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ORDINANCE NO.2000-31 PAGE 2 connections, valves, fire hydrants, storm sewers, catch basins, manholes and vaults, together with the necessary appurtenances #hereto, all as more specifically described in the Petition and the plans of the Village's consulting engineer approved in the Resolution, pursuant to the Prior Proceedings, amounting in the aggregate to $1,265,801.58, which were fled and are on file with the Clerk of Council, are adopted and confirmed. Accordingly, those speaal assessments are levied and assessed upon the property provided for in the Prior Proceedings (the Property) in the amount set forth in that schedule of special assessments on file, which special assessments are in proportion to the special benefits and are not in excess of any statutory limitation. The Clerk of Council shall keep on file in the office of the Clerk of Council the special assessments. Section 2. This Council finds and deterYxiines that any estimated special assessments set forth in the Prior Proceedings have been decreased in the same proportion as the actual cost of the improvement to be assessed pursuant to such Prior Proceedings has been decreased from the estimated cost of the improvement to be assessed pursuant to such Prior Proceedings, all as filed prior to the adoption of the Resolution. Section 3. As provided in the Prior Proceedings, the special assessment against the Property shall be payable in forty semiannual payments representing twerrty annual installments with interest at the rate of 5% per year which interest rate is determined by this Council #o be substantially equivalent to the fair market rate that would have been borne by securities issued in anticipation of the collection of the epeeist assessments if those securities had been issued by this Village, and, moreover, is the maximum interest rate on the State Loan. All unpaid special assessments shall be certified by the Director of Finance to the County Auditor as provided by law to be placed on the tax duplicate and collected as taxes are collected. Section 4. The Clerk of Council shall deliver a certified cagy of this ordinance to the County Auditor within 20 days after its passage. ection 5. This Council finds and determines that all formal actions of this Council and any of its committees concerning and relating to the passage of this ordinance were taken in an open meeting of this Council and any of its committees and that all deh~erations of this Council and of any of its committees that resulted in those formal actions were in meetings open to the public, all incompliance with the law.