Others present: Kerry Beghin, Kathy Schauf, Paul Patrie
The meeting was called to order and certification of Open Meeting compliance was given at 5:40 p.m.
The agenda was approved on a motion by Bychinski, second by Fordham, and a unanimous vote of the Committee.
Motion by Bychinski, second by Wenzel, to approve the payment
of the county bills in the amount of $69,837.47.
Motion carried.
Paul Patrie, from Stifel, Nicolaus & Co. Inc., summarized
the results of the pricing of the refinanced debt. Since interest
rates changed in the County's favor just prior to pricing,
the County refinanced $10,000,000 of outstanding debt, the
maximum amount to remain bank qualified. The average interest
rate on the refinanced maturities decreased from 4.61 percent
to 3.95 percent, saving the County $346,336 from 2006 through
2021. Motion by Bychinski, second by Fordham to approve a
resolution authorizing the borrowing of $10,000,000; providing
for the issuance and sale of general obligation refunding bonds
therefor; and levying a tax in connection therewith.
Motion carried unanimously.
Since the issuance amount necessitated more work by the bond
counsel, fees charged to the County exceeded $10,000, requiring
a resolution to approve contracting with bond counsel. Motion
by Fordham, second by Wenzel to approve a resolution authorizing
retaining Stifel, Nicolaus & Company, Inc. as financial
advisors and Quarles & Brady, LLP as bond counsel in the
issuance of $10,000,000 of general obligation refunding bonds.
Motion carried unanimously.
Motion by Fordham, second by Bychinski to adjourn the joint
meeting.
Motion carried.
Respectfully submitted: Joan Fordham, Finance Committee Secretary