September 18, 2008
Room 3220 Administrative Center
5:30 p.m.
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MEMBERS PRESENT: |
Steve Doyle, Tara Johnson, Tom Rauk, Vicki Burke, Sharon Hampson, Roger Plesha, Chuck Spiker, Don Meyer, Andrea Richmond |
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MEMBERS EXCUSED: |
None |
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OTHERS PRESENT: |
Steve O’Malley, Gary Ingvalson, Al Trapp, Mike Desmond, Ray Ebert, Brenda Krueger, Joe Murray, Terri Pavlic |
Chair Steve Doyle called the meeting to order at 5:34 p.m.
Supervisor Ebert had requested to have this resolution drawn up because he felt that the taxpayers should have the opportunity to weigh in on this issue, although the County Board has already voted in favor of supporting this project. Mike Desmond, from the UW-L Foundation, expressed that this project would be an asset to the County of La Crosse, as well as the entire region. Mr. Desmond feels that La Crosse County’s vote was extremely important in terms of keeping the momentum moving forward to raise the necessary dollars to complete this project. They had to meet with the consortium of banks (7 local banks that are financing the project) and then were required to produce a letter of credit for the State of Wisconsin. This was done after reviewing a list of major donors to the project and measuring their risk. Construction is underway, and to have the County pull out at this point would have a devastating affect. Supervisor Rauk was not in favor of having referendums for a $25,000/year line item in the budget. Chair Doyle strongly disagreed to having this question on a referendum this fall due to the amount of $25,000; he felt the wording would be misleading to the public; and also because the election this November is a national and state election – not a local election and that the public could not become educated about this issue in the 46 days to the election. MOTION by Rauk/Hampson to deny the resolution. MOTION by Rauk/Hampson to table the resolution. MOTION to table carried on a 7/2 vote; Burke & Spiker - no.
RESOLUTION DETERMINING TO ISSUE $8,200,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2008-B, OF THE COUNTY OF LA CROSSE, WISCONSIN, PROVIDING DETAILS, PRESCRIBING THE FORM OF BOND, AWARDING THE BONDS TO THE BEST BIDDER, AND LEVYING TAXES
This is a refinancing of the amount of money from the LEC primarily of existing debt that will save the County interest. Gary Ingvalson stated that we received three bids today and the winning bidder is Robert W. Baird (the other two were Fidelity Investments and Bernardi Securities). Gary indicated that we were hoping for better rates, but with what’s going on in the financial market currently, we are satisfied. MOTION by Johnson/Plesha to approve the resolution. Motion carried unanimously.
MOTION by Burke/Johnson to adjourn the meeting at 5:54 p.m carried unanimously.
The above minutes may be approved, amended, or corrected at the next Committee meeting.
Terri Pavlic, Recorder