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Mr. Charles Cole, Engineer representing W. R. Showalter & Associates, made a
<br />presentation relating to the plans and specifications, assessment roll and
<br />diagram, and a description of the works of improvements for Contract A and
<br />Contract B. Mt. Vernon Avenue and Cooley Drive, for Assessment District No.
<br />78-1.
<br />Mr. Cole then reviewed the construction bids received, advising that the ap-
<br />parent low bidder for Contract A was Riverside Construction Company, and for
<br />Contract B. Meyer Constructors, which are the two firms they are recommending
<br />for award of the contracts.
<br />Mr. Thomas Lake, representing Stone & Youngberg Municipal Financing Consultants,
<br />Inc., reviewed the formula and method of spread of assessment, advising there are
<br />two areas of benefit, a general benefit and a local benefit, for the improvements
<br />within the Assessment District, with an assessment cost for Contract A of
<br />$1,200 per acre, general benefit, and $56. per foot, local benefit, and assess-
<br />ment costs for Contract B of $5,800 per acre, general benefit, and $106. per
<br />foot, local benefit.
<br />Mr. Lake then reviewed the bond bids received, a total of four, recommending the
<br />bid received from Stone & Youngberg Investment Securities with a coupon rate of
<br />6.25%.
<br />Mr. F. Mackenzie Brown then asked if there were any written protests received.
<br />City Clerk Ramos stated there were none received.
<br />Mayor Gonzales asked if anyone present this evening desired to speak in favor
<br />of or in opposition to the proceedings.
<br />Mr. Clyde Hippensteel, representing the majority owner within the Assessment
<br />District, spoke in favor of the Assessment District, stating that the City Council,
<br />City Staff, and all those connected with the improvements and the assessment
<br />district should be commended for the fine job that they have done on this project.
<br />Moved by Councilman Hayes, seconded by Councilman Rehrer, to terminate the Public
<br />Hearing. Vote was unanimous.
<br />Mr. Brown then advised that due to changes and modifications, the total construc-
<br />tion cost would be changed from $3,630,226. to $2,855,610. Mr. Brown stated the
<br />last item for consideration by the City Council would be approval of five resolu-
<br />tions, which he outlined, advising these resolutions could be handled by a single
<br />motion.
<br />Moved by Councilwoman Cisneros, seconded by Councilman Hayes, to approve Resolu-
<br />tion Nos. 3818, 3820, 38215 3822 and 3823. Vote was unanimous.
<br />RESOLUTION NO. 3818 - RESOLUTION OF THE CITY COUNCIL ORDERING CERTAIN CHANGES
<br />AND MODIFICATIONS IN PROCEEDINGS AND ASSESSMENTS IN AN
<br />ASSESSMENT DISTRICT PURSUANT TO THE "MUNICIPAL IMPROVE-
<br />MENT ACT OF 191311, BEING DIVISION 12 OF THE STREETS AND
<br />HIGHWAYS CODE OF THE STATE OF CALIFORNIA.
<br />RESOLUTION NO. 3820 - RESOLUTION OF THE CITY COUNCIL APPROVING AND PROVIDING
<br />FOR CONTRIBUTION TO PAY CERTAIN COSTS AND EXPENSES IN AN
<br />ASSESSMENT DISTRICT.
<br />RESOLUTION NO. 3821 - RESOLUTION OF THE CITY COUNCIL CONFIRMING THE ASSESSMENT
<br />ORDERING THE IMPROVEMENTS MADE, TOGETHER WITH APPURTE-
<br />NANCES, AND APPROVING THE ENGINEER'S REPORT.
<br />RESOLUTION NO. 3822 - RESOLUTION OF THE CITY COUNCIL ACCEPTING PROPOSAL FOR THE
<br />SALE OF BONDS AND PROVIDING FOR THE ESTABLISHMENT OF A
<br />REDEMPTION FUND FOR THE PAYMENT OF SAID BONDS.
<br />RESOLUTION NO. 3823 - RESOLUTION OF THE CITY COUNCIL AWARDING CONTRACTS FOR THE
<br />CONSTRUCTION OF CERTAIN PUBLIC WORKS OF IMPROVEMENT IN A
<br />SPECIAL ASSESSMENT DISTRICT.
<br />Assessment District
<br />Underground Utility District
<br />Mayor Gonzales declared the Public Hearing open.
<br />JUN ' 1978
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