Finance Committee

Finance Committee Meeting Minutes December 18, 2018 Chairman Zwart called the meeting to order at 7:33 PM. Members Present: Aldermen Zwart, Spiegelberg and Rosek Staff Present: Mayor Nold, Kitsembel, Freber, Sullivan, Gallo, Kelliher, Duffy, Pickart, Pfister, Frye, Schuh and Coenen Others Present: Alds. Shaw, Ellis, Strey, Kowieski and Miller and Atty. Riffle 3. Consider/recommend Short-Term Debt Issuance for Property Acquisition at 630 E. Wisconsin Avenue Sullivan reported on October 16th Council adopted Resolution #18-R2769 authorizing the issuance of a one-year short term note to finance the acquisition of the property at 630 E. Wisconsin Ave., which was purchased as a potential location of the new Public Safety facility. The short-term loan from First Bank has no pre-payment penalty and has an interest rate of prime less 300 basis points. The prime rate is 5.25%, which will give us a 2.25% interest rate. The current State Trust fund rate for this same loan would be 4.25%. Since Council wants to split off a portion of the site to sell, this is taxable financing and does not qualify for long term financing. Motion by Rosek to recommend the short-term debt issuance from First Bank for property acquisition at 630 E. Wisconsin Avenue; second by Spiegelberg. Motion carried 3-0. 3. Consider/act on Vouchers Motion by Rosek to approve the vouchers in the amount of $2,912,212.71; second by Spiegelberg. Motion carried 3-0. Motion by Spiegelberg to adjourn; second by Zwart. Motion carried 3-0. The meeting adjourned at 7:37 PM. Minutes taken by Diane Coenen, City Clerk Ald. Rosek, Secretary S:\Committees - Commissions\Finance\Minutes\2018\FCMin12-18-18.doc