FM20040210
FINANCE COMMITTEE - CITY OF MUSKEGO Approved
MINUTES OF MEETING HELD TUESDAY, FEBRUARY 10, 2004
The meeting was called to order at 7:15 pm by Mayor Slocomb with Committee
Members Petfalski, Salentine and Schroeder present. Also present were Ald. Damaske
and Madden, Finance Director Gunderson, Dave Anderson of Ehlers & Associates, and
Deputy Clerk Blenski. Ald. Buckmaster and Patterson arrived during the meeting.
Those present recited the Pledge of Allegiance.
Mayor Slocomb stated the meeting was noticed in accordance with the open meeting
law.
APPROVAL OF MINUTES
Ald. Schroeder moved to approve minutes of the meeting held February 4, 2004. Ald.
Salentine seconded; motion carried.
LICENSE APPROVALS
The Committee deferred a recommendation regarding the application for an operator’s
license submitted by Jennifer Waedekin. Mayor Slocomb stated he conducted further
interview requested by the Committee. Ald. Schroeder moved to recommend approval
of an operator’s license for Jennifer Waedekin subject to receipt of fees, favorable
police report and verification of required course. Ald. Salentine seconded; motion
carried.
NEW BUSINESS
Review Two-Party Construction Agreement with Waukesha County
Mayor Slocomb noted that some revisions had been made to the agreement. Ald.
Petfalski moved to recommend approval. Ald. Salentine seconded. The Mayor
clarified that the costs identified in the agreement are estimates. These are the
expenditures the City will incur for its portion of the Janesville Road widening through
Tess Corners. Ald. Schroeder expressed concern with the cost for Item No.
SPV.0180.01 (Stamped and Colored Concrete Pavement) in the amount of $166,175.
He would like more information about this specific item before approving the
expenditure. Motion carried with Ald. Petfalski and Salentine voting “yes” and Ald.
Schroeder voting “no.”
Review Bids for Sale of $935,000 General Obligation Promissory Notes, Series 2004A
Mr. Dave Anderson of Ehlers presented the bid tabulation. He stated the $935,000 is
for refinancing an existing debt issue and approximately $100,000 for police
department equipment. The best bid was received from Robert W. Baird & Company
with a true interest rate of 1.7339%. The rate is low because the debt will be paid off
by 2008. Mr. Anderson noted that even with borrowing the additional $100,000 for the
police department, the total interest costs are $20,000 less. Moody’s has reaffirmed
the City’s Aa3 rating. Ald. Petfalski moved to recommend approval. Ald. Salentine
seconded; motion carried.
Review Bids for Sale of $2,090,000 General Obligation Fire Department Refunding
Bonds, Series 2004B
Mr. Anderson presented the bid tabulation. He stated the best bid was received from
Harris Trust & Savings Bank with a true interest rate of 4.1067%. The other debt will
be paid off in its entirety before the City begins repaying this debt in 2009. This will
Finance Committee Minutes Page 2
February 10, 2004
help keep the tax levy more level than if the City tried to pay both debt issues off at the
same time. Ald. Petfalski moved to recommend approval. Ald. Salentine seconded;
motion carried.
VOUCHER APPROVAL
Ald. Salentine moved to recommend approval of payment of General Vouchers in the
amount of $944,786.17, Utility Vouchers in the amount of $32,196.42 and Tax Checks
in the amount of $4,468,462.80. Ald. Schroeder seconded; motion carried.
ADJOURNMENT
Ald. Salentine moved to adjourn at 7:31 pm. Ald. Schroeder seconded; motion carried.
Respectfully submitted,
Jill Blenski, CMC
Deputy Clerk