2016-11-01-minutes-public-finance-management-

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2016-11-01 MINUTES 1 COMMISSIONERS' MINUTES KITTITAS COUNTY, WASHINGTON COMMISSIONERS CONFERENCE ROOM SPECIAL MEETING TUESDAY 3:00 P.M. NOVEMBER 1, 2016 Board members present: Chairman Obie O’Brien; Commissioner Paul Jewell; and Commissioner Laura Osiadacz. Others: Julie Kjorsvik, Clerk of the Board; Judy Pless, Budget & Finance Manager; Jerry Pettit, Auditor; Duncan Brown, Public Finance Management Group; and Brett Wachsmith, Treasurer. SPECIAL MEETING PUBLIC FINANCE MANAGEMENT COMMISSIONERS At 3:00 p.m. Chairman O’Brien opened a Special Meeting to discuss Bond planning and financing for various County projects. Duncan Brown, Senior Managing Consultant for the Public Finance Management Group, provided information on whether or not to issue bonds to finance various projects including the purchase of water banks; the purchase of a mobile home park; improvements to the rodeo arena; and improvements to the County Jail HVAC system. He compared information on two financial options for consideration including commercial versus bond. They recommended a dual track approach and noted the Resolution which the Board will consider in the middle of November would allow for both. Mr. Brown reviewed the estimated annual debt service; key dates in financing; and market updates. Commissioner Jewell noted the cost for the barns project at the Fairgrounds is to be included with the rodeo arena project and said they do not know what the cost of that will be yet. He did not want to commit to anything at this time as there are too many unknowns. The Board did not want to include the $500,000.00 debt for the engineering study of the rodeo arena project. The Board of County Commissioners authorized to send out a Request for Proposals and bring the information back to them at a later date; and to submit a Resolution for their consideration at the November 15, 2016 Agenda. The meeting was adjourned at 3:45 p.m.