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'■' •v.^M-•a:'::' <br />=V <br />Ife v^ :■ yS:a,!i‘S^ <br />:|;’■ ■#;Tos <br />Wromx <br />Dat«t <br />Subjects <br />Mayor Peterson and Orono Cit/ Council <br />Ron, Moorse, City AdmirJ str^‘-.or <br />(^0.1^ <br />July 9, 1992 <br />Resolution Calling for <br />Bay Sewer Project <br />e Oale of Bonds for the <br />% <br />If the Council accepts th» Cyinet and Leaf assessment <br />proposal, there would be onlj ' pi'p**rtieE out of 137 still <br />inv' \v jd in an appeal. These ' pri k ' es re scattered among <br />the various project areas. Batec. on » s 1 ^ number of appeals, <br />staff's recommendation would be *. o d <br />project. The estimated cost of the ♦ .jjuct is $2,000,000. <br />The original project cort e&»-. ite was pl,998,000. A <br />$100,000 contingency amount was added or potential legal costs <br />]f0la^O(S to assessment appeals and easement acguisiticn. This was <br />in addition to the $70,000 amount included in the original <br />project budget -r legal costs and easement acquisition. The <br />City's consulting engineer has indicated that due to the low <br />nusUder of assessr^ent appeals remaining and because the assessment <br />agreeswnts which have been negotiated have included the provision <br />of all nacassary easements at no cost to t City# xt is possible <br />to eliminate the $100,000 legal contingency from the project <br />oudget. <br />The project is to be financed with Genercil Obligation Bonds. <br />The first step in the bonding process is to adopt a resolution <br />calling for the sale of the bonds. A resolution will be provided <br />for Council adoption at the meeting. <br />Isv