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although these would still be on the wooden electrical <br />poles. It would be based on a monthly ongoing cost of <br />$6,835 per year that the City would have to pay. <br />C.) Alternative Li htin - NSP itself does not <br />participate in or install any decorative lighting <br />programs. The City contacted the same contractor that <br />has been awarded the bid by Mound and is being <br />considered at by Spring Park. The cost in total for the <br />program at 140 feet is $97,560 in capital cost and at <br />110 feet apart it is $120,300. (This does not include <br />any possible credit for not replacing current one: <br />These costs do not include the ongoing electrical costs <br />that the City would have to pay. With Alternative II it <br />would be 3,137 per year, Alternative III it would be <br />4,181 per year. <br />Attachment C also includes a layout to show lighting <br />impact of the . 140 ft spacing on a typical <br />section of County 15. <br />I_s_sue 2_ - Bond Financing - <br />Issues related to use of bonds to finance at least a <br />portion of the project are as follows: <br />a. Determination of total amount of project (either <br />including or excluding street lights.) <br />b. Determination of the amount to be financed. <br />C. In order to bond without a referendum a minimum of <br />20% o` the amount bonded would have to be assessed. <br />(Assuming the City chose to bond for $500,000 of the <br />project then the City would have to assess at least <br />$100,000 of the project.) <br />d.' Bonding_ Process - The following would be steps to be <br />undertaken for the bonding process. <br />1. Estimated amount to be bonded and assessed. <br />2. Preliminary assessment hearing <br />3. Determination of preliminary assessment <br />4. Bond preparation <br />5. Bond sale <br />Issue 3. Estimated_ Costs - As noted in the November 17th <br />estimate, the project total was about $427,000 (not <br />including change in the street lighting project). <br />Right-of-way expenses have been e,timated to be reduced <br />from about $ 162,000 to $ 135,000. The construction cost <br />low bid is approximately 6% under the estimate. This <br />2 <br />