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6.2A <br />Page 2 <br />requested by the Contractor. The project was satisfactorily completed as planned and <br />would accommodate the Contractor currently at work on another City project. <br />Alternative <br />Council may accept the project, authorize the release of bonds, but not authorize the <br />reduction and early release of half of the retention for this project. The entire amount of <br />retention would be released according to the terms of the contract <br />Fiscal Impacts <br />The Water Financing Plan - 2006 Update was approved by the City Council on January <br />23, 2006, concurrent with the Council's authorization to issue a second series of Water <br />Revenue Bonds to finance the construction of Phase One of the Recycled Water <br />Project. Bond proceeds in the estimated amount of $23,500,000 were deposited into <br />the project Trustee Account in the first week of March, 2006. Funding for this portion of <br />the project construction is available from the Trustee Account. <br />r ~~ <br />Phong Du, P.E. <br />Senior Civil Engineer <br />Peter Ingram <br />Community Development Director <br />sinbreryireporTS/Phong/Accepi RW'S REGYG WATER P1 BP2 <br />~, <br />Chu Chang, P.E. <br />Manager, Engineering & Construction <br />r~.~- <br />fr s t <br />.f/ <br />~~' '~,~ <br />Ed Evereft ~ <br />City Manager <br />PAGE 2 OF 2 <br />