City of Rock Falls Finance/Insurance/Investment Committee met April 25.
Here is the minutes provided by the Committee:
Topic; Discussion; Plan of Action:
I.Call to Order @ 5:00p.m. - Chairman Kuhlemier; The meeting was called to order at 5:00 p.m.; Meeting begins at 5:00 pm
2.Public Comment; None; No action
3.Approve Minutes
a.February 28th, 2017
b.March 28th, 2017
c.March 29th, 2017;
The committee reviewed the minutes of the 3 previous meetings.; Minutes approved
4. New Business:
a.Write-offs - Diane Hatfield;
The committee reviewed the write - off list. Walgreens had bulk waste stickers sales that cannot be collected.; The Committee recommends the write- offs be sent to Council for approval.
5. Update on Bond Closing; City Administrator Robbin Blackert explained that the bonds will close on Thursday morning. She reviewed all of the costs associated with the bond issue.
Bond Counsel to Chapman and Cutler was $35,000.
Disclosure Counsel with Chapman and Cutler was $7500.00. S&P Global Ratings Fee was $10,800.
The total of $4,648,000will be deposited to the paying agent, Sauk Valley Bank, they will invoice the City every year.
There will be two fiber accounts set up. One for taxable, and one for tax-free bond proceeds.
Alderman Kuhlemier praised Baird for their help in making this possible.
Adm. Blackert said that it has been a learning curve for all involved.
6.Municipal Investment Reports; The report was reviewed b the committee.; Report Accepted
7. Committee Member Items
Mayor Wescott mentioned that the Electric Committee reviewed a rate study from EFS. The Purchase Power Adjustment has in the past bee hard for customers because it can fluctuate greatly from month to month. Customer's bills can be much higher with the same usage. The new system will blend the PPA over 12 months to reduce these peaks and valleys. This rate study has been being worked on for 1/2 years. An ordinance will set the rates for five years, and the PPA will be adjusted yearly.
Alderman Kuhlemier spoke on the PJM charges that northern Illinois utilities are forced to deal with vs MISO downstate.; No Action
7.Adjournment; With nothing else for the good of the committee, the meeting was adjourned at 5:50 p.m.
http://www.rockfalls61071.net/download/agendas_and_minutes/2017_agendas_and_minutes/2017_committees_boards_and_commissions/finance_insurance_investment_committee/2017_finance_minutes/04-25-2017-Finance-Committee-Minutes.pdf
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