Finance Authority Minutes
April 12, 2017
A meeting of the Upper Mohawk Valley Regional Water Finance Authority was held in the Water Authority Conference Room on April 12, 2017. The meeting was called to order at 12:05 PM. The following persons were present:
Upper Mohawk Valley Regional Water Finance Authority
Vincent Gilroy, Chairman
William Barry, Treasurer
Thomas Nelson
Joseph Silberlicht
Absent
Eric Linder
Others Present
Patrick Becher, MVWA Executive Director, Finance Authority Secretary
Jim Korfonta, MVWA Comptroller
Jolie Murray, Administrative Assistant
Meeting was called to order by Mr. Gilroy at 12:05 PM.
ITEM # 1 – APPROVAL OF AUGUST 3, 2016 MINUTES.
Mr. Gilroy requested a motion to accept the August 3, 2016 minutes; Mr. Nelson made the motion to accept the minutes seconded by Mr. Barry. Vote: (4) Ayes. (0) Nays. (0) Abstains. Motion Carried.
ITEM # 2 – ELECTION OF OFFICERS
After some discussion Mr. Nelson made a motion to accept that current officers will remain the same accept the current Treasurer, William Barry, will be replaced by Joseph Silberlicht, seconded by Mr. Barry. Vote: (4) Ayes. (0) Nays. (0) Abstains. Motion Carried.
ITEM #3 – LEASE FINANCING OF CONSTRUCTION EQUIPMENT
A resolution securing of financing for the purchase of five (5) pieces of equipment listed was distributed for review and approval. Mr. Becher explained every year we buy vehicles to replace what is in our fleet and paid for out of operating cash. Mr. Becher further explained this year we had pieces of equipment that we don’t buy on a regular basis that if f we were to add this expense on top on what we have in the regular budget for vehicle replacement it would have added approximately 2 points to the most recent rate increase therefore it was decided to do a lease purchase and spread it out over a couple years. These pieces of equipment are larger pieces of equipment with a longer life expectancy and not something we would buy year in and year out. Mr. Becher also added we always have a requirement for competitive bids which Jim Korfonta would do and that Bond Counsel recommended this be authorized by the Finance Authority. After further discussion Mr. Nelson made a motion to accept Lease Financing with the discussed changes to the Resolution to be made by Herb Cully of Calli & Calli as follows: Joseph Silberlicht being Present, Eric Linder being Absent and the additional Whereas paragraph as discussed be included, seconded by Mr. Barry. Vote: (4) Ayes. (0) Nays. (0) Abstains. Motion Carried.
ITEM # 4 – STATEMENT OF INVESTMENTS
Jim Korfonta explained the Statement of Investments. He explained the Public Authorities Law requires they provide the Finance Authority an Investment Statement from time to time and that both boards reviews and approves said statement. What’s included is the balances of the investments they currently have as of September 2016. A motion was made by Tom Nelson to accept the Statement of Investments, seconded by Mr. Barry. Vote: (4) Ayes. (0) Nays. (0) Abstains.Motion Carried.
ITEM # 5 – OLD BUSINESS
Mr. Becher provided an update on the law suit and the breach of contract.
ITEM # 6 – NEW BUSINESS
Mr. Korfonta distributed the Audit and gave a brief discussion.
ITEM # 7 – ADJOURNMENT
There being no further business, Mr. Gilroy requested a motion to adjourn. Mr. Nelson made the motion seconded by Mr. Nelson.
Vote: (4) Ayes. (0) Nays. (0) Abstains.Motion Carried.
Meeting was adjourned at 12:42.
Respectfully submitted,
__________________________
Patrick J. Becher, Secretary
UMV Regional Water Finance Authority
PJB/jm