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April 30, 2014 Special Meeting Minutes Print
Library Board

Sugar Grove Public Library District

Library Board of Trustees

April 30, 2014

Special Board Meeting Minutes

Call to Order and Roll Call

Vice President Anthony Oliver called the meeting to order at 1:55pm.

Present: Anthony Oliver, Vice President; Louise Coffman, Treasurer; Pat Graceffa, Trustee; Art Morrical, Trustee; and Carol Dolin, Director. Trustee Robert Bergman arrived at 2:50pm.

Absent: Dan Herkes, Bill Durrenberger

Public Comment

None.

OLD BUSINESS

None.

NEW BUSINESS

Proposals for Refunding of Series 2005 General Obligation Bonds

  1. Speer Financial, Inc.

Kevin McCanna from Speer Financial presented his proposal to serve as Financial Advisor in refunding the Library building bonds. McCanna reviewed the procedure for refunding bonds and the fees associated with independent financial advisor services to manage the process of either a competitive bid or negotiated sale, depending on which approach is most advantageous in a given situation. Negotiated sale may be necessary depending on the Library’s credit rating. He also explained the roles and approximate costs for rating agency, bond counsel, underwriting and, if refunding occurs prior to the callable date, escrow account. Speer is an established national firm, and McCanna has extensive local, statewide, and regional experience.

  1. Robert Baird Financial

John Piemonte from Robert Baird presented his proposal to serve as underwriter in refunding the Library building bonds. Baird, as underwriter, could not offer the bonds for competitive bid. As underwriter, the firm would purchase the bonds for a fee and then negotiate to resell the bonds for the highest yield. They were the underwriter in the recent refunding for the Sugar Grove Fire District bonds. Piemonte said a negotiated sale allows for more flexibility when issuing the bonds than a competitive bid. Baird can serve as Financial Advisor if the Library desires that service. Baird is an established national company, and Piemonte, has extensive local, statewide, and regional experience.

Public Comment

None.

Adjournment

Motion: To adjourn the meeting at 4:27 pm. Motion by Oliver. Second by Coffman. Voice vote: all yes. Motion passed.

Attachments:
Download this file (Minutes 043014spec FINAL.pdf)April 30, 2014 Special Board Meeting Minutes[ ]Director223 Kb
 

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