Taycheehah Sanitary District No. 3
Tuesday, March 5 2013
TIME: 4:30 p.m.
LOCATION: at the Taycheedah Town Hall
1. Call to order.
2. Discuss refinancing existing debt and possibly financing new debt.
3. Adjournment of the special meeting.
Brenda A. Schneider
TAYCHEEDAH SANITARY DISTRICT #3
MONTHLY COMMISSION MEETING
MARCH 5, 2013
TAYCHEEDAH TOWN HALL
Members present: President Bill Gius, Commissioners Mike Sabel and John Rickert and Recording Secretary Brenda Schneider. Also present were Kathy Diederich, Schenck; and Dave Wagner, Ehlers & Associates.
1. Call to order. President Gius called the meeting to order at 4:40 p.m.
2. Discuss refinancing existing debt and possibly financing new debt. Dave Wagner calculated borrowing $2,700,000 at a conservatively estimated interest rate of 2.02%; which would yield an estimated savings of $423,000 in interest expense, without extending the current payment schedule or adding new money.
Wagner can solicit bids on behalf of the District. Banks will bid on the bonds. The process takes about 30 days.
Kathy Diederich will update the District's cash flow projections and determine pre-payment ability.
Wagner does not expect a significant change in interest rates in the near future.
Refinancing the District's $800,000 debt to the City for the treatment plant upgrade is a break-even proposal. Wagner recommended not including this debt with the refinancing.
Wagner advised the Commission against borrowing new money without a project ready.
Motion by Bill Gius, second by John Rickert, to move forward with the refinancing project with review to the done at the March 20th meeting, with bid acceptance expected at the April 17 meeting. Motion carried (3-0).
The Commission will contact NEBAT regarding refinancing options.
The Commission discussed the potential financial impact related to the possible loss of the Eppli property. Staff offered to analyze the impact and prepare a written statement for the Town Board's consideration. Motion by Bill Gius, second by Mike Sabel, to authorize staff to analyze the impact in preparation of submitting a proposal to the Town Board for compensation from the developer for the loss of debt reduction revenue. Motion carried (3-0).
3. Adjournment. Motion by Mike Sabel, second by John Rickert, to adjourn the meeting at 5:53 p.m. Motion carried (3-0).
Brenda A. Schneider, District Recording Secretary
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Fond du Lac County, Wisconsin
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