City Council

Minutes were approved by the Finance Committee on December 9, 2024. CITY OF LACONIA - CITY COUNCIL SUBCOMMITTEE MEETING FINANCE COMMITTEE City Hall - Armand A. Bolduc Council Chamber 6:00 P.M. 7/22/2024 - Minutes 1. CALL TO ORDER Chairman Soucy called the meeting to order at 6:15 PM 2. SALUTE TO THE FLAG Councilor Hoffman led the salute to the flag. 3. RECORDING SECRETARY Katie Gargano, City Clerk 4. ROLL CALL Clerk Gargano called the roll of the following committee members: Councilor Soucy and Councilor Hoffman. Chairman Soucy confirmed two members were in attendance and a quorum was established. Councilor Cheney arrived at 6:25 PM 5. STAFF IN ATTENDANCE Kirk Beattie, City Manager; Glenn Smith, Finance Director 6. ACCEPTANCE OF MINUTES FROM PREVIOUS MEETINGS Minutes of the Laconia City Council Finance Subcommittee meeting of May 20, 2024 were distributed to members of the Subcommittee on May 24, 2024 With no corrections or changes submitted to the Clerk, the minutes were accepted as distributed. 7. FINANCE SUBCOMMITTEE (Soucy, Cheney and Hoffman) Item 7.B. was heard first. 7.A. Accept the bond bid related to funding Airport improvements The purpose of the bond is to fund improvements at the Laconia Airport. At its meeting of July 8, 2024, the Laconia City Council authorized the Finance Committee to fix the conditions and terms of this bond. On July 1, 2024 a bond bid request was sent to area banks. Responses were received from two banks. Rate and fee information is summarized below: Rate Type Principal Payment Interest Payment Prepay Penalty? Fees?  On July 1, 2024 a bond bid request was sent to area banks. Responses were received from two banks. Rate and fee information is summarized below: Rate Type Principal Payment Interest Payment Prepay Penalty? Fees? BNH 6.40% Fixed Annual Semi-Annual No None FSB 5.20 % Fixed Annual Semi-Annual No None TD Bank Declined to Bid MVSB Did not respond Under an agreement with the Laconia Airport Authority, the full cost of this bond will be reimbursed to the City by the Authority. As a result, there will be no fiscal impact to the City. Interest cost to the Airport Authority could total $2,093,000.00, although actual costs are expected to total much less due to prepayment of a substantial portion of the bond principal. Discussion: Chairman Soucy as the clerk of the Finance Committee stated: (1) That the City shall issue and sell a bond in the aggregate principal amount of $3,500,000 to finance improvements at the Laconia Airport as detailed in Resolution 2024-12 (the “Bond”) under and pursuant to the Municipal Finance Act (RSA 33), and other laws in addition thereto. Resolution 2024-12 was approved by City Council on July 8, 2024. (2) That the Bond shall be issued as a single registered Bond, for a term of 20 years and bearing an interest rate of 5.20% dated as of its issuance date and sold to Franklin Savings Bank at the price of par. (3) That the Clerk and the signers of the Bond are each hereby authorized to take any and all actions necessary or convenient to carry out the provisions of this Vote and the aforesaid Resolution, including the execution of a Loan Agreement with Franklin Savings Bank and delivering the Bond against payment therefore. (4) That the projects for which the Bond is authorized under Resolution 2024-12 have life expectancies in excess of twenty years. Councilor Cheney made the motion for the terms stated above, seconded by Councilor Hoffman. The motion passed with all in favor. 3-0 Chairman Soucy further certified that the meeting was open to the public; that the aforesaid Vote was not taken by secret ballot nor in executive session; that notice of the time and place of the Meeting was posted in at least two (2) appropriate places: Laconia City Hall and the Laconia Community Center at least twenty-four (24) hours excluding Sundays and legal holidays, prior to the Meeting: that no deliberations with respect to the Vote were taken in executive session; and that the minutes of the Meeting, have been promptly recorded and have been or will be made open to the public inspection within seventy-two (72) hours of the Meeting, all in accordance with RSA 91-A:2. He further certified that the above Vote has not been amended or rescinded and remains in full force and effect as of this date. 7.B. General discussion of Welfare Guidelines Director Smith passed out the Welfare guidelines to the committee for their review over the upcoming weeks to allow them to make suggestions or comments as to where the City wants to go. As they stand now, they are very good and provide the staff guidance and the proper RSA’s to assist. It is a fair interpretation, situations are evolving and homelessness is a different creature from where it was  7.B. General discussion of Welfare Guidelines Director Smith passed out the Welfare guidelines to the committee for their review over the upcoming weeks to allow them to make suggestions or comments as to where the City wants to go. As they stand now, they are very good and provide the staff guidance and the proper RSA’s to assist. It is a fair interpretation, situations are evolving and homelessness is a different creature from where it was 10 years ago. Councilor Soucy asked if there have been any RSA’s changed by the state this year? Director Smith said no, but there have been changes to the interpretations of the RSA’s. Councilor Hoffman asked if we developed these guidelines to meet the RSA’s, Director Smith confirmed. Councilor Hoffman asked if the City was to look at all the housing costs the city has spent, if the city were to think about a different way of allocating those funds, like building a homeless shelter could be more cost effective. 8. Any other business that may come before the Committee 9. ADJOURNMENT Chairman Soucy adjourned the meeting at 6:40 PM. Respectfully Submitted, Katie Gargano, City Clerk