02-14-07 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL FEBRUARY 14, 2007 result, staff is proposing Option 1 which does not include the costs for interim improvements of the County Road B/Rice Street intersection. The City Administrator noted that Representative Scalze has proposed legislation for $2 million in design dollars for reconstruction of the Rice Street Bridge. If those dollars are allocated and the design completed, there is a chance that the bridge reconstruction would get scheduled ahead of other projects. Estimated cost to reconstruct the bridge is $20 to $25 million. That project may be 10 to 20 years out, however. Keis asked how Ehlers is paid for its work in administering the bond sale. Ruff reported that Ehlers is an independent financial advisor that represents the City's interest in the sale. Their fees are fixed based on the size of the bond issue and are only paid if bonds are sold. In addition to fees paid to Ehlers, there are fees paid to a bond attorney and a rating agency. Estimated fees on this bond sale would be $30,000 of which the Ehlers portion is a little less than half. The City Administrator noted that Ehlers prepares the Pre-Sale Report, advertises the bond sale, analyzes the bids, and assists with closing. The services provided by Ehlers are beyond City staff's ability. Mr. Blesener introduced the following resolution and moved its adoption: RESOL UTION NO.2007-2-29 -PROVIDING FOR THE SALE OF $2,205,000 GENERAL OBLIGATION PERMANENT IMPROVEMENT REVOLVING FUND BONDS, SERIES 2007, FOR 20077MPROVEMENTS The foregoing resolution was duly seconded by Montour. Ayes (5). Nays (0). Resolution declared adopted. CONSENT Mr. Montour introduced the following resolution and moved its adoption: AGENDA RESOL UTION NO.2007-2-30 -REMOVING ACTION ON THE BID AWARD FOR THE SLEEPY HOLLOW POND MAINTENANCE PROJECT FROM THE CONSENT AGENDA The foregoing resolution was duly seconded by Allan. Ayes (5). Nays (0). Resolution declared adopted.