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I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />:1 <br /> I <br /> I <br /> I <br /> <br />VI. <br /> <br />The ~nterest to be charged on the assessments will be one and <br />one-half percent (1.5%) greater than the current rate of interest <br />on the bonds. <br /> <br /> Assuming an interest rate of nine (9) percent over a five (5) <br /> year period, the annual cost of the Northfork assessment is <br /> $5,013.45. <br /> <br /> PROJECTED PROJECT SCHEDULE <br /> <br /> If the City should elect to proceed with the improvements, the <br /> following schedule could be anticipated: <br /> <br /> Accept feasibility study & set public March 25, 1986 <br /> hearing date <br /> <br /> Hold the public hearing April 22, 1986 <br /> Order plans and specifications April 22, 1986 <br /> <br /> Approve plans and specifications and <br /> set bid date May 27, 1986 <br /> <br /> Receive bids and award contract June 24, 1986 <br /> Begin construction July 7, 1986 <br /> Complete construction Sept. 20, 1986 <br /> Hold assessment hearing Sept., 1986 <br /> First payments due with real estate taxes 1987 <br /> <br />VII. SUMMARY AND RECOMMENDATIONS <br /> <br /> The proposed improvements are technically feasible and will bene- <br /> fit the area served. It is recommended that the City take the <br /> following steps should the City Council decide to proceed with <br /> the improvements as presented. <br /> <br /> 1. The city of Ramsey should adopt the feasibility study and set <br /> the public hearing date. <br /> <br /> 2. After the public hearing and upon receipt of the required <br /> <br />6 <br /> <br /> <br />