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Page 4 1 C. Resolution 02-029, re: Award sale of bonds for 2002 street and utility improvements. 2 Bob Thistle, Springsted, Inc. will be present. 3 Paul Steinman, Springsted, Inc. was present in place of Bob Thistle,who was ill. 4 5 Steinman stated that the purpose of the General Obligation Improvement Bonds,is to 6 finance street improvements within the city and stated that the bonds are to re-paid from 7 a combination of property taxes and assessments against property owners. 8 9 Steinman distributed a bid summary. He indicated that there were four bidders,and 10 Cronin and Company was the winner with the lowest bid at$1,488,018.95,with a true 11 interest cost of 4.6532% 12 13 Steinman stated that they believe that Cronin and Company is an aggressive bid given 14 current market conditions and credit quality. 15 16 Steinman reviewed the City of St. Anthony's credit rating. He stated that the review 17 reflected a positive credit rating, reaffirming the City's good credit rating of Al. 18 19 Steinman stated they were recommending award to Cronin and Company at a true 20 interest cost of 4.6532%. 21 22 Motion by Councilmember Faust, second by Councilmember Sparks, to adopt Resolution 0 23 02-029,re: Awarding the sale of bonds for the 2002 street and utility improvements to 24 Cronin and Company at a true interest rate of 4.6532%. 25 26 Motion carried unanimously. 27 28 D. Resolution 02-030, re: Award bid for improvements to the parks. Parks Commission 29 reoresentatives will be present, as well as Molly Olivier, Short Elliot-Hendrickson. 30 Mayor Hodson introduced Molly Olivier, SEH,who came forward to review the plans 31 for the parks. 32 33 Olivier highlighted the exterior features of the park pavilion and warming house: 34 • Warming House/Meeting Room handles groups of 20 people each 35 * Accommodate multi-function activities at one time 36 • Handicap and Family Accessibility 37 • Adequate storage and mechanical space 38 • Wet Deck Mechanical Room 39 • Fireplace and Kitchenette Features 40 41 Olivier indicated that there were thirteen bidders for the project, four of which 42 came in very close together in terms of figures. She indicated that the lowest bid came in 43 from Thompson Homes at$453, 096.90. 44 0 45 Bob Kost came forward to address the specific costs associated with the poor soil 46 conditions. Kost stated that when they first began construction, they encountered several 47 different problems regarding soft soil.