2015.10.05 CC Minutes - Laserfiche WebLink

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Hugo City Council Meeting Minutes for October 5,2015 Page 3 of 6 an issuer's administrative fee of'A of 1%of the principal amount of the bonds in consideration for the City of Hugo acting as issuer. Although this will preclude the City from issuing additional bonds in 2015,the City has no further plans to borrow this year. Briggs and Morgan, the City's bond counsel,has reviewed this request and finds it to be a proper use of the City's bonding authority. The City is only serving as the bond issuer and will have no obligations for repaying investors. Adoption of the Consent Agenda approved RESOLUTION 2015-48 Calling for a Public Hearing on the Issuance of Educational Facilities Revenue Bonds and Authorizing the-Publication of a Notice of the Hearing. Approve Resignation of Chide Morris from the Parks Commission Parks Commissioner Cinde Morris had submitted a letter of resignation from the Parks Commission due to a change in her work commitments. Council had approved her appointment at the April 6,2015 meeting. Adoption of the Consent Agenda approved the resignation of Commissioner Cinde Morris and an advertisement for vacancy. Approve Reduction in the Letter of Credit for Everton Investment/Pratt Homes Fable hills 4'b Addition Everton Investment/Pratt Homes Fable Hills 4th Addition,developer,had requested the City reduce the letter of credit being held for the Fable Hills 41"Addition. Senior Engineering Technician Steve Duff has inspected the work and finds it to be satisfactory complete. Adoption of the Consent Agenda approved the reduction of the letter of credit being held for the constructed improvements in the Fable hills 4th Addition be reduced to$529,629 of the original letter of credit$756,613.00 Approve Pay Request No.3 to Arnt Construction for Rice Lake Meadows Street Project The City received Pay Request No. 3 from Arnt Construction for the Rice Lake Meadows street improvement project. Staff has inspected the project and finds it satisfactory for work completed to date. This was removed from the consent agenda by a resident. Staff infonned the resident that comments on the project would be taken at the public hearing, and the resident decided to wait until then. Haas made motion, Klein seconded,to approve Pay Request No. 3 to Arnt Construction, in the amount of$191,753.61. All Ayes. Motion carried. Public Hearing on Rice Lake Meadows Street Project Assessment Hearing At its September 8,2015 meeting,the Council adopted the resolution declaring costs to be assessed for the Rice Lake Meadows Street Improvement Project, and scheduled the hearing on the proposed assessments for this evening. Assistant City Engineer Jim Stremel provided background on the project and explained the total project cost is$1,196,000,and$667,800 would come from the City CIP fund. The remaining$528,200 would be assessed at$4,100 per unit, as in accordance with the City Assessment Policy.