City Council Minutes 2013 08 06 - Laserfiche WebLink

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City Council Meeting Minutes August 6, 2013 Page 12 of 16 first floor of City Hall and IT will occupy the south central area of the first floor. The new design has two conference rooms. City Council approved an estimated budget of $250,000 for the overall project in the May 21, 2013 budget amendment. Travis Construction had the lowest overall cost for the base bid. Staff recommended awarding the City Hall 1st Floor Improvements construction contract to Travis Construction Inc. in the amount of $148,859 plus an additional contingency of $7,000. Furniture for the new area includes 4 -5 workstations for the IT Department and 9 -10 for Planning and Building Safety, filing cabinets, and meeting room furniture. Staff recommended awarding the City Hall 1st Floor Improvements furniture contract to Citron Workspace, not to exceed $75,000. City Manager Fleming explained the project will take approximately eight weeks to complete. The Planning Division will be relocated temporarily to the Building Department. A storage POD will be placed on Spruce Street to house Building and Planning files. Temporary construction dumpsters will be placed in the parking lot. MOTION: Mayor Muckle moved to award bid to Travis Construction and Citron Workspaces for City Hall 1st floor improvements, seconded by Mayor Pro Tem Dalton. Roll call vote was taken. The motion carried by a vote of 7 -0. ORDINANCE No. 1636, SERIES 2013 — AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF THE CITY OF LOUISVILLE, COLORADO, WATER AND WASTEWATER ENTERPRISE REVENUE REFUNDING BONDS, SERIES 2013, PAYABLE SOLELY OUT OF THE NET REVENUES TO BE DERIVED FROM THE OPERATION OF THE CITY'S WATER AND WASTEWATER ENTERPRISE; AND PROVIDING OTHER DETAILS CONCERNING THE BONDS, INCLUDING, WITHOUT LIMITATION, COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH — 2ND READING — Public Hearing Mayor Muckle requested a City Attorney introduction. City Attorney Light read Ordinance No. 1636, Series 2013. Mayor Muckle opened the public hearing and requested a staff presentation. Finance Director Watson reported in 2003, the City of Louisville issued a revenue bond to fund a loan from the Colorado Water Resources and Power Development Authority in the amount of $13.8 million at an interest rate of 2% to 4 1/8 %. There is $8.905 million in principal left on the bond. The net effective interest rate on the existing bond is approximately 3.75 %. He introduced Jim Manire, the City's Financial Advisor. Jim Manire, BLX Group, explained favorable interest rates make it appropriate to refinance the bond by issuing refunding bonds and prepay the existing debt. The proposed ordinance allows the transaction to be completed as long as present value savings are at least $250,000 and the net effective interest rate on the new debt does not exceed 3.25 %. While the interest rate markets are going through some volatility at