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• t '*< ■ -. <br />®:?i-’',y*-.fe <br />TO: <br />Mr ' <br />V <br />FROM: <br />- <br />DATE: <br />Mayor and City Council <br />Ron Moorse, City Administrator <br />August 6f 1992 <br />¥%r <br />%/. <br />^^/> ^ /o%y <br />% <br />% <br />....SUBJECT: Resolution to Establish the Interest Rate on the Stubbs <br />Bay Sewer Assessment Roll <br />• t'- <br />mi ■>h <br />wmm <br />■*^rS ... , . <br />'V*;:. ■ <br />iii-:' <br />The interest rate on special assessments is generally set at 1 <br />1/4 points above the interest rate on the bonds used to finance <br />the improvement project. When the initial assessment resolution <br />was adopted an interest rate of 8% was included in the <br />resolution. Carolyn Crude of Ehlers and Associates is projecting <br />the interest rate on the Stubbs Bay project bonds will be less <br />than 6%. If this is the case the assessment resolution should be <br />amended to reflect a lower interest rate. The amended interest <br />rate will be based on the bonds to be awarded at the August 10th <br />Council meeting. <br />mWJp ‘- <br />iiiP- <br />mi <br />lii <br /># <br />'1/ <br />-----