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City Council Regular Meeting Minutes <br /> • February 10, 1998 <br /> Page 6 <br /> 1 Motion by Marks, second by Thuesen to close the public hearing at 7:39 P.M. <br /> 2 Motion by Marks, second by Cavanaugh to approve Resolution 98-025, ordering improvements. <br /> 3 Motion carried unanimously. <br /> 4 B. Assessments for 1998 Street Improvements (Resolution 98-026). <br /> 5 Motion by Cavanaugh, second by Marks to approve Resolution 98-026, adopting and confirming <br /> 6 assessments for various public improvements. <br /> 7 Motion carried unanimously. <br /> 8 IX. NEW BUSINESS. <br /> 9 A. Resolution 98-027, re: Award Construction Bid for 1998 Street Improvements. <br /> 10 Motion by Marks, second by Thuesen to approve Resolution 98-027, awarding a bid for 1998 <br /> 11 Street and Water Main Improvements to Forest Lake Contracting in the amount of$533,674.45. <br /> 12 Mayor Ranallo asked if due diligence had been taken in checking the reputation of Forest Lake <br /> �13 Contracting's work. <br /> —I4 Mr. Moberg stated he had shared the concern of Staff in regard to the proposed contractor. The <br /> 15 contractor was researched and received a number of references from Ramsey County, Anoka <br /> 16 County, and the Cities of Shoreview and White Bear Lake. Similar work was performed for <br /> 17 these counties and cities and the contractor received high recommendations. <br /> 18 Motion carried unanimously. <br /> 19 B. Resolution 98-028, re: Call for Sale of Bonds for 1998 Street Improvements. <br /> 20 Bob Thistle, Springsted Inc., stated he was present this evening to ask the Council to give his <br /> 21 firm authorization to proceed with the preparation of documents to compete for the bond sale one <br /> 22 month from tonight. After receiving authorization, Springsted will work with Dorsey & Whitney <br /> 23 to prepare the necessary documents. Springsted will take bids on the day of the authorized sale <br /> 24 and will present the tabulated bid sheet to the Council that evening with the recommendation of <br /> 25 the lowest bid at that time. This will be a 10-year finance with the option to call the bond in the <br /> 26 6`' or 7th year. The projected interest rate is 4.72%. The interest rate charged on the bonds is 2% <br /> 27 which is used to cover administrative costs. <br /> 28 Marks noted that on page 3 of Springsted recommendations, it states that special assessments are <br /> 29 $253,750. Total assessments for this project will only be $181,000. <br /> Mr. Thistle noted this error in the document and stated it would be recalculated and corrected. <br />