HomeMy WebLinkAbout2012-06-04 Finance Committee Minutes
FINANCE COMMITTEE
June 4, 2012 at 5:00pm
Minutes
Councilors: Durgin, Blanchette, Weston, Gallant, Longo, Sprague,
Baldacci, and Gratwick
Staff: Cyr, Conlow, Dawes, Caruso, McNeil, Morgan, and Hamilton
Others:
1. Consent Agenda
a. Contracts awarded by staff – May 2012
b. Resolve 12-184, Accepting & Appropriating Grant Funds – Shelter Plus Care
Renewal
c. Community Care Team Contract
A motion was made to move with Consent Agenda, it was seconded and approved.
2. Bids/Purchasing
a. Barkersville Sewer Separation Project – Engineering – Lou Silver, Inc -
$226,187
Cyr stated that this sewer work is on Buck Street. After discussion of Lou Silver, Inc.,
their past work and good reputation, a motion was made to move, it was seconded,
and approved.
b. Used Bus Purchase – Community Connector
Cyr talked about our 3 oldest buses (1996’s) which are spares, have over 700,000 miles
each and are being considered for disposal. We were contacted by the Metro System in
Portland who has 3 buses (all year 2000) for sale to us at $4500 per bus. (including
additional parts and supplies that they have on hand) Each bus has approximately
300,000 miles. They have been inspected by D.O.T. as well as Bob Dawes and are in
good working order.
The recommendation is to purchase the 3 buses to be used as spares at $4500 each
and dispose of our old buses. The money is available within the operating budgets of
both the Bangor B.A.T. and other communities.
A motion was made, seconded and approved to purchase the buses.
3. Resolution Approving the Details of the City’s Bond Anticipation Notes
(Resolution of details regarding the Arena BANs will be provided at the meeting)
Cyr explained that the Finance Committee and Council approved the City issuing up to
$30 million in bonds for the Arena Project or Bond Anticipation Notes thereof. There is
currently a cash flow issue with the payments that we are making on this, so we would
like to do interim financing until we issue the permanent dept. Five responses came
back from various financial institutions in Maine for the funding
The recommendation from Staff is to award a $20 million block from TD Bank at a rate
of .88% fixed, 1 year term and a $10 million block from to Camden National, a variable
rate of 1.31%. A motion was made, seconded and approved to approve the resolution
detailing the City’s bond anticipation notes.
4. Executive Session – Hardship Abatement – 36 MRSA §841 (2)
5. Open Session – Hardship Abatement Decision
A motion was made, seconded and approved for staff recommendation.
Committee adjourned at 6:10 pm.