HomeMy WebLinkAboutPACKET Town Board Study Session 2007-10-09/<6WN 6* //'-\\ 'tk--1:53/ TOWN BOARD STUDY SESSION Tuesday, October 9,2007 5:30 p.m. - 6:30 p.m. Room 130 170 MacGregor Ave. AGENDA 1. Funding for L&P Substation/Distribution System - Engage by the end of 2007. 2. Future Funding Issues a. Fairgrounds -Engage by First Quarter of 2008. b. Water Treatment Plant Expansion - Engage by early to mid 2008. c. Golf Course (Building Authority - C.O.P.s) - Engage late 2008.
. Audit Committee Memo To: Honorable Mayor Baudek and Board ofTrustees From: Steve McFarland, Finance Officer C: Town Administrator Repola Date: October 8,2007 Subject: Study Session/Proposed Light & Power revenue bonds Background The Town of Estes Park is considering several large capital projects for 2007-08 that will require financing. These projects include the new agreement with the golf course, the fairgrounds complex, the Light & Power substation and distribution systems, and the water treatment plant expansion. There are financial advantages to splitting these projects up between 2007 and 2008. The most efficient method of splitting these projects has the Light & Power projects commencing in 2007. For this to happen there is a series of steps that the Town needs to undertake in expeditious fashion. Jim Manire of James Capital Advisors has long been the expert that the Town has used in matters of public finance. Mr. Manire will speak to the Town Board in the study session, specifically about the Light & Power financing. Other projects may be discussed as time allows. Budget The 2008 Budget document allows for the proposed principal and interest payments in line items 502- 6700-470-41-01 and 502-670-470-41-02, respectively. These amounts are subject to change depending upon specific loan parameters, but were drawn from the HDR document section of the L&P financial plan. Action No action is being requested today. The Board will be asked to consider for approval the adoption of a Bond Parameters Ordinance during the October 23rd, 2007 Board meeting.
TOWN of ESTES PARK Light and Power Enterprise Proposed Light and Power Revenue Bonds Series 2007 Revised Timetable of Events as of October 4,2007 DATE EVENT September 21 Coordinating conference call with Bond Counsel September 24 Bond Counsel begins drafting of Bond Parameters Ordinance, POS, and sale documents; Disclosure questionnaire delivered by Bond Counsel to Town Finance staff October 5 Draft Bond Parameters Ordinance circulated October 9 Board Briefing prior to Regular Meeting of Town Board October 15 Draft Preliminary Official Statement and Notice of Sale circulated October 19 Conference call scheduled for comments on documents October 22 Revised drafts circulated October 23 Regular Meeting of Town Board; Adoption of Bond Parameters Ordinance October 24 Final Comments due on all documents Documents sent to rating agencies and insurors November 5 Ratings results received November 8 Insurance results received November 14 Preliminary Official Statement Printed; POS, Notice, and Bid form posted for prospective bidders November 27 Bids open at 10 am Mountain Time with electronic bidding December 11 Closing and Delivery of Bond Proceeds