the Village, a direct, annual ad valorem tax which shall be spread upon the tax rolls for the years and in the amounts as follows, and shall be collected with and as a part of other general taxes within the Village in the respective ensuing years: Year Amount Year Amount 1960 0 1969 $1,000 1961 $1,000 1970 $1,000 1962 $1,000 1971 $1,500 1963 $1,000 1972 $1,500 1964 $1,000 1973 $1,600 1965 $1,000 1974 $1,600 1966 $1,000 1975 $13,000 1967 $1,000 1976 $13,000 1968 $1,000 1977 0 It is estimated that the collections of said special assessments and taxes will produce at least five per cent in excess of the amounts needed each year to meet when due the principal and interest payments on the bonds authorized. All moneys collected therefrom shall be and are hereby appropriated to the funds of said improvements and to the Improvement Bond Redemption Fund, and shall be accounted for and expended in the manner provided in Ordinance No. 68. The full faith and credit of the Village is also pledged for the payment of said bonds and interest as provided in said ordinance. 4