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FIgsi NAr; ONALIF:HLEKS AND pp /�! <br />I-SOO "NC CONCOURSE 507 MAgOUEiTE AVE A-SSOCIATF. S, INC, <br />"INNEAP FINANCIAL <br />°��S• tiiINNESOTA 554pg SPECIALISTS <br />October 11, 1984 <br />339.9291 (AREA CppE 6121 <br />Amended October 31, 1984 <br />Tom Kuehn <br />I <br />Financing Director <br />Orono city Hall <br />;'J I NOV I 19� ; <br />Box 66 <br />Crystal Bay, MN 55323 <br />Re: Financing of 1984 Improvements; Showing Three <br />Assessment Options <br />Dear Tom: <br />From thl, information you bond issue based on 15 Provided <br />years. we have structured a possible <br />improvement <br />Exhibit <br />1.00 lists items provided interest duringto make up a $1,200,000 <br />are collected, construction issue. You will <br />construction We Gated the issue to <br />pay bond You <br />note we have <br />bids will be November 1, 1984 until assessments <br />taken or when not knowing at what <br />If construction begins the sale would take place. time <br />numbers in g and bonds <br />Exhibit 1.00 are sold In late s <br />Invest the bond proceeds Should still be re Pring or early summer, <br />November to the over the winter presentative as the the <br />time actthe interest from <br />when bonds are Period and offset City could <br />Assessments and mill rate for Cit funds are <br />spent. <br />pre <br />We have 's share ually sold and <br />and 502 tpared tax impact exhibits <br />axes (Exhibit 3.01), (2) 75% which <br />asscssroents aand 25Z taxes (Exhibit 3.02).reflect (1) 50% assessments <br />The exhibits show the effect of <br />1985. It shows the the <br />Mills for the j net tax without tax levies as if the <br />left project, and t�?peO.lect and the y had been levied <br />column "Assessor' the d.iffet+enc�,f net tax with in <br />property. Then read s "Market To use the table t}1e added <br />the Value" for the value 100„ <br />net amounts (tax under the <br />You under household statement) of the <br />will note there Income. <br />Income as all is °O change in the the credits have been Impact above <br />Exhibit 4.O0 spelled at that $35,000 in household <br />shows level. <br />principal a schedule of assessments at <br />equal Payments, The <br />q Principal and City has the option 112 over 15 years <br />equal r Interest to have the with equal. <br />principal and Payments, much like assessments <br />at a slower r interest is somewhat a mortgage paid in <br />ate, higher ost as g Payment. The <br />in c principal is paid <br />