FM20050308
FINANCE COMMITTEE - CITY OF MUSKEGO Approved
MINUTES OF MEETING HELD TUESDAY, MARCH 8, 2005
The meeting was called to order at 7:25 PM by Mayor Slocomb with Committee
Members Salentine, Madden and Schroeder present along with Ald. Borgman,
Buckmaster, Melcher and Patterson, Clerk-Treasurer Moyer, Deputy Clerk Blenski, City
Attorney Trindl, Phillip Cosson of Ehlers and Associates and Jim Doering of Towne
Realty. 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. Salentine moved for approval of the minutes of the meeting held March 2, 2005.
Ald. Madden seconded; motion carried. Discussion took place regarding the snow
thrower attachment (approved at the 3/2/05 meeting) to be used to clear the
recreational trails. Mayor Slocomb stated that no additional personnel would be
needed at this time to clear the designated trails. If trails are added in the future,
additional equipment and personnel may be needed. The big issue was clearing the
trail on Janesville Road. Ald. Schroeder stated that there are costs associated with
recreational trails and consideration must be given to future extensions. He noted trails
on both sides of Janesville Road as an example.
LICENSE APPROVALS
Mayor Slocomb noted that he conducted an interview with John Papp regarding his
application for an operator’s license. Ald. Salentine interviewed Justin Hart prior to this
meeting. Ald. Salentine moved to recommend approval of an operator’s license for
John Papp and Justin Hart. Mr. Hart’s license is subject to a 3, 6, 9 and 12-month
review and requires verification of the police record. Ald. Madden seconded; motion
carried.
NEW BUSINESS
Review Bids and Recommend Approval of Authorizing the Issuance and Sale of
$1,585,000 General Obligation Promissory Notes, Series 2005
Mr. Cosson was present and distributed information to the Council regarding the
proposed borrowings and ratings by Moody’s. One of the items was the City of
Muskego Presentation to Moody’s Investors Service. City staff and Ehlers did a
considerable amount of work to compile this document. The City retained its Aa3
rating. Mr. Cosson stated this was a very favorable rating. In order for the rating to be
upgraded, Moody’s recommends that: 1.) the City diversify its tax base; growth has
primarily been residential and 2.) the City continues to grow its fund balance. Six bids
were submitted. The best bid was received from UMB Bank, N.A. (Kansas City, MO)
with a true interest rate of 3.5684%. Mr. Cosson noted that an additional $10,000 was
available for projects because the estimated issuance costs were lower than
anticipated. Ald. Salentine moved to recommend approval. Ald. Madden seconded;
motion carried.
Finance Committee Minutes Page 2
March 8, 2005
Review Bids and Recommend Approval of Authorizing the Issuance and Sale of
Approximately $4,315,000 Sewer System Revenue Refunding Bonds, Series 2005
Mr. Cosson stated that the Sewer System retained its A1 rating. Six bids were
submitted. The best bid was received from Griffin, Kubik, Stephens & Thompson, Inc.
(Chicago, IL) with a true interest rate of 3.9057%. The issue was abled to be
downsized by $90,000. Ald. Salentine moved to recommend approval. Ald. Madden
seconded; motion carried.
Review Two-Party Maintenance Agreement with Waukesha County for Traffic Signal
Materials
Ald. Schroeder stated the agreement addresses the City’s responsibility to pay for the
additional costs associated with the replacement of colored traffic signal items at the
Janesville Road and Tess Corners Drive intersection. Ald. Salentine moved to
recommend approval of the agreement. Ald. Madden seconded; motion carried.
Review Two-Party Ownership/Maintenance Agreement with Waukesha County for
Detention Pond
Attorney Trindl noted that changes were needed to the agreement. On page 1, add
“and requirements of Project I.D. 00-2380(11)(C)” to the end of the last line. Strike
“Section 62.15 of” from Item 2. on the second page. Ald. Salentine moved to amend.
Ald. Madden seconded; motion carried. Ald. Salentine moved to recommend approval
of the agreement. Ald. Madden seconded; motion carried.
Review Subdivider’s Agreement and Letter of Credit Amount for Boxhorn Reserve
Ald. Salentine moved to recommend approval. Ald. Madden seconded. Motion carried
2 in favor and Schroeder voting “no” stating he has reservations because this is a
conservation subdivision.
VOUCHER APPROVAL
Ald. Salentine moved for approval of payment of General Vouchers in the amount of
$455,099.24, Tax Checks in the amount of $4.56 and Utility Vouchers in the amount of
$399,070.12. Ald. Madden seconded; motion carried.
ADJOURNMENT
Ald. Salentine moved to adjourn at 8:18 PM. Ald. Madden seconded; motion carried.
Respectfully submitted,
Jill Blenski, CMC
Deputy Clerk