FM101497
FINANCE COMMITTEE - CITY OF MUSKEGO
MINUTES OF MEETING HELD TUESDAY, OCTOBER 14, 1997
The meeting was called to order at 7:50 p.m. by Mayor De Angelis. Also present were
Committee members D’Acquisto, Salentine, and Sanders. Aldermen Pionek, Slocomb
Woodard and Patterson, as well as Finance Director Gunderson, Deputy Clerk Blenski,
and Dave Anderson of Ehlers were also present.
The Mayor noted the meeting was noticed in accordance with the open meeting law.
The minutes of the committee meeting held October 8, 1997 were reviewed and
accepted.
UNFINISHED BUSINESS
1. Further discussion of borrowing.
Dave Anderson presented a list of the City’s outstanding debt. He is recommending
that TIF funds due to the City’s sewer utility be utilized to pay off existing sewer debt
prior to the City borrowing money for proposed projects. The defeasance of this debt is
scheduled to be acted on at the November 11 Council meeting. Mr. Anderson also
presented borrowing information for the City’s future projects. The Common Council
will consider the borrowing for the Police Station project in the amount of $1,700,000 at
this evening’s meeting. Future funds will be borrowed for the City’s capital projects in
the amount of $380,824, water projects in the amount of $425,000, and sewer projects
in the amount of $980,000. The community center/library project will be funded with
notes and bonds. A total of $6,200,000 is needed. This amount includes the land
acquisition and interior furnishings. Mayor De Angelis stated that these are middle of
the road estimates. The City will work to spend less; however, the worst case scenario
must be planned for. The City already passed a resolution to borrow $2.6 million of
general obligation bonds for the library. Mr. Anderson stated the City may want to
consider borrowing an additional $1.8 million for the library using general obligation
bonds which can be paid back over a 20-year period. Mayor noted that the Finance
Committee will consider G.O. notes or G.O. bonds at the October 22, 1997 meeting for
funding the library project. Ald. Salentine moved to recommend the resolution
authorizing $1,700,000 general obligation bonds of the City for police facilities. Ald.
D’Acquisto seconded, carried.
2. Further review of 1998 insurance policies
Mayor De Angelis stated he and Finance Director Gunderson are still reviewing
insurance companies to provide the City’s 1998 insurance needs. They will make a
presentation at the next Finance Committee meeting. Ald. Salentine moved to defer.
Ald. D’Acquisto seconded, carried.
NEW BUSINESS
1. Authorization of Payment for Holz Drive Dredging Project
Ald. Salentine moved to approve payment of $1,044 for the Holz Drive Dredging Project
from Rural and Urban Drainage account. Ald. D’Acquisto seconded, carried.
Finance Committee Minutes Page 2
October 14, 1997
VOUCHER APPROVAL
Alderman D’Acquisto moved for approval of General Fund vouchers in the amount of
$461,183.13 and Utility Vouchers in the amount of $370,764.15. Alderman Salentine
seconded, motion carried.
ADJOURNMENT
Alderman D’Acquisto moved to adjourn at 8:05 p.m. Seconded by Alderman Sanders
motion carried.
Respectfully submitted,
Jill Blenski
Deputy City Clerk