302 Main Street Old Saybrook, Connecticut 06475-1741
REGULAR MEETING June 18, 2013 7:00 P.M. Town Hall First Floor Conference Room |
|
|
|
|
- CALL TO ORDER: Mr. LaMay called the meeting to order at 7:01 p.m.
BOF Attendant Members Absent Members
David LaMay, Chairman Derrik Kennedy
Brad Thorpe, V. Chairman Breck Lindley
Barry O’Nell
Tom Stevenson
John O’Brien
In Attendance
Carl Fortuna, First Selectman
Bob Fish, Treasurer
Michael Evangelisti, WPCA Director
Gratia Lewis, WPCA Finance Coordinator
Elsa Payne, WPCA Chairman
Bruce Chudwick, Bond Counsel WPCA
Gerri Lewis, Clerk
- PLEDGE OF ALLEGIANCE: Mr. LaMay led in the Pledge of Allegiance.
- PUBLIC COMMENT: None
- APPROVAL OF MINUTES 6/4/13
A motion to approve the minutes as presented was made by Mr. O’Brien, seconded by Mr. O’Nell. Motion passed.
- INVESTMENT POLICY STATEMENT ADOPTION – ACTION REQUESTED
Treasurer Fish gave details on the statement and recommended adoption. After a brief discussion, the Board decided to table this issue due to some questions they had with regard to the Delegation of Authority. The Board did not feel comfortable with the wording and wanted to take the time to re-look at this aspect of the Investment Policy Statement.
A motion to table the adoption of the Investment Policy Statement was made by Mr. O’Nell, seconded by Mr. O’Brien. Motion passed.
Bruce Chudwick, Bond Counsel for the WPCA and an attorney at Shipman & Goodwin discussed the Clean Water Fund (CWF) Financing and Benefit Assessment Process. He brought the BOF up to speed with the bonding process.
He noted that the Bond Authorization that was approved on August 11, 2009 was for $42,171.200.
Phase I:
April 2010, BOS and WPCA approve request for CWF funding. The project Loan and the Project Grant Agreement was dated January 6, 2011 for a Total Project cost of $10,178,003; only $10,000,000 was CWF eligible.
CWF Cost Allocation as follows:
State Grant - $2,346,875
State Loan - $7,653,125 Consisting of General Obligation Bonds of $2,551,042;
Special Assessment Bonds of $5,102,083;
The Scheduled Completion Date for Phase I is December 30, 2013.
Interim Funding Obligation (construction draw loan – town draws money from the state) to pay project costs for up to six months after Scheduled Completion Date, then Project Loan Obligation repayments begin.
Monthly payments beginning the month after Scheduled Completion Date, or 1/20 of total principal amount not later than one year later Scheduled Completion Date, and monthly payments thereafter.
Through May 31st, 2013, $3,506,573 of Clean Water Fund payments were received, consisting of:
$ 802,200 in grants
$2,704,373 in loans
Phase I is approximately 35% complete.
Benefit Assessment Process: This policy was adopted by WPCA on November 1, 2010. Draft benefit assessments were prepared for Saybrook Acres and Oyster River East projects. WPCA held a Public Hearing on draft benefit assessments on February 26, 2013. The final benefit assessments were tabled.
Next action steps: Mr. Chudwick noted that the next steps are to continue and complete Phase I projects; continue analysis of all Phase I costs; and finalize benefit assessments.
Mr. Chudwick advised the WPCA/Town of Old Saybrook to make a formal request to the State to extend the Scheduled Completion Date so that Phase I projects can be completed, final benefit assessments can be made and benefit assessment payments can begin. He will be in attendance to make this request.
The Board, again, had questions with regard to the AT System selection process; construction of upgrades; construction oversight and phase completion. Mr. Evangelisti, Ms. Gratia Lewis and Ms. Payne were present to answer questions.
FINANCE DIRECTOR REPORT: None
Mr. Fortuna brought the Board up to date and briefly discussed the following:
- Close to closing out Sidewalk project;
- Approximately 130 citizens applied for elderly tax benefit;
- Looking into gas heat for Y&FS building; siding down the road;
- State Revenues coming in as projected;
- Dispatchers contract signed and approved;
- OSPD negotiations start July 1, 2013;
- Middlesex Community College has committed to come to Old Saybrook;
- CIRMA insurance information;
- Middlesex United Way; see story in Harbor News;
- Northeast Utilities Energy Audit;
- Town Dock construction update; HMC investing their own monies;
- Rte. 1 Committee met with developer;
- New WPCA Administrator: Neil Amwake; Professional Engineer and MBA;
- Looking at hiring IT person; spoke to Larry Hayden; 25 hrs. per week; 30 years at Pfizer;
- Road endings; Cornfield Pt. out to bid this week;
- Schools news: Middle School new roof; Goodwin School: Windows
Mr. Stevenson noted that as reported above by Mr. Fortuna, the school renovations are on target.
Mr. LaMay reported to the Board that they will have a joint meeting with the Board of Education on their regular meeting night of July 2, 2013. He will keep the Board up to date on this. They will be meeting at the Board of Education office.
Mr. LaMay thanked everyone and asked for a motion to adjourn.
This meeting in its entirety was recorded and on disc in the Town Clerk's office.
A motion to adjourn was made by Mr. Thorpe and seconded by Mr. O’Neill at 8:50 p.m.
Submitted,
Gerri Lewis, Clerk
| 
