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enough reoffering premium which can be added to the project construction fund to fully fund the <br />cost of the improvements at $8,650,000. If the reoffering premium comes in under or over the <br />projected amount, the principal amount of the bond will need to be increased or decreased on the <br />morning of the sale. Interim Finance Director Anna Wobse will give a brief presentation and <br />Mikaela Huot from Baker Tilly will be in attendance to answer any questions. Staff recommends <br />adoption of the Resolution Providing for the Competitive Negotiated Sale of $8,380,000 General <br />Obligation Tax Abatement Bonds, Series 2021A and authorizing 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 /> <br />I.2 Discussion on Drought Conditions and Restrictions for Outdoor Water Use <br /> <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 has sent a letter 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. Staff will provide an update at the City Council meeting on drought conditions <br />as noticed by the DNR. Staff recommends that the City Council approve the resolution <br />approving watering restrictions and regulations pertaining to the conservation of water. <br /> <br />M.1 National Night Out Tuesday, August 3, 2021 <br /> <br />The Council has scheduled a meeting to attend National Night Out events on Tuesday, August 3, <br />2021. Council will meet at Hugo City Hall at 4:30 p.m. Staff will provide a list of events. <br /> <br />M.2 Retirement Gathering for Fire Chief Kevin Colvard Saturday, August 28, 2021 <br /> <br />The Colvard Family is hosting a retirement party for Fire Chief Kevin Colvard on Saturday, <br />August 28, 2021 from 5-8 p.m. at the Hanifl Fields Athletic Park. Staff recommends Council <br />schedule as a meeting if they wish to attend. <br /> <br />N. Adjournment <br /> <br /> <br /> <br />