HomeMy WebLinkAbout2014-03-17 Finance Committee Minutes
FINANCE COMMITTEE MINUTES
March 17, 2014 @ 5:15 pm
Council Members: Plourde, Civiello, Baldacci, Sprague, Durgin, Blanchette, Gallant,
Graham, Nealley
Staff Members: Little, Cyr, Moore, Conlow
1. Consent Agenda
a. CDBG Project- Downtown Signage Production – Caron Signs - $18,251
Director Cyr stated that the Finance Committee granted permission to gather quotes.
Caron Signs was awarded the project in the amount of $18,251. The Committee
acknowledged this award.
2. Bids/Purchasing
a. Sodium Hypochlorite – WWTP – KA Steel Chemicals - $79,200
Director Cyr explained that this is a chemical needed for the waste water treatment
process. Staff recommendation is to award KA Steel Chemicals the contract in the
amount of $79,200 which is an estimated amount.
Councilor Durgin moved, Councilor Blanchette seconded, so approved.
3. Resolution of the Finance Committee Approving the Details of the 2014
Series A Bond Issues
Director Cyr stated that the City sold its Bonds last Wednesday on the open market.
We received 8 bids which shows we do well in a competitive environment. We awarded
the bid to Stefil Nickolas & Company. The average true interest cost is 2.72% with an
average life on the bonds of 9.56 years. These are for the most part 20 year bonds.
Councilor Blanchette moved, Councilor Nealley seconded, so approved.
4. Review of Draft Matured Property Tax or Sewer Lien Policy
Director Cyr stated that the Council wanted to review this policy. The existing policy
was revised to reflect the direction to date. The revised policy was discussed in detail
and it was noted that it is not possible to write a policy that will give detailed steps for
each case. This gives staff a little leeway to deal with issues on a case by case basis.
The policy is available on our website and upon request.
Committee Council members discussed the policy and its possible pros and cons.
Councilor Blanchette moved, Councilor Durgin seconded, so approved to recommend to
Full Council two weeks from Monday.
5. Overview of Hardship Abatement Statute/Process
Director Cyr stated that hardships abatements are provisions that are set in State
Statute. We are obligated to offer and help with hardship abatements. Cyr explained
details about the lengthy process.
Councilor Baldacci is encouraged with the drop in numbers of hardship abatements.
Councilor Durgin asked that the form be updated for housekeeping type issues.
Adjourned at 5:59pm.