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The special
meeting of the Doylestown Township Board of Supervisors was held
at 9:00 a.m. on Tuesday, June 3, 2008, in the Doylestown
Township Municipal Building, 425 Wells Road, Doylestown, PA.
Members of the Board of Supervisors in attendance included
Barbara N. Lyons, Chairman, E. Thomas Scarborough, Jr., Vice
Chairman, Cynthia Philo (via phone), Jeffrey A. Bennett. Others
in attendance: Stephanie Mason, Township Manager, Jeff Garton,
Chief Stephen White, and William Wightman. Absent: Barbara
Eisenhardt.
The meeting
opened at the pledge of the flag.
Announcements:
The meeting of
the Board of Supervisors is scheduled for June 17, 2008.
Consideration of a Proposed Ordinance to Authorize the Issuance
of Non-Electoral Debt and the Award of a Qualified Interest Rate
Management Agreement:
Michael Wolf of
Boenning & Scattergood, Inc. was present and provided the Board
with a handout which showed a graph of the currently refunded
series from 1998 & 2000 and the upfront cash from the pool loan
from the Delaware Valley Regional Finance Authority that the
Township will be receiving in the amount of $206,543 or 4.77%.
It also provided information about cash at settlement again
identifying the $206,543 and the cost associated with the
issuance in the amount of $29,456.69. Provided a debt service
schedule on the accrual basis which showed the principal
interest of 3.51% over the life of the loan. It also provided a
sheet on the estimated debt service payments before and after
the issuance of the general obligation note for 2008. This
showed the cost savings over the life of the loan which was a
net of $1,045.48. Also the proposed ordinance.
Mr. Garton
indicated that he was satisfied with the documentation provided
and the advertisements relating to the proposed ordinance.
Mr. Wolf
indicated that the target that the Board was hoping to achieve
of 4% or $187,000 has been exceeded.
Mr. Bennett
asked about the advertisement with the maximum interest rate at
15%.
Mr. Wolf
indicated that page is supplemented with a different page when
the actual ordinance is provided and when it’s executed, it’s a
boiler plate document.
Mr. Bennett was
concerned about the advertising reference in use and proceeds
for construction of the public works storage garage or other
capital projects.
Mr. Wolf
indicated that the monies must be used for capital projects
within a three (3) year period and the second advertisement,
once adopted, will indicate that it will be used for other
capital items, but the current budget did show a capital project
and so that is why it was referenced.
Ms. Philo
inquired about spending the money and being able to account and
keep the interest.
Mr. Wolf and
Mr. Garton indicated that “yes”, interest earned would be kept.
Mr. Bennett
asked a question and indicated that a member of the Ways and
Means Committee was concerned about covenants or any
restrictions related to the Township’s Annual Budget.
Mr. Garton and
Mr. Wolf indicated that as part of the taxing authority of the
Township, the bond payment must be allocated annually in the
budget to suffice the bond, which the Township has been doing
since we initiated debt in the late 1990’s.
On motion of
Mr. Scarborough, seconded by Mr. Bennett, the Board of
Supervisors approved the ordinance as advertised and adopted and
authorized the execution of the Qualified Interest Rate
Management Agreement.
Being no
further discussion, the Board of Supervisors approved the motion
on a vote of 4 to 0.
The Board of
Supervisors thanked Mr. Wolf for his assistance in bringing us
to this point.
Ms. Mason asked
for consensus from the Board for the Chairman to execute a
proclamation for Craig Shaner whose Eagle Scout ceremony is
scheduled for this Saturday, June 7, 2008. The consensus was
provided
Ms. Lyons
indicated that she was meeting with Maggie Rash, Chairman of the
Buckingham Township Board of Supervisors, later in the morning
to talk preliminarily about the proposed Hancock Development and
wanted to know if the Board had any suggestions that she should
take with her.
Ms. Philo
indicated that she’d like to know what Buckingham’s interest is,
what they are thinking they would like to see developed on the
property in their community as well as in ours. It will be
interesting to hear what will work so that it will be beneficial
to both communities.
Ms. Lyons
indicated that she would report back about her meeting at the
next Board meeting.
Being no
further business, the meeting adjourned at 9:18 AM.
Respectfully
submitted,
Stephanie
Mason, Secretary |
Authored by Development Solutions