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City Council Regular Meeting Minutes <br />March 27, 2018 <br />Page 3 <br />1 Councilmember Gray asked Mr. Hubmer to speak more about the water reuse and how many <br />2 gallons are used on the splash pad. Mr. Hubmer stated the water usage varies by year but is 6 -8 <br />3 million gallons of water. Mr. Hubmer estimated approximately half of that could be recovered. <br />4 <br />5 Motion by Councilmember Jenson, seconded by Councilmember Randle, to approve Resolution <br />6 18 -026; a Resolution Adopting and Confirming Assessments for the 2018 Street and Utility <br />7 Improvements. <br />9 Motion Carried 4 -0. <br />10 <br />11 C. Resolution 18 -027; a Resolution Awarding a Bid for the 2018 Street and Utility <br />12 Improvements. <br />13 <br />14 Mr. Hubmer reviewed the six bids received. The low bidder was Kuechle Underground for a <br />15 total of $2,282,930.11. Staff recommends Kuechle Underground for the 2018 Street and Utility <br />16 Improvements. <br />17 <br />18 Motion by Councilmember Gray, seconded by Councilmember Jenson, to approve Resolution <br />19 18 -027; a Resolution Awarding a Bid for the 2018 Street and Utility Improvements to Kuechle <br />20 Underground for the amount of $2,282,930.11. <br />21 <br />22 Motion Carried 4 -0. <br />23 <br />24 D. Resolution 18 -028; a Resolution Providing for the Sale of $2.705,000 General Obligation <br />25 Improvement Bonds, Series 2018A. <br />26 <br />27 City Finance Director Shelly Rueckert presented the purpose of the proposed issue is to finance <br />28 the 2018 road reconstruction projects in the City. The proposed issue is $2,705,000 General <br />29 Obligation Bonds, Series 2018A. Debt service will be paid from tax levy and special <br />30 assessments. The City intends to levy a total of $649,900 in special assessments to benefitting <br />31 property owners, of which $64,990 (10 %) is anticipated to be collected in pre -paid assessments <br />32 (the pre -paid assessments reduced the Bond amount accordingly). The remaining $584,910 of <br />33 special assessments will be collected in years 2019 to 2033 at a rate of 2% over the True Interest <br />34 Costs of the Bonds. Annual assessments are paid on an equal principal basis. <br />35 <br />36 Motion by Councilmember Jenson, seconded by Councilmember Gray, to approve Resolution <br />37 18 -028; a Resolution Providing for the Sale of $2,705,000 General Obligation Improvement <br />38 Bonds, Series 2018A. <br />39 <br />40 Motion Carried 4 -0. <br />41 <br />42 Mayor Faust closed the public hearing at 7:17 p.m. <br />43 <br />44 V. REPORTS FROM COMMISSION AND STAFF - NONE. <br />45 <br />