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Ef LERS AND ASSOCIATES, INC. <br />FINANCIAL SPECIALISTS <br />:IRST NATIONAL-SOO LINE CONCOURSE 507 MARQUETTE AVE MINNEAPOLIS.MINNESOTA 55402 339-8291 IAREA CODE 6121 <br />March 22, <br />Amended: Marco 29, "1985 <br />Tom Kuehn <br />Finance Director <br />Orono City Hall <br />Box 66 <br />Crystal Bay, MN 55323 <br />Re: Local improvement financing; three assessment options <br />As we discussed by phone, the attached exhibits will update that material <br />furnished October 11 (amended October 31), 1984 with regard to your local <br />improvement financing currently under consideration. The amount of the bond <br />issue has been structured as follow:: <br />Contract costs rl contingency $712,335 <br />Engineering 6 related costs 92.604 <br />Legal, fiscal 6 administrative 21.000 <br />Capitalized interest (9 mo., 9.5%) est. 65,000 <br />$890,939 <br />Less investment earnings _ (8,500) <br />Funds needed $882,439 <br />Plus discount allowance 11,561 <br />Bond issue 90} 0,000 <br />The amounts of the three assessment options have beon computed by dividing the <br />total assessments in each of the three options ($675,000 if 75% assessed, <br />$600,000 if 66-2/3% assessed; and $450,000 if 50% assessed) by the 83 <br />properties you have indicated are involved. <br />Don't hesitate to call with any questions. <br />Sincerely, <br />EHLERS AND ASSOCIATES,-INC. <br />Carolyn Or de t r <br />Vice President <br />db/enc. A, <br />