CHIPPEWA COUNTY BUILDING AUTHORITY
MEETING MINUTES
A regular meeting of the Chippewa County
Building Authority was held on
MEMBERS
PRESENT: Ron Meister, Paul Coutant and Marilyn
McDonald
MEMBERS
ABSENT: None
OTHERS
PRESENT: Chuck Leonhardt and Kelly
Beaune, Recorder
Additions / Deletions to the Agenda
Changes to the agenda were called for.
It was moved by Paul Coutant,
seconded by Ron Meister, to approve the agenda as presented. On a voice vote, the motion was CARRIED.
Public Comments
There were no public comments.
No correspondence or information items
were received.
Agenda Item: Election of Officers
It
was moved by Marilyn McDonald, seconded by Paul Coutant, to
appoint Ron Meister as Chair of the Building Authority. On a voice vote, the motion was CARRIED.
It
was moved by Paul Coutant, seconded by Ron Meister, to appoint Marilyn McDonald
as the Treasurer of the Building Authority, and for the Recorder of the
Building Authority be the Acting Controller and/or the Administrator of
Chippewa County. On a voice vote, the
motion was CARRIED.
It
was moved by Paul Coutant, seconded by Ron Meister, to amend Marilyn McDonald’s
previous position Building Authority Treasurer to Secretary/Treasurer of the
Building Authority. On a voice vote, the
motion CARRIED.
Secretary/Treasurer
Marilyn McDonald updated the Authority members of current bonding issues: 1995
Health Department; 1999 Jail and the 2000 Annex bonds. The members received a debt service schedule
for each issue and were given background information on each. The Authority was
also reminded that the City of
The Authority reviewed requested
information from Miller Canfield and Robert W. Baird regarding a proposal to
refund the 1995 and 1999 Building Authority Bonds. The new debt will have similar principal and
interest payments and have a potential net savings of $172, 051.14 in total;
$83,963.16 for the 1995 Health Department Issued Bonds and $88,087.98 for the 1999
Jail Project Issued Bonds. The net
present value (the amount in today’s dollars) if the savings is $149,899, all
costs from this refunding are paid from the proceeds of the new issue and are
included in the amount due at closing. The
interest rate used for the refunding ranges from 2.3% to 3.55%. If the refunding is approved, the investment
broker will try to sell these bonds, if there is no market for the bonds the
refunding will not take place, there is no cost to the County or the Building
Authority if the refunding does not take place.
The Building Authority discussed setting a bottom line net savings
stipulation.
It
was moved by Paul Coutant, seconded by Marilyn McDonald, to approve the
Warren Creamer with the Robert W. Baird
Company was contacted by phone, to answer questions of the Building Authority
regarding guarantees and bond counsel review of the documents. Discussion followed. Mr. Creamer will be forwarding requested
information by e-mail
It
was moved by Paul Coutant, seconded by Marilyn McDonald, to approve Resolution
Authorizing the Issuance and Sale of Chippewa County Building Authority
Building Authority Refunding Bonds, Series 2008, which also approves the
Refunding Contract and to forward the Approving Resolution to the Chippewa
County Board of Commissioners, seeking their support and approval. (See
attached Resolution and Refunding Contract)
On a voice vote, the motion was
CARRIED.
It
was moved by Paul Coutant, seconded by Marilyn McDonald that the Building
Authority will not proceed with the Bond refunding unless the Purchase
Agreement states a net total savings of at least $120,000.00.
Committee per Diems
The Authority reviewed the Articles of
Incorporation of the Building Authority, which includes per diem information.
It
was moved by Paul Coutant, supported by Marilyn McDonald, to authorize payment
of the County’s approved $45.00 per diem to the Board of Commissioner’s appointed
Authority members. On a voice vote, the
motion was CARRIED.
Other
Future meetings will be scheduled as
needed.
Committee and Chairman’s Comments
Marilyn McDonald thanked both Paul and
Ron for their interest in serving on the Chippewa County Building Authority,
noting that their banking back grounds are essential.
Adjourn
Chairman Ron
Meister declared the meeting adjourned at
__________________________________ __________________________________
Kelly
J. Beaune, Recorder Ron
Meister, Chairman