Finance Authority Minutes
July 28, 2020
A meeting of the Upper Mohawk Valley Regional Water Finance Authority was held in the Water Authority Conference Room on July 28, 2020. The meeting was called to order at 12:08 PM. A quorum was established with the following persons present:
Upper Mohawk Valley Regional Water Finance Authority
Vincent Gilroy, Chairman
Joseph Silberlicht, Treasurer (by phone)
Eric Linder (by phone)
Herb Cully - Calli, Calli and Cully Law Firm
Patrick Becher - MVWA Executive Director, Finance Authority Secretary
Jim Korfonta - MVWA Comptroller
Rick McCarthy - Capital Markets Advisors, LLC (by phone)
The meeting was called to order by Mr. Gilroy at 12:08 PM.
ITEM #1 - APPROVAL OF JUNE 18, 2020 MINUTES
Mr. Gilroy requested a motion to accept the June 18, 2020 minutes; Mr. Silberlicht made the motion to accept the minutes seconded by Mr. Linder. Vote: (3) Ayes. (0) Nays. (0) Abstentions. Motion Carried.
ITEM #2 - REVIEW AND SELECTION OF UNDERWRITERS
Mr. McCarthy discussed the Request for Proposal process. He explained they were looking for a firm
that had an expertise in Water Revenue Bonds in the State of New York as well as expertise in the best
structure that would work in terms of the lowest possible debt service and familiarity with both water
and New York State pricing and state income tax. The RFP was sent to five (5) firms as a prequalification,
four (4) proposals were submitted. A Score Sheet along with an RFP Summary Page was
provided and explained. The different types of bonds were also explained. After some careful
consideration and the review of the score sheet, Mr. McCarthy made the recommendation to select
Raymond James. After some discussion amongst the Finance Authority members a motion was made
by Mr. Silberlicht to select Raymond James as recommended by Rick McCarthy as the Underwriters forthe Series 2020 Bond. The motion was seconded by Mr. Linder. Vote: (3) Ayes. (0) Nays. (0) Abstentions. Motion Carried.
ITEM #3 - SELECTION OF RATE CONSULTANT FOR OFFICIAL STATEMENT
Mr. Becher explained there is a part of the official statement that does a multi-year budget projection
and a rate comparison as well as other financial analysis. After some further explanation and discussion
on the history both Boards have working with Amawalk, Mr. Becher recommended to formally engage
Ed Markus of Amawalk as the Rate Consultant for the Official Statement as part of the team. A motion
was made by Mr. Linder to hire Ed Markus as the Rate Consultant for the Series 2020 Bond. The motion
was seconded by Mr. Silberlicht. Vote: (3) Ayes. (0) Nays. (0) Abstentions. Motion Carried.
ITEM #4 - DISCUSSION OF REFINANCING OPPORTUNITIES
Mr. McCarthy explained the 2012 Bonds are callable in 2022. Interest rates are low, if we call now the
MVWA could save approximately $200,000, plus the cost of issuance for a savings of a total of
$400,000. The size of the number is completely a function of the interest rates at the time the
refinancing is executed.
ITEM #6 - NEW BUSINESS
Rick McCarthy will let Raymond & James know they have been chosen. A kick-off meeting will be
scheduled. Herb Cully will review papers prior to Mr. Becher signing. New bond issues should take 60 -
90 to get new bond issue in place.
There being no further business, Mr. Gilroy requested a motion to adjourn. Mr. Silberlicht made the
motion seconded by Linder. Vote: (3) Ayes. (0) Nays. (0) Abstains. Motion Carried. Meeting was
adjourned at 12:45.
Patrick J Becher, Secretary
UMV Regional Water Finance Authority