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I <br /> <br /> ! <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 />I <br />I <br /> <br />Alternate 2 (Storm Sewer Improvement District) <br /> <br />A secOnd alternative for financing the proposed improvements <br />is to set up a storm sewer im~rOvement district for the <br />immediate area in accordance of benefit with State Statutes <br />444. Under this alternative, the cost of the project would <br />be added to the taxes on the property within the district. <br /> <br />To establish a district, a hearing would have to be held and <br />an ordinance would have to be adopted by a tWo-thirds vote <br />of all the council members. The establishment of an <br />ordinance would also be subject to the rules of the City <br />Charter. <br /> <br />Alternate 3 (city Wide Storm Sewer Improvement District) <br /> <br />A third alternative for financing the Proposed improvements <br />is to set up a City wide storm sewer district. The areas <br />that have currently been assessed or paid for trunk storm <br />should be initially exempted from this district since the <br />establishment of the district would be to Pay for future <br />improvements. The establishment of a city wide district <br />would also have to follow the rules of the City Charter and <br /> <br />State Statute 444. <br /> <br />Under this alternative, the mill rate for the district would <br />have to increase in an amount great enough to cover the bond <br />payments of the project. The mill rate could also be set at <br />an increased level to build a reserve fund for future <br /> <br />drainage projects. <br /> <br />8 <br /> <br /> <br />