Finance Committee

CITY OF VERONA MINUTES FINANCE COMMITTEE JUNE 23, 2014 VERONA CITY HALL 1. The meeting was called to order by Mac McGilvray at 6:00 p.m. 2 Roll Call: William “Mac” McGilvray, Jack Linder. Absent (excused): Elizabeth Doyle. Also present: Bill Burns, City Administrator; Cindy Engelke, Finance Director; Todd Taves, Ehlers and Associates. 3. Approval of the 6/09/2014 Finance Committee Minutes: Motion by McGilvray, seconded by Linder, to approve the 6/09/2014 Finance Committee minutes. Motion carried 2-0. 4. Payment of Bills: Motion by McGilvray, seconded by Linder, to approve the payment of bills in the amount of $396,213.48. Motion carried 2-0. 5. Resolution R-14-034 Awarding the Sale of $8,805,000 General Obligation Corporate Purpose Bonds, Series 2014A: Todd Taves of Ehlers and Associates presented the bid results for the City’s 2014 general obligation borrowing. The City received five bids with the lowest bid submitted by Wells Fargo Bank with a True Interest Cost (TIC) of 3.0563%. The low bid includes a bond premium which provides the opportunity to reduce the issuance size to $8,690,000. Motion by McGilvray, seconded by Linder, to recommend that the Common Council approve Resolution R-14-034 awarding the sale of $8,690,000 General Obligation Corporate Purpose Bonds, Series 2014A. Motion carried 2-0. 6. Potential Purchase of Verona Area Community Theatre Facility at 405 Bruce Street: Mr. Burns provided an explanation of a proposal for the City of Verona to purchase the Verona Area Community Theatre (VACT) building for use by the Public Works and Parks Departments. This would provide additional space for those departments as the City grows. In addition, VACT would utilize proceeds from the sale of the building in the construction of a larger facility that could potentially be located on excess land on the Fire/EMS Station site at 101 Lincoln Street. Committee members asked several questions regarding the potential use of the facility by the City and the process and timing of the purchase of the building. The consensus of the committee members was to continue to explore this proposal and to report back with additional information. 7. Adjournment: Motion by Linder, seconded by McGilvray, to adjourn the Finance Committee Meeting at 6:45 p.m. Motion carried 2-0. Respectfully submitted, Bill Burns, City Administrator