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COMMISSIONERS` MINUTES <br />EITTITAS COUNTY, WASHINGTON <br />COMMISSIONERS CONFERENCE ROOM <br />SPECIAL MEETING <br />WEDNESDAY 1:30 P.M. SEPTEMBER 22, 2010 <br />Board members present: Chairman Mark McClain (by phone), Vice - <br />Chairman Paul Jewell and Commissioner Alan Crankovich. <br />Others: Catherine Bunn, Deputy Clerk of the Board; Jerry Pettit, <br />Auditor; Deanna Panattoni, Treasurer; Judy Pless, Budget and Finance <br />Manager; Susan Musselmann, SDM Advisors, Financial Consultant and <br />Cynthia Weed, K&L Gates LLP, (both by phone) and Catherine Clerf. <br />SPECIAL MEETING BOND RESOLUTION COMMISSIONERS <br />At 1:30 p.m. Vase --Chairman Jewell opened a special meeting to <br />consider the Bond Sales Resolution from the sale of bonds earlier in <br />the day. <br />Susan Musselman said the County had gone out for competitive sale of <br />Limited Tax General Obligation and Refunding bonds and had published <br />a Bond ,Statement and Notice of Sale prior to the sale. The total of <br />the sale was $10,735,000 for Capital projects and the refinance of a <br />current 2001 bond. She said seven sealed bids were received <br />electronically ranging from 3.16% to 3.4% interest with R. W. Baird <br />of Wisconsin being the lowest bidder. She said the results were <br />better than estimated because the County entered the market at a <br />great time. The 2001 bond refinance of $745,000 brings a net <br />savings of $54,000 which is $10,000 over a five year period. Ms. <br />Musselman said after taking the bids, the bond amount was adjusted <br />to $11,185,000. <br />Chairman McClain arrived at the meeting at 1.:40 p.m. <br />Cynthia Weed, K&L Gates (formerly Preston, Gates and Ellis), bond <br />legal counsel, said that before the Board. was Resolution 2010-099. <br />Drafts of the resolution had been prepared and circulated earlier <br />for everyone's review. The Resolution is an action item accepting <br />the bid of R. W. Baird, authorizing the bond and providing for <br />escrow of the 2001 bond and remaining bond amount deposited to <br />Treasurer's fund 302 for investment for use for capital projects. <br />She said the funds would be available on September 30, 2010. She <br />added that the Board of Commissioner shouldn't buy these bonds for <br />their own personal portfolios. <br />j!i <br />y4 f p 4 } rj <br />2010-09-22 MINUTES I <br />