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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 � � � . � 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. � � � � � � � . � � �