121806 EDA Min
CITY OF SHOREWOOD
ECONOMIC DEVELOPMENT AUTHORITY MEETING
MONDAY, DECEMBER 18, 2006
5755 COUNTRY CLUB ROAD
COUNCIL CHAMBERS
6:00 P.M.
MINUTES
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
President Love called the meeting to order at 6:05 P.M.
A.
Roll Call
Present:
President Love; Boardmembers Callies and Turgeon; Executive Director Dawson
Assistant Executive Director Nielsen; Attorney Keane
Absent:
Boardmembers Lizee and Wellens
B.
Review Agenda
Without objection from the Board, President Love proceeded with the Agenda for the meeting.
2. APPROVAL OF MINUTES
A. EDA Minutes of November 27, 2006
Callies moved, Turgeon seconded, Approving the EDA Meeting Minutes of November 27, 2006, as
presented. Motion passed 3/0.
3. NEW BUSINESS
A. Resolutions Awarding Sale of Refunding Bonds for Public Safety Facilities
Executive Director Dawson and Paul Donna of Northland Securities, Inc., reviewed the terms of the sale.
The minimum net savings for the Series 2007 A and 2007C issues, related to fire facilities, had been
established at $328,573; the terms of the proposed sale would yield net savings of $409,832. The net
interest costs were 4.15% on Series 2007A, and 4.09% on Series 2007C. The minimum net savings for
the Series 2007B issue, related to the police facility, was established at $2242,672; the terms of the
proposed sale would yield net savings of $328,573. The net interest cost on Series 2007B was 4.15%.
Closing on the bond sale would occur in January 2007.
Callies moved, Turgeon seconded, Adopting
1. RESOLUTION NO. 06-002, "A Resolution Awarding the Sale of Public Safety Fire Facility
Lease Revenue Crossover Refunding Bonds, Series 2007 A";
2. RESOLUTION NO. 06-003, "A Resolution Awarding the Sale of Public Safety Fire Facility
Lease Revenue Crossover Refunding Bonds, Series 2007B"; and
3. RESOLUTION NO. 06-004, "A Resolution Awarding the Sale of Public Safety Fire Facility
Lease Revenue Crossover Refunding Bonds, Series 2007C".
Motion passed 3/0.
CITY OF SHORE WOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING MINUTES
December 18, 2006
Page 2 of2
4. ADJOURN
Turgeon moved, Callies seconded, Adjourning the Shorewood Economic Development Authority
Meeting of December 18,2006, at 6:16 P.M. Motion passed 5/0.
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Christine Lizee, President
ATTEST:
Craig W. Dawson, Executive Director