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Hugo City Council Meeting Minutes for August 2, 2021 <br />Page 4 of 6 <br />from the reoffering premium that is generated when the bonds are sold. If the offering premium <br />comes in under or over the projected amount, the principal amount of the bond would need to be <br />adjusted on the day of the sale, and the decision on how to handle the offering premium would <br />need to be made within an hour of the sale actual. Wobse stated that staff was seeking Council <br />authorization for staff to accept the amount of a reoffering premium that resulted in fully funding <br />the project construction fund at $8,650,000 on the morning of the bond sale. She explained the <br />bond sale process began this evening with Council adopting a set -sale resolution. Bids would be <br />received at 1 Ia.m. on Tuesday, September 7, 2021, and Council would consider awarding the <br />sale later that evening at their regular Council meeting. Bonds proceeds would be received on <br />October 7, 2012. <br />Mikaela Huot from Baker Tilly summarized the actions items for this evening. Council was <br />asked to set the sale date and time for September 7, and the purpose of the bond issuance was to <br />finance up to $8.65 million in improvements with the combination of the bond sale proceeds and <br />the reoffering premium. All the estimates were based on the current market conditions. <br />Petryk made motion, Klein seconded, to approve RESOLUTION NO.2021-53 PROVIDING <br />FOR THE COMPETITIVE NEGOTIATED SALE OF $8,380,000 GENERAL OBLIGATION <br />TAX ABATEMENT BONDS, SERIES 2021A and authorize staff to accept the amount of <br />reoffering premium that results in fully funding the project construction fund at $8,650,000 on <br />the morning of the bond sale. <br />All Ayes. Motion carried. <br />Discussion on Drought Conditions and Restrictions for Outdoor Water Use <br />At the June 21, 2021 meeting, staff provided an update to the City Council on drought conditions <br />and reviewed existing watering restrictions within the City. The City Council directed staff to <br />revise the watering restrictions outlined in Resolution 2001-10 and 2001-11 and work on <br />educational outreach initiatives to residents. Since the meeting, staff had sent letters to the top 50 <br />residential water users in the City and included a flyer with residential irrigation tips in the last <br />set of utility bills. <br />Community Development Assistant Emily Weber presented a draft resolution that continued the <br />odd/even watering restrictions for lawns but allowed watering of flowers, landscaping beds and <br />vegetable gardens with a hand-held hose or watering can. A condition was added to prohibit <br />watering using the municipal water supply between the hours of 6-9 p.m. and from augmenting <br />wetlands and other water resources with City water or individual wells. Weber explained that <br />irrigation systems that use stormwater were not included because the systems were set up to <br />operate on zones, and ponds were monitored on an individual basis. <br />Miron asked for clarification on the changes in the resolution and talked about the stormwater <br />ponds which he understood switched over to the municipal water supply if they reduced to <br />certain levels. He questioned whether the ordinance would apply them. <br />Weber replied they would be subject to the resolution when switched to the municipal water <br />supply, and education should be done through the homeowner associations. <br />