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I <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />II <br />12 <br />13 <br />14 <br />IS <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />City Council Regular Meeting Minutes <br />February 28, 2012 <br />Page 6 <br />VII. GENERAL BUSINESS OF COUNCIL. <br />A. Resolution 12-029; Awarding a Bid for the 2012 Street & Utility Improvements. <br />City Engineer Hubmer explained that the City received 13 bids for the 2012 street and utility <br />improvement project and Kuechle Underground, Inc. was the lowest responsible bidder. He <br />added the bid was within the estimate of the City Engineer. <br />Motion by Councilmember Jenson , seconded by Council member Stille, to approve Resolution <br />12-029; Awarding a Bid for the 2012 Street & Utility Improvements. <br />Motion carried unanimously. <br />B. Resolution 12-030; Awarding a Bid for the Macalaster Drive Sanitary Sewer Pipe <br />Bursting Project. <br />City Engineer Hubmer presented the quotes for the sanitary sewer pipe bursting project and <br />advised that Minger Constmction, Inc. was the lowest responsible bidder in the amount of <br />$98,242.61. <br />Motion by Councilmember Gray, seconded by Councilmember Roth, to approve Resolution 12- <br />030; Awarding a Bid for the Macalaster Drive Sanitary Sewer Pipe Bursting Project. <br />Motion carried unanimously. <br />C. Resolution [2-031; Providing for the Sale of $9,595,000 General Obligation Bonds, <br />Series 2012A. Stacie Kvilvang, Ehlers & Associates, presenting . <br />Stacie K vilvang, Ehlers & Associates, introduced her colleague, Shelly Eldridge. She presented <br />the pre-sale report for General Obligation bonds in the amount of $9,595 ,000 and explained this <br />bond issue includes refunding the City 's 2003 HRA Lease Revenue Bonds, refunding the City 'S <br />2006A and 2007 A bonds , and new money for the City's 2012 road construction project. She <br />noted the terms of the three refundings will stay the same and the terms are not being extended. <br />She reviewed the purposes and funding sources for the bonds and explained the interest rate <br />savings after cost of issuance of the bonds. She stated the sale of the bonds will occur March 27, <br />2012 , with the proceeds to the City by April 25 th She pointed out that on an annual basis, the <br />City will save approximately $50,000 in interest starting in 2013. <br />Councilmember Stille asked if interest savings are passed on to homeowners through the <br />assessment process. <br />Ms. K vilvang replied that interest savings do not go back to individual homeowners; rather, <br />interest savings go back to the City to lower its tax levy requirement. <br />Motion by Councilmember Roth , seconded by Councilmember Stille, to approve Resolution 12- <br />031; Providing for the Sale of $9,595,000 General Obligation Bonds, Series 20l2A.