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City Council Regular Meeting Minutes February 10, 1998 Page 6 1 Motion by Marks, second by Thuesen to close the public hearing at 7:39 P.M. 2 Motion by Marks, second by Cavanaugh to approve Resolution 98-025, ordering improvements. 3 Motion carried unanimously. 4 B. Assessments for 1998 Street Improvements (Resolution 98-026). 5 Motion by Cavanaugh, second by Marks to approve Resolution 98-026, adopting and confirming 6 assessments for various public improvements. 7 Motion carried unanimously. 8 IX. NEW BUSINESS. 9 A. Resolution 98-027, re: Award Construction Bid for 1998 Street Improvements 10 Motion by Marks, second by Thuesen to approve Resolution 98-027, awarding a bid for 1998 11 Street and Water Main Improvements to Forest Lake Contracting in the amount of$533,674.45. 12 Mayor Ranallo asked if due diligence had been taken in checking the reputation of Forest Lake 13 Contracting's work. 14 Mr. Moberg stated he had shared the concern of Staff in regard to the proposed contractor. The 15 contractor was researched and received a number of references from Ramsey County, Anoka 16 County, and the Cities of Shoreview and White Bear Lake. Similar work was performed for 17 these counties and cities and the contractor received high recommendations. 18 Motion carried unanimously. 19 B. Resolution 98-028, re: Call for Sale of Bonds for 1998 Street Improvements. 20 Bob Thistle, Springsted Inc., stated he was present this evening to ask the Council to give his 21 firm authorization to proceed with the preparation of documents to compete for the bond sale one 22 month from tonight. After receiving authorization, Springsted will work with Dorsey &Whitney ..23 to prepare the necessary documents. Springsted will take bids on the day of the authorized sale 24 and will present the tabulated bid sheet to the Council that evening with the recommendation of 25 the lowest bid at that time. This will be a 10-year finance with the option to call the bond in the 26 Oh or 7``'year. The projected interest rate is 4.72%. The interest rate charged on the bonds is 2% 27 which is used to cover administrative costs. 28 Marks noted that on page 3 of Springsted recommendations, it states that special assessments are 29 $253,750. Total assessments for this project will only be $181,000. 30 Mr. Thistle noted this error in the document and stated it would be recalculated and corrected.