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$190,000 of the principal per year. Excess monies in the <br />construction fund at the end of the project will go back <br />into the improvement fund and that fund is what is used to <br />pay off the bonds. As the project now stands, there will be <br />$400,000 excess going into the improvement fund, which would <br />pay for the first two years principal on the bonds. Since <br />projects go to obtain construction lending, etc., the <br />developers will remove this lien from the project and will <br />pay those amounts into the improvement fund. <br />Commissioner Bird noted that this project will not only <br />accommodate the needs of those being assessed but will also <br />provide capacity for future customers in that area which is <br />expected to experience significant growth in the near <br />future. <br />ON MOTION by Commissioner Wodtke, <br />SECONDED by Commissioner Bird, the Board <br />unanimously (4-0) adopted Resolution 84-47, <br />accepting the final assessment roll and approving <br />the equalizing and levying of certain special <br />assessments against benefited property in <br />connection with certain water distribution <br />improvements on the SR -60 waterline. <br />Chairman Scurlock pointed out that we were very <br />successful with FHA in that the monies the County has as <br />their portion were committed to this project, but were <br />originally intended for plant capacity. Our present <br />situation is that we have excess plant capacity and really <br />not enough customers. This project will achieve a larger - <br />customer base, which will tend to stabilize the rate <br />structure. He noted that with the great cooperation of the <br />developers this project has been able to progress in a very <br />positive way. <br />NOTE: (The remainder of this Resolution will be on file in <br />the Clerk's Office) <br />37 <br />JUL 111984 BOOK 57 ;° U� <br />