OCR Text |
Show City to hike mill levy to pay for flood control bonds will PLEASANT Anticipated mill levy increases to pay for the' Citys flood and drainage expenses incurred during the 1983-8flooding may increase property taxes as much as 40 percent within the next ten years. General Obligation Flood Control Bonds in the amount of $225,000 were sold to Prudential-Bach- e Securities, Inc. June 27 following a meeting of the Flood Control and Drainage District which approved the sale that day. The securities company agreed to pay $217,284.75 for the bonds. 'Hie first $20,000 bond will mature June 15, 1987 and the last $35,000 bond will come due June 15, 1995. MT. proximately oooo oooooooo ooo RENT ANY 2 MOVIES GET 2 MOVIES FREE! (Over 400 Titles in Stock) NEW SELECTIONS same. Voters approved the bond issue to finance costs for the construction of a drainage system and repair of city flood control systems by a three to one margin Sept. 12, Bnocchio RUN AWAY and the SNOWMAN FALCON SPRINKLER SYSTEMS f: COMMERCIAL t ALTERATIONS Large & Small - Pape Thm ON UTILITY MATTERS OR EXPRESS CONCERNS ABOUT RATES AND SERVICES AT A MEETING SPONSORED BY THE Committee of 1983-8- 4 Consumer Services WEDNESDAY - JULY 31 6 p.m. JUAB COUNTY COMMISSION CHAMBERS 160 North Main Street Nephi Drainage Project st munity Impact Board. The citys share was $22,000. A contingency fund of $60,347 was set aside to use as a match for another $181,041 should it become necessary. In addition to money used as matches for federal and state grants, part of the bonding money will be used to pay for the cost of issuing and interest accruing on the $ INDUSTRIAL bonds. JOHANSEN AUTO WRECKING ST 1 CALLDARRELL LEWIS CUSTOM YARD LEVELING Shopper The south-wedrainage project was originally estimated at $182,370. $91,185 was obtained from the Disaster Relief Board and an additional $69,185 from the Com- PERSONALLY ENGINEERED LAWN SPRINKLER SYSTEMS MANUAL AUTOMATIC REPAIRS Sanpete OR REQUEST ASSISTANCE 50-5- 0 LANDSCAPING RESIDENTIAL - YOU ARE INVITED TO GIVE INPUT seasons were estimated at $766,500. Money from the Federal Emergency Management Agency (FEMA) provided some of the funds on a 75 percent funding with state and city sharing the remaining 25 percent. Other flood money was obtained from the State Disaster Relief Board on a share basis. A total of $495,000 State and Federal money was approved. Part of the money raised in the bonding matched the state and federal funding. Of the flooding moneies received $175,000 have yet to be spent on flood work, OConnor explained. Work is still pending on the Twin and Cedar Creek flood diversionary structure and additional clean up is needed on the lower debris basin of Pleasant Creek, he said. five-mill- s. P&tm 985 PUBLIC nIEETIfyG combined with money to raise a for the drainage systems. Flood expenses expenses for the Flood ll BEGKASlA'RRErANGE (HD ffiSB OH flmwi OSQID is The $225,000 federal and state total of $1,114,258 and flood control ll FLAMINGO KID 1 1984. Interest on the bonds, payable semiannually on June 15 and Dec. 15 each year fluctuates from a low of 6.25 percent in 1987 to a high of nine percent in 1995. The first interest payment begins Dec. 15, 1985. Meeting the citys repayment obligation will necessitate a mill levy increase in the 1986-8- 7 fiscal' budget according to City Administrator Terence OConnor. If the assessed property valuation remains the same as it is now, the bonds will necessitate a two-miraise in the mill levy, he said. And over the next few years will probably increase an additional five mills to meet the citys flood bond obligation. With a two-milevy increase, a $75,000 house currently assessed $131.25 would realize a property tax increase of $15 annually. Another $37.50 tax bill increase would result from an additional The combined mill levy increases ALSO 40 property tax appercent as long as assessed valuations remain the 4 o raise city 24, July PLIASI 462-996- Jobs Welcome 462-283- WE SELL 5 USED PARTS CALL WE BUY 0 WRECKED AND JUNK CARS AND TRUCKS BATTERIES AND 462-237- 6 395 South State HUB CITY SERVICES RADIATORS CHESTER 436-856- 5 Mt. Pleasant Monday-Frida- 9 o.m. y Sqturdoy 5:30 p.m. 4 o.m. 1 p.m. January in July COAT EVENT Ladies & Juniors BLOUSES & TOPS All New Winter Coats Now in Stock1. O WRANGLER JEANS & PANTS Use our 90 day You Choose From: Boys 2-- 1 i Mens Ladies-Junior- Basic Jeans Basic Jeans Fashion Jeans Fashion Jeans Cords Slacks Cords ' s Fashion Jeans Cords Slacks Girls Poly Boot Slacks Sport Pants f T, 4-1- It; Girls 4 Jeans f. Our entire new fall selection 4-1- Plan 1 ,u- - H vr !l h 1 4 it u v JEANS & SLACKS Cords ay FABRIC FUNG ' , Lay-A-W- OFF t Every Fabric in Stock Boys KNIT SHIRTS Family SOCK RIOT OFF LADIES 8, GIRLS SHOE SALE Save on Dressy and Casual Leather Shoes off off Reg. $14.99 to $18.99 Reg. $19.99 to $24.99 off off Reg. $25.99 to $28.99 Reg. $29.99 and over Tricot Prints Broadcloth Gingham Denim Plaids AND MUCH MORE! |