5/7/1973 - Laserfiche WebLink

Home Browse Search

ATTORNEY BURCH ASKED DR. SMITH IF THE FARMERS HOME ADMINISTRATION WOULD ALLOW ADJUSTMENTS IN RATES FROM TIME TO TIME. DR. SMITH STATED THIS WAS ALL RIGHT WITH THE FARMERS HOME ADMINISTRATION PROVIDED THEY COULD SHOW THAT THE SYSTEM WOULD PRODUCE SUFFICIENT INCOME TO DO SO, CHAIRMAN LOY ASKED DR. SMITH IF THE CONSUMPTION RATES SHOWN IN THIS REPORT WERE ACTUALLY LOW. DR. SMITH SAID THEY WERE. AND FURTHER EXPLAINED THAT, IN HIS OPINION, ALMOST ALL OF THE GROWTH WOULD BE IN LIVING UNITS - NOT COMMERCIAL AND OTHER TYPES OF DEVELOP- MENT. COMMISSIONER MASSEY ASKED, WHAT IF WE HAVE A DEPRESSION? THERE WAS NO ANSWER, COMMISSIONER BOGOSIAN SAID HE DID NOT BELIEVE INCREASED VOLUME WOULD REDUCE THE RATES. DR SMITH SAID THAT THERE WILL BE AN INCREASE OF INCOME, AND ALSO AN INCREASE IN THE COST OF OPERATION. COMMISSIONER DRITENBAS ASKED IF THERE IS A RESERVE FOR REPLACING THE SYSTEM AND DR. SMITH STATED THERE IS AND IT IS CALLED "R AND R FUND". COMMISSIONER MASSEY ASKED DR. 'SMITH HOW WELL WERE INFLATIONARY COSTS OF CONSTRUCTION FIGURED IN THIS REPORT, DR, SMITH SAID, THEY HAVE INCLUDED THIS IN THE 1974 CONSTRUCTION COSTS. ON MOTION BY COMMISSIONER SIEBERT, SECONDED BY COMMISSIONER MASSEY;, THE BOARD UNANIMOUSLY ACCEPTED THE MINIMUM RATES AS SHOWN IN THE f ABOVE REPORT AND DIRECTED THE ENGINEERS TO SUBMIT THIS TO THE FARMERS HOME ADMINISTRATION. .JAMES BEINDORF MADE A PRESENTATION OF THE ADJUSTED LINEAL" ASSESSMENT LEVIED ON A FRONT FOOT BASIS. IN ADDITION, CUSTOMERS WOULD BE GIVEN UP TO 20 YEARS TO REPAY THE ASSESSMENT AT AN INTEREST RATE OF NOT LESS THAN 6%. ON MOTION BY COMMISSIONER BOGOSIAN, SECONDED BY COMMISSIONER DRITENBAS, THE BOARD UNANIMOUSLY APPROVED THE ENGINEER'S RECOMMENDATION FOR ASSESSMENTS, DR. SMITH EXPLAINED THAT HE NEEDED FORMAL ACTION AUTHORIZING THE ENGINEERS TO APPLY FOR THE $19,0000000.00 LOAN FOR THE WATER AND SEWER PROGRAM. HE EXPLAINED THAT THE COUNTY HAD THE RIGHT TO WITHDRAW FROM THIS AGREEMENT AT ANY TIME. &I s�o -7 FAC[ 44 �� MAY 71973 J