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City Council Regular Meeting Minutes February 25, 2014 Page 3 Councilmember Stille reminded residents that November 14`h is the date for paying off the assessment to avoid paying interest. Motion carried 3-0. B. Resolution 14-022; a Resolution Adopting and Confirming Assessments for the 2014 Street and Utility Improvement Proiect. Todd Hubmer, WSB & Associates, presenting. 9 Motion by Councilmember Gray, seconded by Councilmember Stille, to approve Resolution 14- 10 022; a Resolution Adopting and Confirming Assessments for the 2014 Street and Utility 11 Improvements. 12 13 Motion carried 3-0. 14 15 V. REPORTS FROM COMMISSION AND STAFF - NONE. 16 17 VI. GENERAL BUSINESS OF COUNCIL. 18 19 A. Resolution 14-023; a Resolution Awarding a Bid for the 2014 Street & Utility 20 Improvement Project. Todd Hubmer, WSB & Associates, presenting. 21 22 Mr. Hubmer advised that the City received eight bids for the 2014 street and utility improvement 23 project and the lowest responsible bidder was R.L. Larson Excavating, Inc. with a total bid of 24 $2,021,154.23, based on the Base Bid plus Alternate 1. 25 26 Councilmember Gray asked if the City has any experience with this contractor. 27 28 Mr. Hubmer replied that R.L. Larson Excavating, Inc., has not worked in the City but WSB & 29 Associates has worked with them in other cities and they are very qualified to do the work. 30 31 Motion by Councilmember Stille, seconded by Councilmember Gray, to approve Resolution 14- 32 023; a Resolution Awarding a Bid for the 2014 Street and Utility Improvements. 33 34 Motion carried 3-0. 35 36 B. Resolution 14-024; a Resolution Providing for the Sale of $2.070,000 General Obligation 37 Bonds, Series 2014A. Stacie Kvilvang, Ehlers & Associates, presenting. 38 39 Ms. Kvilvang presented the proposed issue of $2,070,000 General Obligation Improvement 40 Bonds, Series 2014A, and stated the bonds are being issued under Minn. Stat. Ch. 429, a special 41 assessment bond, and are being issued for a fifteen -year term. She advised that the City 42 anticipates that approximately 40% of property owners are likely to prepay the assessment so the 43 issue size has been reduced by $177,855.81 to reflect these prepayments; in addition, the bond 44 issue has been reduced to reflect the $50,000 grant from Rice Creek Watershed District for the 45 rain garden improvements. She indicated there would be a competitive sale for these bonds on 46 March 25, 2014, and closing date of April 10, 2014. 47