Board of Supervisors Agenda

MINUTES
Upper Saucon Township Board of Supervisors
Special Meeting
Monday, November 30, 2010 – 5:00 P.M.
Township Municipal Building

Members Present:
Miro A. Gutzmirtl, Chairman
Stephen Wagner, Vice Chairman
Joseph M. Horvath
Joaquim (Jack) DeMatos

Participating Via Speaker Phone:
John E. Gilda, Jr.

Staff Attending:
Thomas F. Beil, Township Manager
Robert E. Kassel, Jr., Asst. Township Manager

CALL TO ORDER
Chairman Gutzmirtl called the meeting to order at 5:00 p.m., in the Public Meeting Room of the Upper Saucon Township Municipal Building, 5500 Camp Meeting Road, Upper Saucon Township, Lehigh County, PA.

PLEDGE OF ALLEGIANCE
Chairman Gutzmirtl asked all in attendance to rise and recite the “Pledge of Allegiance.”

PUBLIC COMMENT - None

ORDINANCE NO. 147 – BORROWING FOR WATER SYSTEM IMPROVEMENTS
Motion was made and seconded to adopt Ordinance No. 147 authorizing the issuance of General Obligation Bonds, Series of 2010 in the aggregate principal amount of $2,525,000.00 for the purpose of carrying out the funding of certain capital improvements to the Township water system.

James Schlesinger of Concord Public Financial provided an overview of the proposed bond issue.  Mr. Schlesinger said a competitive internet bond sale was held earlier in the day and underwriters/investment bankers were given the option to bid with either Build America bonds or standard municipal tax exempt bonds.  He reviewed the results of the competitive internet bond sale and recommended accepting the proposal from Janney Montgomery Scott which utilizes Build America bonds and has the lowest true interest cost.

Attorney Kevin Reid of King, Spry, Herman, Freund & Faul LLC, who serves as Township bond counsel, summarized proposed Ordinance No. 147 pertaining to the bond issue.  The Ordinance authorizes the issuance of General Obligation Bonds, Series of 2010 in the aggregate principal amount of $2,525,000.00 for the purpose of carrying out the funding of certain improvements to the Township water system.  In addition, the Ordinance accepts the proposal from Janney Montgomery Scott for Build America bonds as recommended by Concord Public Financial.

Messrs. Schlesinger and Reid responded to questions from the Board members. 

The motion was approved by a vote of 5-0.

COURTESY OF THE FLOOR
None

ADJOURNMENT
A motion was made and seconded to adjourn the meeting.

The motion carried by a vote of 5 to 0.

______________________
Secretary