Minutes-3 /16/1964

Minutes of Special Meeting, March 16, 1964 Present: William Tucker, William Nicholas, James O'Toole, Margie O'Toole Following are some of the points brought out in the discussion of the proposed sewerage system for the Town of Tiffin: Feasibility. Mr. Carpenter gave a cursory examination of the material sent to him and decided it was not feasible. On the basis of the same information, Carlton Bey advised Mr. Powers by telephone that he considered the plan to be feasible. Mr. Nicholas explained the assessments he had computed. Subsequently, upon plans being completed and the contract being let for bids and proposed assessments being spread, and if the bids come in and this figure is out of line more than 10%, you cannot adjust a preliminary assessment more than 10%. This does not mean that you cannot pick it up out of your Sanitation Fund. If you do that, you are competing with your operating cost under your mileage levy which makes it pretty difficult to do. Bonds. Obligation bonds have to be amortized for not more than 20 years. You have to have a sinking fund, which means that you set up a reserve so that they can be called in at the time they mature, plus you have the interest rates on these bonds which has to be paid each year. Does the property have a sufficient assessability that they can be retired? Basically, the facility itself sometimes is first security for the bonds. In other words, there is actually a lien on the property covered by the bonds. (Sewer obligation bonds.) Under general obligation bonds, this is not true. You are subject to the limitation that you have a debt service retirement limitation to the town. Revenue bonds are essentially set up on sewer rental. The only thing that the law says is that the system has to be a fair system without any discrimination. Plant assessment figures. Each single family dwelling has a number 1 on the chart. Each apartment has a number 2 or 3, depending on the number of units. Each commercial establishment was figured out in family unit equivalents. This formula is based on prior studies which have been used by persons in this area and was formulated by Ohio State. According to sewer ordinance, no greasepit drainage can go into sewer. All engineering work has been completed except layout and inspection after the bids are let. The estimate includes an estimate on the plant land acquisition cost of 3 acres @ $1,000 per acre from Mrs. Rogers. Margie O'Toole TOWN CLERK