City Council

Minutes were approved by the Finance Committee on April 22, 2025. CITY OF LACONIA - CITY COUNCIL SUBCOMMITTEE MEETING FINANCE COMMITTEE City Hall - Armand A. Bolduc Council Chamber 6:30 P.M. 12/9/2024 - Minutes 1. CALL TO ORDER Chairman Soucy called the meeting to order at 6:40 PM 2. SALUTE TO THE FLAG Councilor Cheney 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 Cheney, Councilor Soucy, and Councilor Hoffman. Chairman Soucy attended the meeting via zoom, he stated that he away on business and was alone in the room. All committee members were in attendance and a quorum was established. 5. STAFF IN ATTENDANCE Glenn Smith, Finance Director 6. ACCEPTANCE OF MINUTES FROM PREVIOUS MEETINGS Minutes of the July 22, 2024 Finance Subcommittee were distributed to the committee members on July 31, 2024. With no corrections or changes submitted to the clerk, Councilor Cheney made a motion to accept the minutes, the motion was seconded by Councilor Hoffman. The minutes were accepted as distributed with all in favor. 3-0 7. FINANCE SUBCOMMITTEE (Soucy, Cheney and Hoffman) 7.A. Accept the bond bids related to three bonds authorized by the City Council Finance Director Smith stated the purpose of the bond is to distribute the net cost of the acquisition of three projects authorized by the City Council: Technology Upgrades $ 850,000 Issuance of the bond was approved by Council under Resolution 2024-09 on June 24, 2024 Finance Director Smith stated the purpose of the bond is to distribute the net cost of the acquisition of three projects authorized by the City Council: Technology Upgrades $ 850,000 Issuance of the bond was approved by Council under Resolution 2024-09 on June 24, 2024 Library Repair: $360,000 Issuance of the bond was approved by Council under Resolution 2024-14 on August 12, 2024 Weirs Dock Repair/Upgrade: $1,100,000 Issuance of the bond will be reviewed for approved by Council under Resolution 2024-26 on December 9, 2024, following this meeting. On November 19, 2024, a bid request was distributed to Bank of New Hampshire, Franklin Savings Bank, Northway Bank, TD Bank, Meredith Village Savings Bank, and New Hampshire Municipal Bond Bank. Bidders were invited to bid these projects as a single bond, or individually. Bids were due at 2 pm on Monday December 9th and were emailed out to the Finance Committee meeting this afternoon. Bond Bid Results were as follows: Bank of New Hampshire Amount Term Rate Fees Weirs Dock Project $1,100,000 20 yrs 6.05% No additional fees Library Repairs $ 360,000 20 yrs 6.05% No additional fees Tech Bond $ 850,000 5 yrs 5.46% No additional fees Franklin Savings Bank Amount Term Rate Fees Weirs Dock Project $1,100,000 20 yrs 6.05% $250 legal review fee Library Repairs $ 360,000 20 yrs 5.15% $250 legal review fee Tech Bond $ 850,000 5 yrs 5.15% $250 legal review fee Northway Bank Declined to bid Meredith Village Savings Bank Did not respond New Hampshire Municipal Bond Bank Rate to be determined at the time of January issue. Current estimates are approximately 3.82% for a 20-year term and 3.23% for a 5-year term. Total Interest costs will be calculated based on rates quoted in the bids.  New Hampshire Municipal Bond Bank Rate to be determined at the time of January issue. Current estimates are approximately 3.82% for a 20-year term and 3.23% for a 5-year term. Total Interest costs will be calculated based on rates quoted in the bids. The committee discussed the bond bids and will take a vote at their next meeting immediately following the City Council meeting this evening. 8. Any other business that may come before the Committee 9. ADJOURNMENT Chairman Soucy adjourned the meeting at 6:50 PM Respectfully submitted, Katie Gargano, City Clerk