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Mr. Meyers called attention to the items included in the sanitary <br />sewer program which are: surface drainage, construction of sanitary sewer <br />interceptors and laterals, complete street resurfacing, equipment necessary <br />to service the sanitary sewer system and a maintenance building for storage <br />and small repairs. <br />Mr. Hodges took the floor at this time and sheets were distributed <br />showing the method by which these improvements willbe paid. (copy attached) <br />A short recess was called. <br />Mr. Hodges introduced Mr. James Olson of Juran & Moody, who discussed <br />the financial aspects of the plan. He explained that preliminary work done <br />by the Engineers and information supplied from other sources were used in <br />trying to work out a plan of financing which they feel is feasible for the <br />Village. In a rapidly growing suburban area such as ours, financing is <br />most important to the economic stability of the community. He stated this <br />program does not necessarily mean this is the way it has to be done, but it <br />is being considered by the Council, and for that reason it is explained in <br />detail. The first step was to make an estimate of the principal and interest <br />which might be required on bonds we would have to have. Wecan not go beyond <br />thirty years for a bond issue, considering an improvement of this size and <br />the amount of the assessments necessary. The cost of what it will take to <br />operate a maintenance system is also considered. It is necessary to estimate <br />where the money will come from to pay the money back. Basically, there are <br />three sources: <br />1. Part will be assessed <br />2. Part will come from sewer rentals <br />3. Part from a tax increase <br />Mr. Olson explained the assessment charges shown for the various size <br />lots on the sheets which were distributed earlier. The assessments take <br />-8- <br />