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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
NEW BUSINESS
Proposals for Refunding of Series 2005 General Obligation Bonds
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.
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.
Adjournment
Motion: To adjourn the meeting at 4:27 pm. Motion by Oliver. Second by Coffman. Voice vote: all yes. Motion passed.
April 24, 2014
Board Meeting Minutes.
Motion: To adjourn the meeting at 8:24 pm. Motion by Durrenberger. Second by Coffman. Voice vote: all yes. Motion passed.
Agenda
Special Meeting of the Board of Trustees
Monday, May 5 2014
1:30 p.m.
125 S Municipal Drive, Sugar Grove, Illinois
Call to Order / Roll Call and Introduction of Trustees
Presentation of Ehlers & Associates proposal for financial services related to the refunding of General Obligation Library Bonds, Series 2005
Trustee question and answer period
Public Comment – copies of written comments may be given to the Board’s Secretary for inclusion in the Library’s public records.*
The purpose of this policy is to ensure that the interested parties representing various points of view are allowed time to present their views while permitting the Board to conduct their business to three (3) minutes
Make public comment that relates to Library business only
Wednesday, April 30, 2014
Presentation of Speer Financial, Inc. proposal for financial services related to the refunding of General Obligation Library Bonds, Series 2005
Presentation of Robert W. Baird Financial proposal for financial services related to the refunding of General Obligation Library Bones, Series 2005
March 20, 2014.
None.
Graceffa reported on plans in progress for a fundraiser in May for Mother’s Day. They are considering a High Tea..
Agenda items for April 24, 2014 Board Meeting
Meeting Room Policy, Budget, Closed Session Minutes, Director Review in Closed Session.
Motion: To adjourn the meeting at 7:47 pm. Motion by Coffman. Second by Graceffa. Voice vote: all yes. Motion passed.
Agenda - AMENDED
Regular Meeting of the Board of Trustees
Thursday, April 24, 2014
6:00 p.m.
4. Approval of the Minutes of March 20, 2014 Board Meeting.
7. Approval of the March 2014 Check Register – Action
2014-15 Operating Budget
Closed Session Minutes
Executive Session, if applicable
Director’s evaluation
Agenda items for May 22, 2014 Board of Trustees Meeting
Speak only when recognized by the President of the Board or person conducting the meeting.
Limit their public comment time to three (3) minutes
Make public comment that related to Library business only.
Adopted 3/10/2011
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In that passage, there are 87 occurrences of the letter "b."
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