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Prescott City Council <br /> Regular Voting Meeting Page 7 <br /> April 8, 2014 <br /> • BOND RATINGS <br /> o UNDERLYING DEBT RATINGS OF SELECT ARIZONA ISSUERS <br /> Mr. Dodd said the average interest rate on the bonds the City is refinancing or <br /> considering is 4.9 percent. The average interest rate on the new bonds is 3.3 percent. <br /> He noted that the savings would be roughly $960.000.00 realized over the next three <br /> years. <br /> Mr. Woodfill said there are fees associated with issuing debt. He said the new bond will <br /> have an estimated $183,000.00 in costs. He said $62,000.00 of that is the underwriters <br /> discount and the other costs are related to the rating agency and the legal team. He <br /> noted that $960,000.00 is the amount of savings after the fees are paid. <br /> Councilwoman Wilcox asked about the emergency clause on the ordinance. <br /> Mr. Woodfill said it was a standard practice in order to secure the interest rate. <br /> MAYOR PRO TEM LAMERSON MOVED TO ADOPT ORDINANCE NO. 4882-1420; <br /> SECONDED BY COUNCILWOMAN WILCOX; PASSED UNANIMOUSLY. <br /> I. Approval of a two-year extension of City Contract No. 2013-183A1 in a total <br /> amount not to exceed $270,000.00 for Annual Pavement Marking (Streets <br /> Fund / HURF) <br /> Ian Mattingly, City Traffic Engineer, said approval of this item will extend a two year of <br /> stripping contract with Traffic Safety Incorporated, to take advantage of the favorable <br /> unit pricing. He noted that, if approved, the stripping will begin in late April to early May. <br /> There is sufficient funding in the Highway User Revenue Fund to cover the contract. <br /> COUNCILMAN KUKNYO MOVED TO APPROVE A TWO-YEAR EXTENSION TO <br /> CITY CONTRACT NO. 2013-183A1 FOR ANNUAL PAVEMENT MARKING TO <br /> TRAFFIC SAFETY, INC., IN A TOTAL AMOUNT NOT TO EXCEED $270,000.00; <br /> SECONDED BY COUNCILMAN BLAIR; PASSED UNANIMOUSLY. <br /> J. Approval of Amendment No. 1 to City Contract No. 2013-216 with <br /> Watkins/Mendoza Companies, LLC, in the amount of $14,363.06 for the <br /> White Spar Waterline Relocation Project (Water Fund) <br /> Tim Burkeen, Capital Program Manager, said the amendment accounts for additional <br /> material required to complete the backfill and paving of water main trenches due to <br /> unstable soil conditions encountered during the course of construction. <br /> Mr. Burkeen said the southerly portion of the White Spar Waterline exists in the right-of- <br /> way of Highway 89. Relocation of this waterline was required because the existing main <br />