Resolution 0195 - Laserfiche WebLink

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and used solely to pay the costs of said improvements and for the other purposes specified in said ordinance. Of the rmRining proceeds of issuing said bonds, and also the accrued interest to be received upon delivery of said bonds shall be credited and paid into the Improvement Bond Redemption Fund of the. Village_ 4. In accordance with said ordinance, it is hereby estimated that ap- proximately $1,335,630 principal amount of special assessments will be levied on account of said Sanitary and Storm Sewer and Street Resurfacing Improvement upon properties within the area assessable for said improvement, as heretofore estab- lished by the resolutions ordering the same, and will be available for credit to the Improvement Bond RLdemption Fund after the cost of the improvement is paid in full; which assessments will be paid in 30 equal annual installments, collectible with general taxes of the Village in consecutive years commencing in 1966, with interest at the rate of 6% per annum. It is fw ther estimated that approximately principal amount of special assessments will be levied on account of the other improvements financed by the bonds herein authorized to be issued, and will be available for credit to the Improvement Bond Redemption F nd after the cost of such improvements is paid in full; which assessments will be paid in 15 equal annual installments collectible with general taxes of the Village in conse- cutive years commencing in 1966, 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 payable, and to each subsequent installment shall be added interest for one year on the then unpaid balance of the assessment. Al]. 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. 5. There is hereby levied a general ad valorem tax upon all taxable property in the Village for the purpose of paying principal of and interest on the bonds herein authorized, which shall be spread in the amounts and collectible in the years as follows: Year Amount Year Amount Year Amount The collections of said taxes shall be credited and paid into the Improvement Bond Redemption Fund of the Village it is hereby estimated that the collections of the special assessments described in paragraph 4 hereof and of the taxes herein levied, and all other taxes and assessments heretofore levied and appropriated to said fund, 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 herein authorized, and on all other bonds of the Village payable from the improvement Bond Redemption Fund. The motion for the adoption of the foregoing resolution was duly seconded by Member �C►t voted in favor thereof: C and upon vote being taken thereon, 7 the following