Finance Authority Minutes
October 13, 2017
A meeting of the Upper Mohawk Valley Regional Water Finance Authority was held in the Water Authority Conference Room on October 13, 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
Joseph Silberlicht, Treasurer
William Barry - Retired
Patrick Becher, MVWA Executive Director, Finance Authority Secretary
Jim Korfonta, MVWA Comptroller
Richard Goodney, MVWA Director of Engineering
Jolie Murray, Administrative Assistant
Meeting was called to order by Mr. Gilroy at 12:07 PM.
ITEM # 1 – APPROVAL OF APRIL 12, 2017 MINUTES.
Mr. Gilroy requested a motion to accept the August 3, 2016 minutes; Mr. Linder made the motion to accept the minutes seconded by Mr. Nelson. Vote: (4) Ayes. (0) Nays. (0) Abstains. Motion Carried.
ITEM # 2 – HIRING OF ENGINEERING CONSULTANT
After a brief explanation as to why the Finance Authority hires an Engineering Consultant Richard Goodney, the Director of Engineering, recommended to the Board the hiring of Barton & LoGuidice out of Syracuse NY stating they are the best qualified and the best price. He also explained out of the three firms considered, O’Brien and Gere has done the Engineering Report for several years, GHD has also done a lot of work with the MVWA, Barton & LoGuidice would be a fresh set of eyes. Mr. Nelson made a motion to accept the hiring of Barton & LoGuidice to prepare the Engineering Report, seconded by Mr. Linder. Vote: (4) Ayes. (0) Nays. (0) Abstains. Motion Carried.
ITEM #3 – REVIEW OF DEBT SERVICE
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 – REVIEW OF INVESTMENT REPORTS
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.
Patrick J. Becher, Secretary
UMV Regional Water Finance Authority