Call to Order – Chairman White called the meeting to order at 2:00 p.m. Board members present were J. B. White, Harvey Norris, Eddie Roberts, Jr., Burt Jones & Eddie Ford; also present was Byrd Garland representing Smith, Webb & White, LLP and Tony King representing Kidwell & Company. Staff members present were General Manager Marcie Seleb and Joyce Hosey, Clerk to the Board.
Consider Supplemental Resolution for Revenue Bonds – Tony King from Kidwell & Company advised the Board of the proposed true interest cost for Revenue Bond of 2.366% with a final cost of 2.281%, with a proposed debt service of $4,729,627.50 with final cost being $4,707,226. The proposed earliest optional redemption date of December 1, 2016 and the final redemption date of December 1, 2020.
This use of funds breaking down to the Underwriter’s discount of $25,712, cost of insurance of $108,375, bond insurance of $7,061, the prepay of the GEFA loans at $3,962,259 and the Authority paying $3,236. The total source of funds ending at $4,106,643.
Motion made by Mr. Ford to approve a supplemental bond resolution for 2014 Revenue Bond. Seconded by Mr. Norris and approved unanimously.
Consider Purchase of Certificate of Deposit through United Bank Investment Account – Ms. Seleb advised the Board that she received notification from Alicia Washington at United Bank that Community West Bank is offering ninety day Certificates of Deposit at a rate of 1.092%.
Motion by Mr. Jones to purchase a $249,000 ninety day Certificate of Deposit through United Bank Investment account. Seconded by Mr. Roberts and approved unanimously.
Mr Norris made a motion that the called meeting be adjourned at 2:30 p.m. This was seconded by Mr. Roberts and approved unanimously.