06-10-1985 Council Packet - Laserfiche WebLink

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was over bonded and income was generated off this together with the fact that the interest rate that the bonds sold at was considerably less than subsequent investment was able to earn. There was a levy for 3 years which totaled $53,600. This levy however was not needed and it is anticipated that the balance in this fund when the bonds are fully paid will be approximately $335,000 in 1996. 4. Sewer Project 1971-1 This was a small project tot aling TS45,000 rn the Dunwoody are a. This project was split on a 50/50 assessment basis with the City, with $26,500 levied on the general property taxes although this was subsequently reduced by $3,100. This project is the only one that we are aware in which the Council initially did anything other than a 100% total assessment of the project. Given the relatively small nature of the project we feel that this does not seL a precedent particularly since subsequent sewer project appraisals w-re 1.00% and these later assessments were of a magnatitude that were considerably larger. Questions have additionally been raised given the fact that the Crystal Bay area was part of the original French Lake sewer district when initially established and were assessed approximately $110.00 per acre for that project even though the area did not receive sewer at the time. It has additionally been mentioned by the residents of the neighborhood that they were in part assessed for the school to a total of $150,000 when the school (now the Art Center) was erected. I: is our understanding that the school district sold this for a otal of $140,000. There was no recognition of those initially asr—zed for the school in :.abating any of that amount. It is staff_ consideration of this item that this is a matter between the residents and the school district as to how this matter was dealt with. If you have any further comments please feel free to contact me.