DEBT MANAGEMENT COMMISSION

Transcription

1 DEBT MANAGEMENT COMMISSION CLIFFORD EKLUND JON KARR STEVE GUITAR CHARLIE MYERS ROBERT F. SCHMIDTLEIN PAUL STEVENS LYNNE VOLPI STATE OF NEVADA, ) COUNTY OF ELKO. ) ss. The Debt Management Commission met in regular session on August 19, 2014, at 10:00 a.m., in Suite 102 of the Nannini Building, at 540 Court Street, Elko, Nevada. There were present: ABSENT Debt Management Member Cliff Eklund Debt Management Member Jon Karr Debt Management Member Steve Guitar Debt Management Member Charlie Myers Debt Management Member Robert Schmidtlein ABSENT Debt Management Member Paul Stevens ABSENT Debt Management Member Lynne Volpi Others Present: Deputy County Clerk Marilyn Tipton Deputy County Clerk Michele Merkley Elko County School District Superintendent Jeff Zander Elko County School District Jerri Norton City of West Wendover CFO Michelle Giovo W. Wendover Recreation District Director Jamey Richardson City of Carlin Interim Manager David Jones --- CALL TO ORDER: Vice Chairman Karr called the meeting to order at 10:03 a.m. Vice Chairman Karr noted for the record that a resignation letter had been submitted by Lynne Volpi. PAGE 1

2 Roll Call: Paul Stevens and Cliff Eklund were not in attendance at this time. 10:03:40 AM: I. COMMENTS BY THE GENERAL PUBLIC: There were no comments by the general public. 10:03:58 AM: II. APPROVAL OF MINUTES: Approval of preceding minutes dated February 25, MOTION: Commissioner Myers moved to approve the preceding minutes dated February 25, Commissioner Guitar seconded the motion. Commissioners Myers, Guitar and Karr voted aye. Commissioner Schmidtlein abstained. The motion passed by majority vote. 10:04:23 AM III. REVIEW OF POLICIES, PLANS and INDEBTEDNESS REPORTS: Central Dispatch Administrative Authority: MOTION: Commissioner Myers moved to approve the Central Dispatch Administrative Authority s Indebtedness Report. Commissioner Guitar seconded the motion. The motion passed unanimously. City of Carlin: Commissioner Myers commented the document was easy to follow and voiced appreciation for its new form. Vice-Chairman Karr agreed the document was easier to read. MOTION: Commissioner Myers moved to approve the City of Carlin s Indebtedness Report and Debt Management Plan. Commissioner Guitar seconded the motion. The motion passed unanimously. City of Elko: Commissioner Myers stated on page 10 they had added in the overall debt capacity the $3 million dollar proposed bond for the Police Department. However, in the document itself under Medium-Term Obligation it shows the $3 million dollars but on the question (2) of the Indebtedness Report Has your local government approved any new Medium-Term Obligation issues since July 1, 2013? the City answered no. He was unsure if they were looking at the year so they replied no but they added it in everywhere else. He did not mind them approving the report with a clarification from the City. Commissioner Schmidtlein noted it ended in the fiscal year. Commissioner Myers commented the question read since July 1, He PAGE 2

3 inquired when the City Council actually approved the bond. Commissioner Schmidtlein replied at their last meeting. Commissioner Myers questioned why it was added in this year s report and believed it would have appeared in next year s report. He commented it was added in the mid-term general obligation of the City but it was not in interim financing. Commissioner Schmidtlein stated that was for FY and would show up in that report. Commissioner Myers requested that there be a clarification included in their motion. Commissioner Schmidtlein noted on page 10 when they look at the general obligation debt there was a percentage of assessed valuation which was the current but the new debt would be $12,315,000 which would show a general obligation debt per capita of $ and it would bring it to a general obligation debt at an assessed valuation of 2.88 percent. He stated that was his own personal calculations. Commissioner Myers stated Mesquite was at $21 million dollars in general obligation and were at $12,000 per capita but we were only at $9 million dollars but we will be at $ 603 per capita. Commissioner Schmidtlein stated we would be at $12 million dollars in general obligation. MOTION: Commissioner Myers moved to approve the City of Elko s Indebtedness Report with a clarification on the mid-term financing from the Clerk. Commissioner Schmidtlein seconded the motion. The motion passed unanimously. City of Wells: Commissioner Myers had reviewed the ed report and believed it was easy to understand the report because she had done the report in excel. MOTION: Commissioner Myers moved to approve the City of Wells Indebtedness Report. Commissioner Guitar seconded the motion. The motion passed unanimously. City of West Wendover: Commissioner Myers stated this was a good document and Michele had captured the mid-term financing on the 17 th of June. He commented that she had noticed there would be an amended C-1 to be filed to correct the outstanding balances under medium-term obligation. MOTION: Commissioner Myers moved to approve the City of West Wendover s General Indebtedness Report and Capital Improvement Report. Commissioner Guitar seconded the motion. The motion PAGE 3

4 passed unanimously. County of Elko: Commissioner Myers stated the County s report was more difficult to review because of the multiple unincorporated towns of Jackpot, Tuscarora Water District, Montello, and Mountain City. He noted the different towns were broken out individually. MOTION: Commissioner Myers moved to approve the County of Elko s Indebtedness Report. Commissioner Guitar seconded the motion. The motion passed unanimously. Elko Convention & Visitors Authority: Commissioner Myers noted Delynn Jones put in the possible expansion of the Convention Center in a separate building which would be a build to lease, and the costs associated with that. He stated there were also some initial capital improvements and resurfacing mentioned at the Convention Center. Commissioner Myers stated the total project would be $8.5 million dollars and phase 1 would be $2 million dollars for the capital improvement costs. MOTION: Commissioner Myers moved to approve the Elko Convention & Visitors Authority Indebtedness Report and Debt Management Plan. Commissioner Guitar seconded the motion. The motion passed unanimously. Elko County Recreation Board: Commissioner Myers commented they had no debt. MOTION: Commissioner Myers moved to approve the Elko County Recreation Board s Indebtedness Report. Commissioner Guitar seconded the motion. The motion passed unanimously. Elko County School District: Commissioner Myers commented under general obligation for the counties the Elko County sat at zero debt but some of the other counties had a huge debt per person. MOTION: Commissioner Myers moved to approve the Elko County School District s Debt Management Policy and Indebtedness Report. Commissioner Guitar seconded the motion. The motion passed unanimously. Elko Television District: Commissioner Myers stated there were additions and replacements to the radio systems and they were showing accountability for the tax funds they received. PAGE 4

5 He knew at one time they wanted to turn the taxes to the Elko Convention Center but wanted to have the ability to retract them. However, once they award the taxes they cannot be pulled back. Commissioner Guitar stated they were only utilizing half of the ad valorem and they had given back half of those fund because they were not utilizing the funds. He stated they were very self-supportive. Commissioner Karr inquired where those funds were returned to. Commissioner Myers stated it would go back to the individual tax statements which lowered the tax rate. He stated Paul Gardner wants to absolve the district but once they absolve it, then they could not get the district back. Commissioner Guitar stated they were told they could not give their tax appropriations to the Convention Center and then take them back so they were keeping those funds allocated. MOTION: Commissioner Myers moved to approve the Elko Television District s Indebtedness Report. Commissioner Schmidtlein seconded the motion. The motion passed unanimously. West Wendover Recreation District: Commissioner Myers commented this was another good document and she had done a good job as always. He inquired about refunding the bonds. Jamey Richardson, West Wendover Recreation District, stated last April of 2013 they refinanced their bonds which reduced the interest rate to 2.5% and they also had a restricted reserve fund which was attached to the prior issuance that paid down the balance. She explained that was why their balance dropped dramatically in preparation to do a series B to build the proposed recreation center. Jamey Richardson stated the financing never came through because the proposals wanted to tie up the unrestricted fund more than the board was willing to do so the project was on hold. Jamey Richardson commented room tax and other revenues had taken a dip and they were thankful they did not have a recreation center to pay for at this time. She stated they hoped not to use the reserve fund. She stated their debt service was $30,000 less per month. Jamey Richardson the recreation center was still on the plan. MOTION: Commissioner Myers moved to approve the West Wendover s Recreation District s Debt Management Policy and Plan. Commissioner Guitar seconded the motion. The motion passed unanimously. 10:20:30 AM: IV. COMMISSIONER AND STAFF COMMENTS: Commissioner Myers commended the entities on their preparation of their reports because they were much easier to read and understand. He acknowledged PAGE 5

6 the reports involved a lot of effort. Commissioner Guitar stated as the newest member he was also able to understand them and thanked the entities. 10:21:23 AM: V. COMMENTS BY THE GENERAL PUBLIC: No public comment was submitted. 10:21:48 AM: VI. ADJOURNMENT: MOTION: Commissioner Myers moved to adjourn. Commissioner Guitar seconded the motion. The motion was passed unanimously. There being no further business to come before the Board, the Chairman adjourned the meeting at 10:21 a.m. APPROVED ATTEST: MARILYN TIPTON, Deputy Clerk JON KARR, Vice-Chairman PAGE 6