RES 542 Draft 01 2022-2024 - Laserfiche WebLink

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b. Each assessment unit existing as of the date that assessments begin to accrue on assessment units within the Improvement District (the "Commencement Date") shall be subject to an assessment calculated by dividing the Net Project Costs (as defined below) by the number of assessment units within the Improvement District as of the Commencement Date. As used in this Resolution, "Net Project Costs"means the Project Costs, less any grants which reduce the actual costs of the Water System to the County. By way of example, assuming the Project Costs to be $1,100,000 and further assuming a Rural Development grant of$825,000 to be applied against the Project Costs,the Net Project Costs would be $275,000. The Council finds that, assuming Net Project Costs of$275,000,the anticipated assessment per assessment unit($275,000 divided by 18) will be $15,278. c. As provided in Section 12-33 of the Code, assessments may be paid in full to the Director of Finance within 30 days after the date of the last publication of the ordinance fixing the assessments. Unless paid in full, assessments will be payable in monthly installments sufficient to meet the principal and interest requirements on the Improvement District Bond. Owners of assessment units will be permitted to prepay their assessments in full,plus a 3%premium on the amount to be prepaid (unless waived by the Director of Finance) and interest at the rate on the Improvement Bond until it can be redeemed or prepaid with the assessment prepayment. 7. Material to be Used. The materials to be used in the construction and installation of the special improvements are set forth in the Preliminary Engineering Report, and include, without limitation, the following: i. Approximately 1,150 linear feet of 8-inch ductile iron waterline ii. Two fire hydrants iii. Two Type "A"laterals iv. Eight Type "C" laterals v. Removal of existing service laterals vi. Pavement restoration 8. Prior Findings Regarding Required Documents, Data and Detailed Plans and Specifications. As set forth in Resolution No. 164-23,the Council found that the Manager's Report,together with the Preliminary Engineering Report, contained sufficient documentation, data and detailed plans and specifications to satisfy the requirements of Sections 12-18, 12-19, 12-20, and 12-28 of the Code. Accordingly, the Council hereby finds and determines that such requirements have been satisfied, and hereby directs DWS to initiate obtaining bids. 9. Reimbursement of Project Expenditures. The County expects that the County or DWS may pay certain capital expenditures for the Water System Improvements prior to the issuance of the Improvement District Bond, and reasonably expects to reimburse such expenditures from the proceeds of such Improvement District Bond. The County hereby declares its official intent to use proceeds of the Improvement District Bond to reimburse itself or DWS for such capital expenditures. This Resolution is adopted in part for the purpose of establishing compliance with Section 1.150-2 of Title 26, Code of Federal Regulations. 5