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Home My WebLink About08-01-2005 * / ""/~ :t:ë"?'" æ~ ~-~ WASHINGTON FINANCE COMMITTEE AUGUST 1, 2005 MINUTES I. CALL TO ORDER Chair Nancy Backus called the meeting to order at 6:30 p.m. in the Council Conference Room at Auburn City Hall located at 25 West Main Street in Auburn. Committee members present were: Chair Backus, Vice Chair Lynn Norman, and Member Roger Thordarson. Also present were: Mayor Peter B. Lewis, City Attorney Daniel B. Heid, Finance Director Shelley Coleman, Human Resources and Risk Management Director Brenda Heineman, Information Services Director Lorrie Rempher, and Deputy City Clerk Cathy Richardson. Ms. Lindsay Sovde and Ms. Annette Sommer of Seattle-Northwest Securities Corporation and Mr. Hugh Spitzer of Foster Pepper & Shefelman PLLC were also in attendance. II. APPROVAL OF MINUTES A. Minutes of the July 18, 2005 Finance Committee meeting. Vice Chair Norman moved and Member Thordarson seconded to approve the July 18, 2005 Finance Committee minutes. MOTION CARRIED UNANIMOUSLY. 3-0. III. CONSENT ITEMS A. Vouchers 1. Claims F4.9.5 Claims check numbers 343363 through 343734 in the amount of $2,974,135.71 and dated August 1,2005. 2. Payroll F4.9.2 Payroll check numbers 513042 to 513214 in the amount of $334,696.61 and electronic deposit transmissions in the Page 1 Finance Committee Minutes Auaust 1 . 2005 amount of $1,071,275.76 for a grand total of $1,405,972.37 for the pay period covering July 14, 2005 to July 27, 2005. B. Gambling Tax F4.12 City Council to approve acceptance of proposed $15,000 payment to end an outstanding gambling tax debt. Committee members reviewed the consent items and briefly discussed claims vouchers 343562 and 343694 and proposed payment to end an outstanding gambling tax debt of $15,000 for Jack's Tavern. Vice Chair Norman moved and Member Thordarson seconded to approve the consent items. MOTION CARRIED UNANIMOUSLY. 3-0. IV. ORDINANCES AND RESOLUTIONS A. Ordinance No. 5930 F2.3.3 An Ordinance of the City of Auburn, Washington, relating to the combined water supply and distribution system, the sanitary sewage systems and the storm drainage/surface system, providing for the issuance of $2,765,000 par value of utility system revenue refunding bonds, 2005, of the City to pay the cost of advance refunding the callable portion of the City's outstanding Utility System Revenue Bonds, 1997, and paying the administrative costs of such refunding and the costs of issuance and sale of the bonds, fixing the date, form, maturities, interest rates, terms and covenants of the bonds, providing for and authorizing the purchase of certain obligations out of the proceeds of the sale of the bonds herein authorized and for the use arid application of the money derived from those investments, authorizing the execution of an Agreement with U.S. Bank National Association of Seattle, Washington, as Refunding Trustee; providing for the call, payment and redemption of the outstanding bonds to be refunded, providing for bond insurance, and approving the sale and providing for the delivery of the bonds to Seattle-Northwest Securities Corporation of Seattle, Washington Finance Director Coleman introduced Lindsay Sovde of Seattle- Northwest Securities Corporation, the City's bond underwriter, and Hugh Spitzer of Foster Pepper and Shefelman PLLC, the City's Page 2 Finance Committee Minutes Auaust 1 . 2005 bond counsel. A revised Ordinance No. 5930 was submitted to the Committee. Ms. Sovde reported on the municipal bond sale today to refinance approximately $2.9 million of the 1997 Revenue bonds. The total savings on the bond refunding is $155,000. The interest rate on the bond issue is 3.84% and has a final maturity in 2016. Vice Chair Norman moved and Member Thordarson seconded to recommend approval of Ordinance No. 5930. MOTION CARRIED UNANIMOUSLY. 3-0. B. Resolution No. 3880 F4.6.1 A Resolution of the City Council of the City of Auburn, Washington, declaring certain items of property as surplus and authorizing their disposal Vice Chair Norman moved and Member Thordarson seconded to recommend approval of Resolution No. 3880. MOTION CARRIED UNANIMOUSLY. 3-0. C. Resolution No. 3881 A3.9.6 A Resolution of the City Council of the City of Auburn, Washington, approving the Collective Bargaining Agreement between the City of Auburn and the Teamsters Union Local No. 117, Outside Unit, for 2005-2007 Human Resources and Risk Management Director Heineman presented Resolution Nos. 3881 and 3882. Vice Chair Norman moved and Member Thordarson seconded to recommend approval of Resolution No. 3881. MOTION CARRIED UNANIMOUSLY. 3-0. D. Resolution No. 3882 A3.9.5 A Resolution of the City Council of the City of Auburn, Washington, approving the Collective Bargaining Agreement between the City of Auburn and the Teamsters Union Local 117, Courthouse Clerical and Custodian Bargaining Unit, for 2005-2007 Page 3 Finance Committee Minutes Auaust 1 . 2005 Vice Chair Norman moved and Member Thordarson seconded to recommend approval of Resolution No. 3882. MOTION CARRIED UNANIMOUSLY. 3-0. E. Resolution No. 3884 F1.8 A Resolution of the City Council of the City of Auburn, Washington, authorizing the Mayor and City Clerk to execute an Agreement for Utility Billing Customer Care Services between the City of Auburn and Puget Sound Energy, Inc for the purpose of providing for lockbox services for the City's Utility Billing System Finance Director Coleman presented Resolution No. 3884. The agreement with Puget Sound Energy, Inc. (PSE) provides for lockbox services for the City's utility billing system. PSE is the City's current lockbox service provider. Vice Chair Norman moved and Member Thordarson seconded to recommend approval of Resolution No. 3884. MOTION CARRIED UNANIMOUSLY. 3-0. V. DISCUSSION ITEMS A. Investments Quarterly Report Finance Director Coleman presented the Committee with the June 30, 2005 quarterly investment report. The City received a blended rate of 2.92% on its investments. B. Airport Leases for NW Hangars and Auburn Flight Service Finance Director Coleman presented preliminary information on the request for a new proposed lease of property at the Auburn Municipal Airport. The new lease area will consist of approximately 20 feet of the northern edge of Auburn Flight Service's leased property. This area will be combined with another 33 feet of adjacent property to create a new land lease area. The proposed lease agreement will be presented at the next Committee meeting. C. Resolution No. 3878 A3.17 Page 4 Finance Committee Minutes Auaust 1 , 2005 A Resolution of the City Council of the City of Auburn, Washington, authorizing the Mayor and City Clerk to execute a one year extension of the Lease of property to King County Department of Public Health for the King County Paramedic Program Committee members reviewed Resolution No. 3878, which renews an existing lease of property to King County Department of Public Health for the King County Paramedic Program at the North Fire Station. The resolution was presented to the Municipal Services Committee earlier this evening for recommendation to the Council. VI. ADJOURNMENT There being no further business to come before the Committee, the meeting adjourned at 6:47 p.m. APPROVED THE //. f1Y DAY OF AUGUST 2005 1:lclerklfina ncelfca\2005fcm08-0 1 Page 5