101402 EDA AgP
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CITY OF SHOREWOOD 5755 COUN1'ltY CLUB ROAD
ECONOMIC DEVELOPMENT AUTHORITY MEETING COUNCIL CHAMBERS
MONDAY, OCTOBER 14, 2002 TIME: 8:00 r.M. or immediately
foUowinl Replar Council Meetinl
AGENDA
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
A. Roll Call
President Love
Garfunkel
Lizee .
Zerby -:....- .
Turgeon _
B. Review Agenda
2. APPROVAL OF MINUTES
A. EDA Minutes of September 12,2002 (Att.-#2A Minutes)
3. NEW BUSINESS
A. Approve Payment of Claims (Claims list wilt be distributed at the EDA meeting. Claims
are reimbursements to Excelsior Fire District for expenses since 200 1.)
4. OTHER BUSINESS
5. ADJOURN
CITY OF SHOREWOOD 5735 COUNTRY CLUB ROAD
ECONOMIC DEVELOPMENT AUTHORITY MEETING SOUTHSHORE CENTER
THURSDAY, SEPTEMBER 12, 2002 TIME: 6:15 P.M.
MINUTES
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
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President Love called the meeting to order at 6:57 P.M.
A.
Roll Call
Present:
President Love; Commissioners Garfunkel and Lizee; Executive Director Dawson;
Assistant Treasurer Burton; and EDA Financial Advisor Paul Donna
Absent:
Commissioners Turgeon and Zerby; Assistant Executive Director Nielsen
B.
Review Agenda
Without objection from the Board, President Love proceeded with the Agenda for the evening.
2. APPROVAL OF MINUTES
A. EDA Minutes of August 26, 2002
Lizee moved, Garfunkel seconded, Approving the EDA Meeting Minutes of August 26, 2002. Motion
passed 3/0.
3. NEW BUSINESS
A. Report on Offering of Financing for Facilities
1. Report by Financial Advisor, Paul Donna
Paul Donna, Financial Advisor for the Shorewood EDA, stated the financing received a very favorable
interest rate as evidenced in the graphic of the Treasury bonds he presented to the Board. He went on to
explain past history of this type of financing, noting financing interest rates for 30-year treasury bonds
were at their lowest level for 2002 at this time.
2. Report by Executive Director, Craig Dawson, re: Direction by EFD Board
and SLMPD COOI.dinating Committee
Executive Director Dawson stated the governing boards took action consistent with resolutions presented
this evening for approval and adoption. Funding was available to meet obligations through the first
payment in 2004, without any adjustments needed to cities' budgets.
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SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING MINUTES
September 12, 2002
Page 2 of2
B. Resolution for Approval of Terms of Financing for Public Safety Facilities Project
Lizee moved, Garfunkel seconded, Adopting RESOLUTION NO. 02-004, "A Resolution Awarding
the Sale of Public Safety Fire Facility Lease Revenue Bonds, Series 2002A." Motion passed 3/0.
Garfunkel moved, Lizee seconded, Adopting RESOLUTION NO. 02-005, "A Resolution Awarding
the Sale of Public Safety Police Facility Lease Revenue Bonds, Series 2002B." Motion passed 3/0.
Lizee moved, Garfunkel seconded, Adopting RESOLUTION NO. 02-006, "A Resolution Awarding
the Sale of Public Safety Fire Facility Lease Revenue Bonds, Series 2002C." Motion passed 3/0.
C. Authorization to Distribute a Portion of Bond Proceeds
Executive Director Dawson stated the EDA anticipated receiving bond sale proceeds for the Public Safety
Facility project before the end of September, 2002. Authorization to distribute these proceeds to the
appropriate parties was required.
Garfunkel moved, Lizee seconded, Authorizing the Distribution of Bond Proceeds upon receipt of
such proceeds, and Approving the Verified Claims List as presented. Motion passed 3/0.
4. OTHER BUSINESS
There was no other business to report on at this time.
5. ADJOURN
Garfunkel moved, Lizee seconded, Adjourning the Shorewood EDA Meeting of Septembel' 12, 2002,
at 7:05 P.M. Motion passed 3/0.
RESPECTFULLY SUBMITTED,
Sally Keefe,
Recording Secretary
Woody Love, President
Craig W. Dawson, Executive Director