Chairperson Booher called the meeting to order at 1:35 p.m. at the Osceola County Courthouse in Reed City, Michigan.
Present: Chad Booher and Susan Vander Pol
Absent: Gloria Eisenga
Others: Lori Leudeman, County Treasurer and Bill Huss, Road Commission
Additions or Deletions to the Agenda: Discuss Refinancing Road Commission Building Bonds.
Motion by Vander Pol, supported by Booher to approve the agenda as presented. Motion was unanimously supported.
Public Comments: None.
Motion by Vander Pol, supported by Booher to approve the minutes of March 18, 2011 as amended. Motion was unanimously supported.
Discussion was held on refinancing the building bonds for the Road Commission buildings. County Treasurer Lori Leudeman, Bill Huss of the Road Commission and Susan Vander Pol, County Coordinator and Building Authority member will be having a conference call with the County’s bond counsel, Dickinson Wright, to discuss the options of refinancing and potential savings for the Road Commission. Tom Enright of Leonard Capital Markets has met with the Road Commissioners and feels there is adequate savings to be realized with a reissuance. There are different options available to finance, one through the Building Authority and another through Osceola County. The options will be reviewed and recommendations made to the Road Commissioners, County Board of Commissioners and the Building Authority.
Payment of Claims for 2004 Series Bond Payment and Administration Fee for Road Commission Garages Projects and LTGO Bond Payment to The Bank of New York Mellon – Courthouse/Jail Renovations
Brief discussion was held on the bond payments. The following motion was made:
Motion by Vander Pol, supported by Booher to pay the bond payment to The Bank of New York Mellon in the amount of $ 148,496.88 ($ 75,000 principal & $ 73,496.88 interest) and the Administrative Fee as well as the October payment of approximately $72,090.63 and the Administrative Fee as applicable; and the 1998 bond payment to The Bank of New York Mellon in the approximate amount of $ 15,687.50 (Interest) and the November payment of approximately $ 115,687.50 ($ 15,687.50 interest and $ 100,000.00 principle) or as amended and the Administrative Fee. Motion was unanimously supported.
Public Comments: None.
The meeting adjourned at 2:16 p.m.
Chad Booher, Chairperson Susan M. Vander Pol, Secretary
Osceola County Coordinator