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Show Centerville OKs Bond By GARY R. BLODGETT CENTERVILLE - A $600,000 general obligation bond was approved by Centerville Cen-terville residents Tuesday by a wide margin. The total ballot count was 246 in favor and 141 against the bonding proposal. THE CITY council voted unanimously last month to put the storm drainage project on the ballot. Meanwhile, a tentative proposal for a curb, gutter and sidewalk project was delayed for further study. "WE FELT it wise to separate the two proposals for the purpose of a bond election," elec-tion," said Mayor Golden Allen. "I'm glad now that we did because it was essential that this bond be approved if Centerville is to keep abreast of its many storm drainage problems." The city will repay the bond at the rate of about $50,000 a year for the next 24 years, based on a 6'2 percent interest rate. However, the interest rate will not be definitely known until such time as the bonds are sold to pay for the storm drain improvements. THE BOND proposal was just slightly higher than the engineer's estimate of $581,000 for the city-wide project. The bond is expected to be paid, at least in the near future, fu-ture, from money derived from increased sales tax revenue and increased property valuation, the co. -cil explained. THE DEBT will 4.1 equivalent to a 3mill tax ler but that this mill levy ,s p I expected to be assessed i. long as other revenues pa the annual indebtedness ti council agreed. The council earlier agree--that the bonds will probab be sold at two or more sale; and that the storm dm, project will be divided into least two phases. MAYOR AUE emphasized that storm dn-work dn-work will be complex throughout the city, but ik some sections of the community com-munity may need more wri than other areas. "Priorities will be k tablished as to the need fc improved storm dn:-projects," dn:-projects," the mayor sit "Work will begin as soon 5 bonds can be sold and ::-project ::-project can be put out to bid. HE NOTED that the cii, wide storm drain project tie in with the proposed cur: gutter and sidewalk projs under consideration by it: council. Mayor Allen emphasize: that there was no other wayi raise money for a slot:,, drainage project than wit! ; I general obligation bond. : "THE CITY is in direi::: of an improved Kuril drainage system an4te ($600,000) should goata way to alleviate ol: ' problems," the may:-; concluded. j' |