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Taycheedah Sanitary District #3
Tuesday, January 3 2006
TIME: 6:00 p.m.
LOCATION: at the Town Hall
Workshop Meeting

AGENDA

Agenda
1) Call to order.
2) Review and discuss the allocation of project costs to the sewered and unsewered areas.
3) Consideration and possible action to initiate debt refinancing.
4) Adjournment of the workshop meeting.


Brenda A. Schneider
Recording Secretary



MINUTES

The Taycheedah Sanitary District No. 3-St. Peter Area Commission met on Tuesday, January 3rd, 2006, at 6:00 p.m., at the Taycheedah Town Hall, for the purpose of conducting a workshop meeting. Members present were President Bill Gius, Commissioners Mike Freund and John Rickert and Recording Secretary Brenda Schneider. Also present were Dennis Steigenberger of Foth & Van Dyke, Kathy Diederich of Schenck Business Solutions and Dave Wagner, Ehlerís & Associates.

1. Called to order. President Gius called the meeting to order at 6:03 p.m.
2. Review and discuss the allocation of project costs to the sewered and unsewered areas. The total tax contribution by unsewered area, including the 2005-06 tax levy, is $188,021.45. The preliminary allocation of project costs to the unsewered area is $601,431.59. The allocation does not include treatment plant or interceptor capacity nor interest. Further research is needed to determine whether or not capacity currently owned by the District needs to be allocated to the unsewered area. Interest will also be included at a rate of 4.5%. There was consensus that the Districtís interest income would offset administrative and borrowing costs and will therefore not be included in the allocation.
The Commission consensus was to recommend the Town Board denies the detachment petition due to the lack of full reimbursement of attributable costs by the unsewered area.
3. Consideration and possible action to initiate debt refinancing. The Commission reviewed the proposed schedule of debt payments. During the next 12 months, the District needs to refinance the $2,550,000 balloon payment due 5/1/07. Mr. Wagner recommends using long-term financing secured by the value of the District; which is limited to 5% of the Districtís equalized value. The interest rate is projected to be 4.25-4.5%. Mr. Wagner was advised that the District will wait at least one month before proceeding with refinancing due to liability issues with the Outlying Sewer Group for the treatment plant upgrade.
4. Adjournment. Bill Gius motioned to adjourn at 7:51 p.m., seconded by John Rickert. Motion carried (3-0).




Attest:_____________________________________________
Brenda A. Schneider
District Recording Secretary




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Town of Taycheedah
Fond du Lac County, Wisconsin
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