HomeMy WebLinkAboutMinutes - Municipal Property Corporation Board - 10/17/2006 MINUTES OF THE
ORO VALLEY MUNICIPAL PROPERTY CORPORATION
ANNUAL MEETING
KACHINA CONFERENCE ROOM
11,000 N. LA CANADA DRIVE
OCTOBER 17, 2006
CALL TO ORDER: 5:30 p.m.
PRESENT: Bob Horn, Secretary
Tom Vetrano, Treasurer
Kent Russell
ALSO PRESENT: Stacey Lemos, Finance Director
Shirley Seng, Water Utility Administrator
Kathryn Cuvelier, Town Clerk
APPROVAL OF OCTOBER 4, 2005 MINUTES
Bob Horn MOVED to approve the minutes of the October 4, 2005 meeting. MOTION
SECONDED by Tom Vetrano. MOTION carried 3 —0.
ELECTION OF BOARD OF DIRECTORS
Tom Vetrano MOVED to elect Bob Horn as the Chair. MOTION SECONDED by Kent
Russell. MOTION carried 3 - 0. Kent Russell MOVED to elect Tom Vetrano as
Treasurer. MOTION SECONDED by Bob Horn. MOTION carried 3 - 0. Tom Vetrano
MOVED to elect Kent Russell as Secretary. MOTION SECONDED by Bob Horn.
MOTION carried 3 - 0.
MPC Board of Directors for 2006:
Chair Bob Horn
Treasurer Tom Vetrano
Secretary Kent Russell
UPDATE ON WATER INFRASTRUCTURE FINANCIAL AUTHORITY LOAN
FOR PHASE II RECLAIMED WATER PROJECT
Finance Director Stacey Lemos explained the function of the Water Infrastructure
Finance Authority of Arizona(WIFA) and handed out some information obtained from
WIFA's website. She informed the Board that WIFA offers borrowers low interest loans
for water and wastewater projects and that Phase II of the Town's Reclaimed Water
Project will apply for a loan for financing the project.
10/04/05 Minutes,Oro Valley Municipal Property Corporation 2
Ms. Lemos explained that the State Legislature has passed a new law allowing
cities/towns with a population under 50,000 to apply for loans from WIFA without going
before the voters for approval. She stated that the WIFA loan will save the Town money.
The estimated cost for this project is $5.4 million. The Town will receive 80% subsidy
with a 3.3%borrowing rate. The Town will go before the WIFA Board in February
2007.
Ms. Lemos stated that a refinancing of the Town's bond projects may come before the
MPC in the future, if refinancing our current bond projects would save the Town money
by refinancing to a lower interest rate. That determination will be made by our Financial
Advisor Mark Reader.
Water Utility Administrator Shirley Seng explained the Phase II Reclaimed Water
System project that will include two 18-hole golf courses at the El Conquistador Resort
and Country Club and Painted Sky Elementary School. This project will be done in
concert with the 2007 Public Works roadway project from Tangerine Road to Naranja
Drive.
ADJOURNMENT
A MOTION was made by Tom Vetrano to adjourn the annual meeting at 6:08 p.m.
MOTION seconded by Kent Russell. MOTION carried 3—0.
Respectfully submitted,
Ka yn E. Cuvelier, CMC
Town Clerk