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MINUTES 0 APRIL 14, 1993 PAGE 2 as proposed at the improvement hearing. Jacobs moved adoption of Resolution R-93-20 which carried unanimously. RESOLUTION R-93-20 A RESOLUTION DECLARING COST TO BE ASSESSED AND ORDERING PREPARATION OF PROPOSED ASSESSMENT FOR THE 1993 STREET IMPROVEMENT PROJECT ASSESSMENT HEARING SCHEDULED FOR 1993 STREET IMPROVEMENT PROJECT Gibson Talbot moved adoption of Resolution R-93-21 scheduling the assessment hearing for the proposed 1993 street improvement project for May 12, 1993 at or about 7:15 p.m. Motion carried unanimously. RESOLUTION R-93-21 A RESOLUTION SCHEDULING THE HEARING ON THE PROPOSED ASSESSMENT FOR THE 1993 STREET IMPROVEMENT PROJECT BID AWARDED FOR $1,075,000 G.O. IMPROVEMENT BONDS, SERIES 1993 Fiscal consultant David Maroney explained that the bids were opened at 11:00 a.m., Wednesday, April 14, 1993 and presented the bids to Council. Maroney recommended awarding the bid to the low bidder, Piper Jaffray, Inc. at an interest rate of 4.41420. Gehrz then moved adoption of R-92-22 which carried unanimously. RESOLUTION R-93-22 A RESOLUTION RELATING TO $1,075,000 GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 1993; AWARDING THE SALE, FIXING THE FORM AND DETAILS AND PROVIDING FOR THE EXECUTION AND DELIVERY THEREOF AND SECURITY THEREFOR AND LEVYING AD VALOREM TAXES FOR THE PAYMENT THEREOF DISCUSSION REGARDING RATE OF INTEREST TO BE CHARGED ON PROPOSED ASSESSMENT FOR 1993 STREET ASSESSMENT Hoyt explained that it is necessary that staff have an indication of the interest rate in order to prepare the assessment roll for the hearing. A discussion ensued regarding whether or not it was appropriate to charge 8% as previously discussed in view of the low interest rate on the bonds for the project. Gehrz abstained from the discussion as her property is in the assessment area. Jacobs indicated he did not feel 8~ was not unreasonable over a ten year period. Baldwin commented on the fact that he dislikes