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couNrii meeting <br />REQUEST FOR COUNCIL ACTION qqj ^ ^ ^qqq <br />DATE: October <br />ITEM NO.: / 7 <br />Department Approval: <br />Name Gregory A. Gappa <br />Title Director of Public Services <br />Administrator Reviewed: Agenda Section: <br />Public Services’s Directors Report <br />■yi <br />Item Description: Revised Assessment for Webber Hills Sewer Project <br />The assessment roll for this project has been revised to amend the interest rate and interest accrual <br />date applied to the original assessment, which was approved at the project assessment hearing. <br />The original assessment was approved at an 8% interest rate. The project bond sale has been <br />completed, and a bond interest rate of 5.07% was obtained which is comparable to previous bond <br />sales. Therefore, we are recommending revising the interest rate to 6.25% which is the same rate <br />as our previous sewer project assessments. <br />This resolution also restarts the clock for the 30-day prepayment period with no interest. The <br />assessment roll has also been revised to reflect the property owners that elected not to receive the <br />$5,000 grinder pump allowance. The assessment amount has been revised to reflect the actual <br />project costs and is les;; than the original assessment that was adopted before project construction. <br />COUNCIL ACTION REQUESTED: <br />Motion to approve a resolution amending the interest rate, costs and interest accrual date applied <br />to the Web^r Hills Area sanitary sewer assessment roll.