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 Village of Menomonee Falls, Wisconsin

COMMITTEE OF THE WHOLE MEETING

 MINUTES

Monday, May 6, 2019

 
 
             
Village President, David Glasgow, called the meeting to order at 5:30 p.m.
 
Present:
Village President David Glasgow; Trustee Katie Kress; Trustee Randy Van Alstyne; Trustee Tim Newman; Trustee Jeremy Walz; Trustee Steve Taggart; Trustee Paul Tadda
Staff Present:
Village Manager Mark Fitzgerald; Village Attorney Michael Morse; Assistant Village Manager/Director of Public Works Arlyn Johnson; Village Clerk/Treasurer Janice Moyer; Director of Financial Services Jason Kaczmarek
Attendees:
Todd Taves, Ehlers, Inc.
             
Preliminary presentation and discussion regarding three (3) pending debt issuances with pre-sale reports provided by Ehlers, Inc., the Village's Financial Advisor

Presenters: Todd Taves (Ehlers) and Jason Kaczmarek (Finance Director)
  • Presale reports were reviewed for:
    • $3,765,000 General Obligation Promissory Notes, 2019A
    • $4,525,000 General Obligation Corporate Purpose Bonds, Series 2019B
    • $18,680,000 Taxable General Obligation Bonds, Series 2019C
  • The purposes for the bonds and note includes funding current capital projects and refunding/restructuring existing bonds and notes.
  • The bonds and note will be sold by competitive sale
  • The interest rate will not be known until competitive bids are solicited.  Estimated interest rates are in the range of 2.5% - 3.68%.  The rates will vary because some of the bonds are taxable and some are tax exempt.  
  • The borrowing resolutions were reviewed.
  • The terms for payment range from from 10 to 20 years.
The following comments were noted:
President Glasgow asked about the power line to be paid for by tax incremental district no. 13 revenues.  Response:  the power line is an allowable cost for tax incremental no. 13 and that portion of the debt will be paid for by tax increment.
Trustee Van Alstyne asked about interest earnings on the bond proceeds.  Todd Taves from Ehlers, Inc. responded stating that the interest earned on the bond proceeds, while the projects are under construction, will be used to reduce the final amount of the bond issue.
Village Manager Fitzgerald stated that this is a new process using Ehlers, Inc. as a financial advisor.  This is a better process for the Village because the bonds will be sold using a competitive bid instead of using a broker.  There is a costs savings to the Village using Ehlers, Inc.
Todd Taves from Ehlers, Inc.stated that the interest rate for a general obligation bond is better because the village is pledging the taxation power of the village as collateral.  Where a revenue bond is a pledge of revenues that can flucuate over time.  There is more risk with a revenue bond.  He expects to have four or five competitive bids submitted because of the Village's size and financial position.
 
             
Presentation and discussion regarding some minor changes to the organization and arrangement of agenda items for the Village Board
Village Manager Mark Fitzgerald presented and stated the following:
  • The first change is crafting the village board agenda items so that they can be used as the language for village board motions.
  • The second change is using the agenda item template to provide critical information to the village board.
  • The third change is reducing the size of the meeting packets while providing critical information.
  • Village staff will discontinue providing trustees with written draft motions.  The trustees will have all of the information they need to craft their motions in the meeting agenda packet.
  • Plan Commission items will still include all information, in a reduced and more organized fashion.
  • Providing the electronic village board packets to the trustees in electronic format instead of a paper binder has been discussed.  The goal is to have the trustees access their packet electronically by the end of 2019.
             
Adjournment
  Motion by Trustee Jeremy Walz, second by Trustee Katie Kress adjourn 6:12 p.m.
  Vote: 7 - 0 Motion Carried
             
Minutes transcribed by Janice Moyer, Village Clerk-Treasurer
Minutes approved on May 20, 2019

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