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RESOLUTION N0.2014-16 PAGE 2 proportion to the benefits that may result therefrom upon those lots and lands within the Village set forth in Exhibit "A" attached hereto and incorporated herein by reference, provided, however, that, as contemplated above, the amount of any such assessment in excess of $7,200 on any such lot or land shall be included as part of the Village's portion of the cost of the Improvement Project. SECTION 5. The ,cost of the .Improvement Project shall include the cost of the preliminary and other surveys, plans, specifications, profiles, estimates, engineering, construction management, inspection, administration and field representation services and of printing, serving and publishing notices, resolutions and ordinances, the amount of any damages resulting from the Improvement Project and the interest thereon, the costs incurred in connection with the preparation, levy and collection of the special assessments, expenses of legal services including obtaining legal opinions, cost of construction, including labor and material, and interest on securities issued in anticipation of the levy, if any, and collection of the special assessments, or if securities in anticipation of the levy of the special assessments are not issued, interest at the rate of 3% per year on moneys advanced by the Village for the cost of the Improvement Project in anticipation of the levy of the special assessments, together with all .other necessary expenditures. SECTION 6. The Village Engineer is authorized and,directed to prepare and file in the office of the Clerk of Council the estimated special assessments necessary to pay the property owners' portion of the cost of the Improvement Project described in this resolution. Those estimated special assessments shall be based upon the estimate of cost of the Improvement Project now on file in the office of the Clerk of Council and shall be prepared pursuant to the provisions of this resolution. When the estimated special assessments have been so filed, the Clerk of Council shall cause notice of the adoption of this resolution and the filing of the estimated special assessments to be served in the manner provided by law on the owners of all lots and lands proposed to be assessed. SECTION 7. The special assessments to be levied shall be paid according to the following payment schedule: in twenty annual installments, with the interest on the unpaid principal amount of each special assessment at the same rate or rates of interest as shall be borne by securities to be issued in anticipation of the collection of the total of the unpaid special assessments or, if such securities are not issued, at the rate or rates of interest determined by this Council when it passes the assessing ordinance levying those special assessments which shall be 3%; provided that the owner of any property assessed may pay the special assessments in cash within 30 days of the passage of the assessing ordinance. SECTION 8. The Village presently does not intend to issue securities in anticipation of the levy of the special assessments. The Village presently does not intend to issue securities in anticipation of the collection of the special assessments in annual installments and in an amount equal to the total of the unpaid .special assessments. The cost of the Improvement Project, after application of the special assessments, shall be paid by funds available and appropriated for the Improvement Project from the Village's Sewer Relief Fund or from other available funds.