HomeMy WebLinkAboutMinutes - Water Finance Subcommittee - 4/8/2013 ACTION SUMMARY MINUTES
ORO VALLEY WATER UTILITY COMMISSION
FINANCE SUBCOMMITTEE MEETING
APRIL 8, 2013
WATER UTILITY CONFERENCE ROOM
11000 N. LA CANADA DRIVE
ORO VALLEY, AZ 85737
CALL TO ORDER at 10:05 a.m.
PRESENT: Winston Tustison, Chair, Finance Subcommittee
Betty Shapiro, Finance Subcommittee Member
Robert Milkey, Commission Chair
Shirley Seng, Water Utility Administrator
Philip Saletta, Water Utility Director
Call to the audience
No public attendance at the meeting.
Discussion of the following items occurred and no action was taken:
1. Discussion and possible action regarding a loan from the Water Infrastructure
Finance Authority of Arizona (WIFA)
a. Discussed the need to finance the meter replacement project.
b. Discussed the need to evaluate the financial benefits of financing through WIFA or
through a traditional bond issue as it relates to:
i. Interest rates
ii. Life of the loan
c. Discussed the timing of when the Utility would need the funds and that staff would
bring the issue back to the Commission for a final recommendation.
2. Discussion and possible action regarding refunding of the Series 2003 Excise Tax
Bonds
a. Discussion on the remaining balance owed on the Series 2003 Excise Tax Bonds that
could be refunded at a lower rate.
b. Discussed that the bond issues would not extend the term of the initial bonds— it would
still be a 6 year payoff.
c. Discussed the estimated costs to refund the bonds.
d. Discussed the estimated interest rate.
e. Discussed the estimated savings that would result from refunding the bonds.
f. Discussed the schedule for accomplishing the refunding.
g. Consensus to discuss with the full Commission to forward this item to the Council with
a recommendation to approve the refunding.
Adjourned at 10:45 a.m.
I hereby certify that I prepared the foregoing minutes and that they are a true and correct copy of the
minutes of the Finance Subcommittee meeting held on the 8th day of April 2013. I further certify that
the meeting was duly called and held and that a quorum was present.
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Prepared by: • -�
Shirle eng, Wat= Utility A d ,inistrator