2020-07-21 Commissioners Meeting

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VILLAGE DISTRICT OF EIDELWEISS

Commissioners Meeting

Tuesday July 21, 2020

The Board of Commissioners met at 9:00 am on Tuesday 21, 2020.  In attendance was Commissioners Kathy Koziell in the office and Paula Doyle (by phone).  Also, in attendance Donna MacKinnon taking minutes.  The meeting was not filmed but residents could call into meeting via conference call.  We had Dinah Reiss, treasurer, Greg Im and Heidi from DrummondWoodsum call into the meeting.                            

At 9:01 am Commissioner Kathy Koziell calls the meeting to order.   

1. Agenda

No Agenda for the meeting this is a Due Diligence meeting with Greg Im from DrummondWoodsum for the Water Project Bond.

Discussion of Questionnaire form Greg Im.

Greg Im states $734,600.00 is the face value of the bond.  The true interest rate is 1.35% on $734,600.00 not $869,400.00 but will be receiving $869,400.00.  Greg Im goes the questionnaire line by line.

The Bond document will be delivered by Fed-Ex today to the office. Needs to be signed and sent back by 7/28/2020 to keep on schedule and no notary is needed.

Discussion on explanations of tax rates that by answering yes to Section D there will be a 3-year grace period.

Greg Im states to spend all the bond money in three years for tax purpose.

If not let Greg Im know and then it cannot be in an FDIC account.

August 12th bond money will be wired. August 13th payment is due to Newberry principle and interest.  Dinah Reiss asks for contact info.  Greg Im will send Dinah information.

Greg Im states that no advertisement can be put on the Tank.

Greg Im states to record all expenditures of the bond procedures and

interest earned of proceeds.

Greg Im Stipulates three important rules

  1. Keep good accounting records $869,400.00 in separate account
  2. Spend all the $869,400.00 within the 3 years.
  3. Absolutely no private business advertisement put on Tank.

Discussion from Dinah Reiss about figures that was sent to Mark Graffam were different from what Greg Im sent into the office.  Greg Im will check into that.

Kathy Koziell states she will be away Aug 6th & 13th and may not be able to call into meetings.

Kathy Koziell makes a motion to adjourn meeting at 9:58 am.  Paula Doyle seconds.  Motion Passed 2-0.

Respectfully submitted,

Donna MacKinnon, Administrator