Finance Committee

CITY OF VERONA MINUTES FINANCE COMMITTEE MAY 26, 2015 VERONA CITY HALL 1. The meeting was called to order by Jack Linder at 6:00 p.m. 2 Roll Call: Elizabeth Doyle, Jack Linder, Absent (excused): William “Mac” McGilvray. Also present: Bill Burns, City Administrator; Cindy Engelke, Finance Director; Jon Hochkammer, Mayor; Brad Stiner, Alderperson; Dawn Gunderson, Ehlers & Associates. 3. Approval of the 5/11/2015 Finance Committee Minutes: Motion by Linder, seconded by Doyle, to approve the 5/11/2015 Finance Committee minutes. Motion carried 2-0. 4. Payment of Bills: Motion by Linder, seconded by Doyle, to approve the payment of bills in the amount of $1,562,156.86. Motion carried 2-0. 5. Resolution R-15-020 Approving an Initial Resolution Authorizing $3,325,000 General Obligation Bonds for Street Improvement Projects: Ms. Gunderson from Ehlers and Associates presented the pre-sale report for the City’s 2015 general obligation borrowing. The City is planning to borrow $9,775,000 in general obligation bonds and notes for the following projects: General Obligation Notes  $1,264,000 Street Improvements – Mill and Overlay Project  $925,000 Locust Drive Bridge Widening  $176,000 Public Works Patrol Truck  $85,000 Fitch-Rona EMS Ambulance  $750,000 Downtown Streetscape & Parking Improvements (TIF 4)  $1,620,000 Fire & EMS Facility – EMS Portion  $100,000 Issuance Costs, Underwriters Discount, and Rounding $4,920,000 NOTES TOTAL General Obligation Bonds  $2,900,000 County Highway M & County Highway PD Intersection  $250,000 Lincoln Street Reconstruction  $103,000 Verona/Lincoln Intersection and Traffic Signal  $1,480,000 Fire & EMS Facility – Fire Portion  $102,000 Issuance Costs, Underwriters Discount, and Rounding $4,835,000 BONDS TOTAL $9,755,000 TOTAL BORROWING AMOUNT  The City previously borrowed $7,500,000 for the Fire and EMS facility project in 2013 and 2014. With the proposed 2015 issue, the City’s total borrowing for this project would be at $10,600,000. The sale of the bonds and notes is planned for Monday, June 22. Motion by Doyle, seconded by Linder to recommend that the Common Council approve Resolution R-15-020. Motion carried 2-0. 6. Resolution R-15-021 Approving an Initial Resolution Authorizing $1,510,000 General Obligation Bonds for Fire Station Project: Motion by Linder, seconded by Doyle to recommend that the Common Council approve Resolution R-15-021. Motion carried 2-0. 7. Resolution R-15-022 Directing the Publication of Notice to Electors: Motion by Linder, seconded by Doyle to recommend that the Common Council approve Resolution R-15-022. Motion carried 2-0. 8. Resolution R-15-023 Providing for the Sale of $4,835,000 General Obligation Corporate Purpose Bonds: Motion by Doyle, seconded by Linder to recommend that the Common Council approve Resolution R-15-023. Motion carried 2-0. 9. Resolution R-15-024 Providing for the Sale of Approximately $4,920,000 General Obligation Promissory Notes: Motion by Linder, seconded by Doyle to recommend that the Common Council approve Resolution R-15-024. Motion carried 2-0. 10. Adjournment: Motion by Linder, seconded by Doyle, to adjourn the Finance Committee Meeting at 6:39 p.m. Motion carried 2-0. Respectfully submitted, Bill Burns, City Administrator