OCR Text |
Show Council Okehs Proposal to Hold Bond Election to Provide Funds for Oiling The City Council at its meeting meet-ing Thursday night approved a proposal to hold a bond election elec-tion to provide funds for oiling all of the streets in Cedar City. The election will be held, it is understood as soon as certain legal le-gal details can be decided upon and property and street descriptions descrip-tions can be clarified. A combination financing sot-up sot-up will be used if there is no legal objection to the plan, Thomas Thorsen, city manager, reports. A legal decision has been asked for on the plan, he states, and as soon as this is received re-ceived action on the street oiling program will be taken. Under the plan about half of the cost of the oiling project would be financed through gene-eral gene-eral obligation bonds and the remainder re-mainder by special improvement assessment against the property of the city. The total cost is expected ex-pected to be somewhere between $70,000 and $80,000. Of this $40,-000 $40,-000 would be met by the Issuance Issu-ance of general obligation bonds to be paid for over the next four or five years out of Cedar City's portion of B and C road funds from the state. The balance would be paid by assessment of a special improvement improve-ment tax against all property In the city, and not just against the property on streets that have not already been oiled, Mv. Thorsen Thor-sen states. Under the program every street in town that has been opened up and on which there are homes, will be surfaced, sur-faced, and all the streets already alrea-dy surfaced would be repaired and a seal coat applied. A bond election will be nec-lessary nec-lessary for both types of financing. financ-ing. Both Issues could be voted at the same time, but each voter would need to cast two ballots, it is reported. Efforts will be made to conduct con-duct the elections early enough to make It possible to do at least part of the work this summer. sum-mer. If this cannot be accomplished accomp-lished preparations would be completed so that the job could be done as soon as it becomes warm enough next year. |