HomeMy WebLinkAbout2006-05-01 Finance Committee Minutes '
FINANCE COMMITTEE ,
May 1, 2006
Minutes �
Councilor Attendance: Palmer, Farrington, Hawes, D'Errico, Gratwick, Allen
Staff Attendance: Barrett, Arno, Pellegrino, Olson, Dawes, Comeau,
Birch, Mitcheil, C�rr, Bates, Hamer, Hupp, Enman, �
Littie, Yardley
Others: Gagnon, Packard, �
i. Consent Agenda �
A motion was made and seconded to approve the consent agenda items:
a. Quitclaim Deed — Bazinet— 740 Pushaw Road �
b. Quitclaim Deed — Coffin— 200 14"' Street
c. Quitclaim Deed — Lloyd —21 I Street
d. Payment Settlement—Cole — 17 Fieldstone Drive �
2. Bids/Purchasing
a. 4 WD Tractor— Motor Pool — Dorr's Equipment - $13,760 �
The tractor will be used by the Parks and Recreation Department. It wili
replace a 40 year old tractor. Dorr's is the lowest responsive bidder; there
were a couple of lower bids which did not meet all of the specifications. A /
motion was made and seconded to approve staff recommendation. ■
b. Golf Carts —Golf Course— MTS Associates - $12,450 �
Each year, a number of carts are traded in and bids are sought for two-year
old carts. The carts from MTS Associates are one-year. Enman said they are �
newer carts at a lesser price. A motion was made and seconded to approve
staff recommendation. Gratwick questioned the out of state
recommendation. Enman said the MTS are offering 2006 carts as opposed to �
2004 from another responder. D'Errico pointed out that the Golf Course is an
enterprise fund and operates on its own revenues. Enman spoke about
gasoline prices. He has requested a price comparison for gasoline vs. electric �
from various vendors.
c. Request to Waive Bid Requirements—Towing Contract — Police �
Pellegrino briefed the Committee indicating that the City has had a towing
contract with Union Street Citgo for several years. Citgo pays the City
$10,700/annually and has an impound lot within the City limits that is large !
enough to accommodate the City's needs. Pellegrino indicated there was
not a need to go out for a competitive bid process as there are no other
towing companies with impound lots. Arno said that it is important for the ,
Police Department to have a responsive towing company to work with. In his
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� 3. Request to Purchase City Property
1 This item was postponed to the next Finance Committee due to the request of
the individual requesting to purchase City properly.
� 4. Council Order 04-112, Authorizing the Issuance of$5,470,000 in
General Obligation Bonds
In getting ready to make the annual bond issue in May, Cyr checked to see what
� is currently outstanding for debt. There is a 1994 issue outstanding with interest
rates that are significantly higher than what would be paid now. The proposed
Order would authorize the issuance of $5.47M in bonds to refinance about $5.3M
� of bonds. The City will be able to realize approximately $410,000 in savings over
the next seven years. A motion was made and seconded to recommend approval
� of Council Order 04-112 to the full Council.
5. Council Order 04-113,Amending CO 03-275, Authorizing the Issuance
� of$7,757,100 in General Obligation Bonds
Cyr explained that this-Order would expand the authorized purposes of Council
Order 03-275 to include the purchase of land for the Police Department or other
� municipal purpose. A motion was made and seconded to approve the language
change in Order 03-275. The Order will be forwarded to the full Council for
approval.
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