For your consideration, please read the minutes from the Special Called Commission Meeting held on Wednesday, November 29, 2017.
Special Called Commission Minutes 11-29-17 with Attachments
To read the minutes, please open or download the pdf from the link above, or you may see more below:
Brunswick-Glynn County Joint Water and Sewer Commission
1703 Gloucester Street, Brunswick, GA 31520
Wednesday, November 29, 2017 at 4:00 PM
SPECIAL CALLED MEETING
Donald M. Elliott, Chairman
Clifford Adams, Commissioner
Michael Browning, Commissioner
Cornell L. Harvey, Commissioner
Steve Copeland, Commissioner
Dave H. Ford, Commissioner
Robert Bowen, Commissioner
Jimmy Junkin, Executive Director
Andrew Burroughs, Deputy Executive Director
Charlie Dorminy, Legal Counsel HBS
John D. Donaghy, Director of Finance
Todd Kline, Director of Engineering
Pam Crosby, Director of Procurement
Jay Sellers, Director of Administration
Chairman Elliott called the meeting to order at 4:03 PM.
PUBLIC COMMENT PERIOD
Chairman Elliott opened the public comment period. There being no citizens for public comment, Chairman Elliott closed the public comment period.
- Refunding 2010C Revenue Bond Issue – J. Donaghy / Courtney Rogers, Davenport & Company
John Donaghy advised that the refunding of the Series 2010C Bonds has been discussed. He added that over the past couple of week, staff along with Davenport & Company, Gray & Pannell, and Charlie Dorminy have put out a RFP for bid proposal, done an evaluation on those proposals and made a recommendation to move forward with this. He then introduced Courtney Rogers from Davenport & Company along with John Pannell from Grey and Pannell Bond Counsel. Mr. Rogers reminded the Commission on the background of the Bill that had been passed on and pending approval by Congress which would eliminate any savings from refunding after December 31, 2017. Mr. Rogers then continued to discuss the RFP for the refinancing of the bonds and the proposals that were received and the recommendation to approve the selection of Sterling National Bank to refinance the Commission’s 2010C Series Revenue Bonds. He presented the savings that will occur with the refinancing, and the results if the refinancing did not occur. The total outstanding debt would be reduced by $1.1M and the total interest would decrease by $6.4M. Mr. Rogers noted that the Special Called meeting was necessary due to the immediate need to take action were the Commission to decide to approve the recommendation to refinance the Series 2010C Bonds.
Commissioner Browning made a motion seconded by Commissioner Copeland to move that the JWSC approve the selection of Sterling National Bank to refinance the Commission’s Series 2010 C Revenue Bonds, that the Second Supplemental Bond Resolution be approved and that the Chairman and Executive Director be authorized to execute the required documents. Motion carried 7-0-0.
No Executive Session.
Chairman Elliott adjourned the open meeting at 4:25 pm.