RES 074 Draft 01 2010-2012 - Laserfiche WebLink

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discretion; provided, however, that such interest shall not exceed three and twenty -five one hundredths percent (3.25 %). g. Maximum Premium. The premium to be paid on the advance payment of installments or the call and redemption of any Bond prior to its maturity shall be as the Director of Finance shall determine in the Director of Finance's reasonable judgment; provided, however, that such premium shall not exceed three percent (3 %). h. Maximum Amount of Reserve Fund. The Director of Finance may establish a reserve fund for the Bonds; provided, however, that the amount of such reserve fund shall not exceed the maximum annual debt service requirements on the Bonds. i. General Boundaries of Improvement District. The Improvement District shall be comprised of all assessment units located within the Subdivision, comprised of TMKs 7 -2- 008:1 -41 (excluding lot 39, which is not part of the Subdivision) and TMKs 7- 2- 09:1 -42 (excluding lot 41, which is the road lot). j. Maximum Estimated Units of Assessment. The current estimated maximum number of assessment units within the Improvement District is eighty -one (81). Assuming Net Project Costs of $1,216,000, the anticipated assessment per assessment unit will be $15,012.35. 3. Consultation with Department of Public Works. The Manager -Chief Engineer of DWS submitted relevant documents and materials to the Director of the Department of Public Works ( "DPW ") for review. By letter dated January 31, 2011, a copy of which is attached as Exhibit B and incorporated herein by this reference, the Director of DPW advised the Manager - Chief Engineer of DWS that upon DPW's review of the relevant materials and documents submitted to it by the Manager -Chief Engineer of DWS, involvement of DPW is not required because the proposed project is strictly a water system within a private subdivision and the subdivision roads are privately owned. Accordingly, the Council hereby finds that the 7