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2004-12-27 JPWB Minutes JOINT POWERS WATER BOARD MINUTES Regular Meeting of December 27, 2004 6:00 PM JPWT Plant Board Room 6 00 PM CaD to Order by VIce ChaIrperson Wayne Kessler Board Members Present: Joyce Paulhn, Tom Hagerty, Gerhardt Kottke, Tom Fay Board Members Absent: Don Peterson Staff Present: Chns Cathn, H R Green, Kelly Browmng, Veoha Water NA, Shelly Keyes, Veoha Water NA Staff Absent: None MOTION BY PAULLIN, SECOND BY HAGERTY, TO ADOPT THE AGENDA AS PRESENTED MOTION CARRIED UNANIMOUSLY There was no one present under the Citizen Forum MOTION BY PAULLIN, SECOND BY FAY, TO APPROVE THE MINUTES OF THE NOVEMBER 22,2004 REGULAR MEETING MOTION CARRIED UNANIMOUSLY MOTION BY PAULLIN, SECOND BY KOTTKE, TO APPROVE THE CONSENT AGENDA AS PRESENTED MOTION CARRIED UNANIMOUSLY Under Unfinished Business, George Etlertson of Northland SecuntIes discussed the possIbIhty of refinancmg the 1999 Senes General ObbgatIOn Water Revenue Bond Etlertson explamed that current mterest rates would offer an approximate $370,000 debt service savmgs Kessler noted that he supported the refinanCIng to obtam lower mterest rates but new city councd members may requrre further InformatIOn There was some dIscussIOn m regards to the optIons ofbondmg through one of the member CItIes versus the Jomt Powers Board bondIng themselves Cathn queSboned the amount of savmgs dIfference between a general obhgatIOn bond and a revenue bond, smce the Board can only deal WIth revenue bonds Etlertson stated that there could be a dIfference of up to 2%, dependmg on market condItIons and the member CItIes' credit ratIng Kessler asked about the rate on the eXIstIng bond and Etlertson stated the rate IS now around 5 5% Etlertson also noted the refinancmg could be combined wrth new project financmg, reducIng overall costs of Issuance Browmng noted that whtle compIhng the 2005 budget, staffwas concerned WIth Ingher than antICIpated constructIon costs and tIming of new project expenses m relation to antIcIpated WAC and user fees Eilertson suggested a meetmg WIth JPWB staff, engIneer and CIty admInIstrators to dIscuss refinancmg optIons MOTION BY HAGERTY, SECOND BY PAULLIN TO INVITE CITY ADMINISTRATORS TO MEET WITH JPWB STAFF, ENGINEERS AND NORTHLAND SECURITIES FOR DISCUSSION OF REFINANCING THE CURRENT BOND AND BONDING FOR CURRENT AND UPCOMING PROJECTS MOTION CARRIED UNANIMOUSLY In other Unfmished Business, Browmng explatned the Issue of monthly WAC fee payments had been discussed WIth each crty and no further actIon was requrred JOINT POWERS WATER BOARD MINUTES Regular Meeting of December 27, 2004 6:00 PM JPWT Plant Board Room Under Engineering, Catbn recommended payment of Pay EstImate Number Four for $14,065 09 to LaTour ConstructIon for Tower Overflow and Raw WatermaIn MOTION BY KOTTKE, SECOND BY FAY TO APPROVE PAY ESTIMATE #4 TO LATOUR CONSTRUCTION IN THE AMOUNT AS PRESENTED MOTION CARRIED UNANIMOUSLY CatlIn recommended payment of $35,458 75 to J R Ferche on Pay Estimate Number FIve for work completed on Well #7 Valve StatIon MOTION BY FAY, SECOND BY PAULLIN TO APPROVE PAY ESTIMATE #5 TO J R FERCHE IN THE AMOUNT AS PRESENTED MOTION CARRIED UNANIMOUSLY Catbn recommended payment of $20,700 00 to CB&I on Pay EstImate Number ThIrteen for work completed on Water Tower #2 MOTION BY KESSLER, SECOND BY HAGERTY TO APPROVE PAY ESTIMATE #13 TO CB&I IN THE AMOUNT AS PRESENTED MOTION CARRIED UNANIMOUSLY I , I I I I CatlIn also dIscussed the purchase ofland for Tower #3 The purchase has been completed WIth easements granted for roadway and utIbty comdors The new property has been combIned WIth the adjacent JOInt Powers property at the CIty'S request and aSSIgned one property IdentificatIon number No actIon requIred by the Board at thIS tIme CatlIn thanked outgOIng Board Members Kessler and Hagerty for theIr support over the years BrownIng echoed hIs sentIments and expressed her and staff's gratItude for theIr support and encouragement Paulbn also added her apprecIatIOn of the guIdance offered by Kessler and Hagerty, and expressed best WIshes to both, as well as outgOIng Board Member Fay Under Operations/Office, there were no Items to dISCUSS MOTION BY PAULLIN, SECOND BY KOTTKE, TO APPROVE THE LIST OF CLAIMS AS PRESENTED MOTION CARRIED UNANIMOUSLY MOTION BY PAULLIN, SECOND BY FAY, TO ADJOURN AT 6 55 PM MOTION CARRIED UNANIMOUSLY ;s~ ~S- Recording aet