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REGULAR COUNCIL MEETING <br /> JUNE 8 , 1993 <br /> 3 PAGE 13 <br /> 4 <br /> 5 <br /> 6 The City Manager advised that the overflow from the pumphouse <br /> 7 runs over the fields to the drainage ditch . This flow <br /> 8 direction must be changed . The costs will be paid by the <br /> 9 federal government . <br /> 10 <br /> 11 Motion -by Marks , second by Wagner to approve Change Order #1 <br /> 12 being the water system improvement project in the amount of <br /> 13 $2 , 699 . 50 . <br /> 14 <br /> 15 Motion carried unanimously <br /> 16 <br /> 17 <br /> 18 B. Resolution No . 93-038 ; Re : Call for Hearina for the Sale <br /> 19 of Bonds for 1993 Road Improvements <br /> 20 <br /> 21 Springsted Financial Advisors prepared its recommendations for <br /> 22 the sale of the General Obligation Improvement Bonds . The <br /> 23 proceeds from bond sale will be used to finance the <br /> 24 construction of various street and utility improvements . The <br /> 25 composition of the issue is as follows : projects costs - <br /> $420 , 581 ; 10% contingency - $42 , 369 and the allowance for <br /> discount bidding - $7 , 050 with a total of $470 , 000 . <br /> 28 <br /> 29 Maier Stewart & Associates , the consulting engineering firm <br /> 30 which did these projects , prepared an assessment schedule. <br /> 31 <br /> 32 The Finance Director advised that simple interest is being <br /> 33 used with these projects as this will be a better situation <br /> 34 for benefited property owners . He also stated this is a very <br /> 35 good time to sell the bonds . <br /> 36 <br /> 37 Motion by Wagner , second by Enrooth to approve Resolution No . <br /> 38 93-038 being a resolution calling for the sale of General <br /> 39 Obligation Improvement Bonds , Series 1993A and setting a <br /> 40 hearing date to consider the sealed bids for the purchase of <br /> 41 the bonds on July 13 , 1993 at 7 : 00 p.m. <br /> 42 <br /> 43 <br /> 44 Motion carried unanimously <br /> 45 <br /> 46 <br /> 47 C. Resolution No. 93-036 ; Re : Award bid for 1993 Street <br /> 48 Improvements <br /> 49 <br /> 50 <br />