FM20040113
FINANCE COMMITTEE - CITY OF MUSKEGO Approved
MINUTES OF MEETING HELD TUESDAY, JANUARY 13, 2004
The meeting was called to order at 6:43 pm by Mayor Slocomb with Committee
Members Petfalski and Salentine present. Committee Member Schroeder was absent.
Also present were Ald. Buckmaster, Damaske, Madden and Patterson, Finance
Director Gunderson, Dave Anderson of Ehlers and Associates, and Deputy Clerk
Blenski. Those present recited the Pledge of Allegiance.
Mayor Slocomb stated the meeting was properly noticed in accordance with the open
meeting law.
APPROVAL OF MINUTES
Ald. Salentine moved to approve minutes of the meeting held January 7, 2004. Ald.
Petfalski seconded; motion carried.
NEW BUSINESS
Recommend approval to solicit competitive proposals for not to exceed $935,000
general obligation promissory notes and approval to solicit competitive proposals for
approximately $4,070,000 sewer system revenue refunding bonds
Mr. Anderson stated the proposed general obligation note issue in the amount of
$935,000 included the refinancing of an outstanding 1998 debt issue and $100,243 for
new Police Department software. The new note will reflect a significant cost savings to
the City even with the additional $100,243 because of a lower interest rate. He is also
recommending that the City solicit proposals for a sewer system revenue refunding
bond to refinance an existing 1996 debt. The refunding issue would result in a
$124,353 interest savings. Ald. Petfalski moved to recommend approval. Ald.
Salentine seconded; motion carried.
REDUCTION IN LETTER OF CREDIT
Reduction in Letter of Credit for Quietwood Creek East - $206,783.94
Ald. Salentine moved to approve Letter of Credit reduction for Quietwood Creek East in
the amount of $206,783.94 pursuant to a recommendation of Engineering/Building
Inspection Director Sean McMullen. Ald. Petfalski seconded; motion carried.
Reduction in Letter of Credit for Redmond Commercial - $310,712.45
Ald. Salentine moved to approve Letter of Credit reduction for Redmond Commercial in
the amount of $310,712.45 pursuant to a recommendation of Engineering/Building
Inspection Director Sean McMullen. Ald. Petfalski seconded; motion carried.
Reduction in Letter of Credit for Prairie Meadows - $174,304.15
Ald. Salentine moved to approve Letter of Credit reduction for Prairie Meadows in the
amount of $174,304.15 pursuant to a recommendation of Engineering/Building
Inspection Director Sean McMullen. Ald. Petfalski seconded; motion carried.
Reduction in Letter of Credit for the Settlement on Woods Road - $469,220.05
Ald. Petfalski moved to approve Letter of Credit reduction for the Settlement on Woods
Road in the amount of $469,220.05 pursuant to a recommendation of
Finance Committee Minutes Page 2
January 13, 2004
Engineering/Building Inspection Director Sean McMullen. Ald. Salentine seconded;
motion carried.
Ald. Petfalski stated he would abstain regarding the reduction in the Letter of Credit for
Big Muskego Estates ($879,000) and the reduction in the Letter of Credit for Redmond
Residential ($298,000). The Mayor stated approval would be done at the Council
meeting.
VOUCHER APPROVAL
Ald. Salentine moved to recommend approval of payment of General Vouchers in the
amount of $1,062,965.36, Utility Vouchers in the amount of $270,991.15 and Tax
Checks in the amount of $16,922,245.05. Ald. Petfalski seconded; motion carried.
ADJOURNMENT
Ald. Petfalski moved to adjourn at 6:55 pm. Ald. Salentine seconded; motion carried.
Respectfully submitted,
Jill Blenski, CMC
Deputy Clerk