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translates in Orono's case to a reduction from $427,000 <br />to $384,000. With lighting Alternative II it would be <br />$482,000. <br />Issue 4. Sources_ of Revenue - The entire procedure for <br />establishing a storm sewer district is rather involved <br />and is probably not beneficial for only $85,000 but <br />would be for projects of $250,000 and larger. <br />Comparison of previous recommendations are as follows: <br />11/28/87 12/10/87 <br />City/MSA Funding 248,000 218,000 <br />Special Assessments 108,000 126,000 <br />Storm Sewer Dist. 72,000 84,000 <br />TOTAL 428,000 428,000 <br />Special assessment possible proration <br />Commercially used - $18.00/front foot $18/front ft <br />Residentially used - $9.00/front foot $9/front ft <br />Method of Financing - The City has the option to fund <br />the project internally or to bond for the project. <br />Given the current low rate for bonds (6.5 fcc AA), the <br />fact that the City can invest its own funds at a higher <br />rate than what it bonds for, and the advantage to <br />b. nding as the tax levy to pay off bonds and interest is <br />ou side the levy limit. The City had looked to see if <br />there was a means by which the tax levy for this could <br />be taken out outside the levy limit without having to <br />bond and was not able to come up with an affirmative <br />response. <br />ALTERNATIVES <br />Issue 1. Street Lighting <br />- Adopt <br />- Amend and adopt <br />- Table <br />- Reject <br />Issue 2. Bond Financing <br />Accept Information <br />Issue 3. Estimated Costs <br />- Accept- <br />- Utilize initial estimates <br />Issue 4. Method of Financing <br />3 <br />