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City Council Regular Meeting Minutes <br />March 27, 2018 <br />Page 3 <br /> <br />Councilmember Gray asked Mr. Hubmer to speak more about the water reuse and how many 1 <br />gallons are used on the splash pad. Mr. Hubmer stated the water usage varies by year but is 6-8 2 <br />million gallons of water. Mr. Hubmer estimated approximately half of that could be recovered. 3 <br /> 4 <br />Motion by Councilmember Jenson, seconded by Councilmember Randle, to approve Resolution 5 <br />18-026; a Resolution Adopting and Confirming Assessments for the 2018 Street and Utility 6 <br />Improvements. 7 <br /> 8 <br />Motion Carried 4-0. 9 <br /> 10 <br />C. Resolution 18-027; a Resolution Awarding a Bid for the 2018 Street and Utility 11 <br />Improvements. 12 <br /> 13 <br />Mr. Hubmer reviewed the six bids received. The low bidder was Kuechle Underground for a 14 <br />total of $2,282,930.11. Staff recommends Kuechle Underground for the 2018 Street and Utility 15 <br />Improvements. 16 <br /> 17 <br />Motion by Councilmember Gray, seconded by Councilmember Jenson, to approve Resolution 18 <br />18-027; a Resolution Awarding a Bid for the 2018 Street and Utility Improvements to Kuechle 19 <br />Underground for the amount of $2,282,930.11. 20 <br /> 21 <br />Motion Carried 4-0. 22 <br /> 23 <br />D. Resolution 18-028; a Resolution Providing for the Sale of $2,705,000 General Obligation 24 <br />Improvement Bonds, Series 2018A. 25 <br /> 26 <br />City Finance Director Shelly Rueckert presented the purpose of the proposed issue is to finance 27 <br />the 2018 road reconstruction projects in the City. The proposed issue is $2,705,000 General 28 <br />Obligation Bonds, Series 2018A. Debt service will be paid from tax levy and special 29 <br />assessments. The City intends to levy a total of $649,900 in special assessments to benefitting 30 <br />property owners, of which $64,990 (10%) is anticipated to be collected in pre-paid assessments 31 <br />(the pre-paid assessments reduced the Bond amount accordingly). The remaining $584,910 of 32 <br />special assessments will be collected in years 2019 to 2033 at a rate of 2% over the True Interest 33 <br />Costs of the Bonds. Annual assessments are paid on an equal principal basis. 34 <br /> 35 <br />Motion by Councilmember Jenson, seconded by Councilmember Gray, to approve Resolution 36 <br />18-028; a Resolution Providing for the Sale of $2,705,000 General Obligation Improvement 37 <br />Bonds, Series 2018A. 38 <br /> 39 <br />Motion Carried 4-0. 40 <br /> 41 <br />Mayor Faust closed the public hearing at 7:17 p.m. 42 <br /> 43 <br />V. REPORTS FROM COMMISSION AND STAFF - NONE. 44 <br /> 45 <br />3