MINUTES OF TOWER LAKES

VILLAGE BOARD MINUTES

 

Date:               August 15, 2005

 

Location:        Village Office

 

Time:              7:35 pm

 

 

1.         PLEDGE AND SIGN IN: President Kuskowski called the meeting to order and led the Pledge of Allegiance.  Sign In Sheet Circulated.

            ROLL CALL: Present:  Village President Kuskowski, Trustees Gidley, Baggett, deVries,  Parro, Treas Rolfs, Building Inspector Cantieri. Absent: Trs. Fitzgibbons, Frey (late), Village Clerk Leitner.

 

2.         APPROVAL OF MINUTES: Motion to approve the minutes of the July 18, 2005   made by Tr Gidley and seconded by Tr Parro followed by a roll call vote: AYES: Parro, Gidley,  deVries, Kuskowski.  Tr Baggett abstained.

 

3.                  SSA Refinancing Presentations:  SSA Bond No 2 refinancing is callable 01-01-06. This bond is carrying a 6.5% interest rate currently—Village Board wants to reduce it for the remaining term of the SSA bond. By doing so now, the Village maximizes the opportunity to reduce the bond’s interest rate. Also, because of the leeway offered by the reduced interest rate possibilities, the annual payment per household can be restructured.Tr Gidley asked both presenters to assume that the Village is not going to extend the maturity date on the bond, which expires in ten years.

 

First Presentation made by Jamie  Rachline, Griffin-Kubik. The average current interest rate on bonds of this type is 4.3%--a 200 basis point savings over the Village’s existing bond rate. The SSA No 2 Bond is a very good credit: the Village is current on its debt service; Village home values are good; people are current on their real estate taxes and SSA levy payment. But the SSA lacks some things investors look for, so GK would not expect our bond to receive an ‘A’ rating: the bond grants no authority for another levy (such as for repairs, etc.) so that if repairs are necessary, any Village savings must be used; the bond creates a special taxing district and as such is not a general obligation of the Village (therefore not directly payable by the Village, but dependent on  per-lot assessment/payment); the SSA does not allow use of the money for anything other than payment of the bonds (such as investing the funds). However, these will be bank qualified securities. (There is a tax advantage to a bank investor to finance our municipal bonds). Because of the leeway offered by the reduced interest rate possibilities, the annual payment per household can be restructured. Can close by Oct. 3, 2005 and still take advantage of federal tax provisions. Tr  Gidley stated that the Total Interest Cost (“TIC”) number is of most interest to him; that is, in the total amount we are borrowing, we’re covering all of our costs, including bond counsel expense.

 

Second Presentation made by Doug D’Angelise—he thought the meeting was tomorrow, and offered to tele-conference in. Their main point of difference with GK is that Fifth Third believes our bonds would receive an ‘A’ rating, with an interest cost of 4.08% or even 3.98%. Question—do we still consider them or just go with Griffin-Kubick. They are good also, but have different clientele; more trust companies, wealthy individuals.

 

After discussion, the Village Board chose to go with Griffin-Kubick.  All board members liked the thorough presentation made by Mr. Rachline, and will authorize him to proceed tomorrow.

 

4.                  PLAN COMMISSION: No report.

 

5.                  ZBA: No report.

 

6.                  BUILDING AND ZONING:  Building Inspector Cantieri reported on 8 permits issued for July --on file in the office.   Also reported on the status of meeting between Tr Fitzgibbons, Village Attorney Bateman and Building Inspector Cantieri regarding the heated driveway at 25515 Warwick Road, and whether a building permit is required for its installation. Village Attorney agrees that a permit is required.

 

Ordinance violations: 102 South Hills Drive red tagged for building a deck without a permit.

 

7. TREASURER’S  REPORT: Treas Rolfs presented the monthly bills; missing water bill and a couple smaller bills. Motion to approve the bills was made by Tr Frey, seconded by Tr Baggett and followed by a roll call vote: AYES: Trs Baggett,  deVries, Parro, Gidley, Pres Kuskowski.

 

Monthly activity report and YTD: P/L re water bill, $15,100.00 includes landscaping on Tomahawk and a bill from Community Sewer and Septic regarding three water main breaks earlier in the year, not including the Oak Street repair. Tax receipts are about half of what we’ll receive, but are on line for this time of year.

 

8. FINANCE REPORT: see above presentations.

 

9. POLICE REPORT: NIMS training is going well. Report on file at the Village Office.

 

10. STORMWATER MANAGEMENT:  Tr Baggett—all top line priorities taken care of, basins will be cleaned as soon as possible.

 

11. ROADS: Tr Parro reported additional funds spent on tree removal. Not much left in this fund. Remainder of the roads/tree budget has to last the rest of the year.

Proposed Highway Improvement Plan for lake county in—available in office for review.

 

12. HEALTH AND SANITATION: Copies of new Waste Management Contract will be distributed.  Three Mosquito Abatement treatments this year.

 

13. UTILITIES: Tr DeVries reported:

 

14. URBAN FORESTRY: No report.

 

15. BACOG: No report.

 

16. PUBLIC COMMENTS: none.

     

17. OLD BUSINESS: no report.

 

18. NEW BUSINESS: Community Plan Committee has been established and will meet monthly. This committee will be permanent with regularly scheduled meetings, reporting through the Village Board. Wednesdays appear to be the best day—Pres Kuskowski proposes the first Wednesday of the month.

 

MEETING ADJOURNED: Motion to adjourn the Village Board meeting made by Tr Gidley, seconded by Tr Baggett and followed by a unanimous voice vote.

 

Respectfully submitted,

 

Kathleen O’Neill Leitner

Village Clerk

08-25-05