Resolution 0352 - Laserfiche WebLink

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and used solely to pay the costs of said improvements and for the other purpose specified in said ordinance. The accrued interest to be received upon delivery of said bonds shall be credited and paid into the Improvement Bond Redemption Find of the Village. 4. In accordance with said ordinance, it is hereby estimated that special assessments have been or will be levied on account of the improvements financed by the bonds herein authorized to be issued in the principal amounts here inafter set forth, and will be available for credit in such amounts to the Improve- ment Bond Redemption Fund after the cost of such improvements is paid in full; whi assessments will be paid in annual installments collectible with general taxes of the Village in consecutive years with interest at the rate of 6% per annum; and that the principal amount of such assessments, the number of installments thereof, and the year in which the first installment will be collected are as follows: Name of Improvement Principal Amount Number of Year of Collection of Assessments Installments of First Installment Water Improvement 3,188.99 15 1968 No. 1966 -9 Sanitary Sewer Water (Sewer $49,046.25 30 1969 and Street Improvement (Water 43,133.90 15 1969 No. 1967 -5 (Street 48,415.00 10 1969 Sewer and Water Improve ment No. 1967 -1 Sewer 19, 555.81 30 1968 Water 13,618.87 15 1968 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. All moneys collected therefrom shall be and are hereby appropriated to the funds of said improvements and to the Improvement Bond Redemption Fund, and sh4,7.l be ac- counted for and expended in the manna 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 1969 $8,200 1976 $6,300 1983 $6,200 1970 6,800 1977 6,300 1984 8,800 1971 6,800 1978 6,200 1985 8,500 1972 6,700 1979 5,600 1986 8,000 1973 6,600 1980 5,500 1987 7,700 1974 6,500 1981 5,400 1988 7,300 1975 6,400 1982 5,200 The Village anticipates prepayments of assessments in the amount of $7,300 will be available for payment of interest due July 1, 1968 and January 1, 1969, and hereby appropriates $3,850 funds on hand to payment of interest due on said dates. -5-