Lake Wenatchee Water District
Commissioners Meeting
October 10, 2013
at Station 9 Fire House
Commissioners Present: President-Bruce Harris (via Skype), Secretary- Bonnie Klasell Commissioner Landis Bohn
Staff Present: Clerk Elaine Kinney, Charlie Cruickshank
Professional: Darwin Parker, Banner Bank
Guests: Barb Harris, Jim Ratley (both via Skype)
Commissioner Klasell called the meeting to order at 10:00 am, acknowledged a quorum and announced those present.
Commissioners Klasell motioned waive the reading of the minutes and accept as written the Sept. 26, 2013 minutes, Commissioner Bohn seconded, passed.
Project Issues
Additional Financing Options:
Darwin Parker, representing Banner Bank, presented the bank’s plan for helping the water district to obtain additional financing for the project. He suggested that the District have an ULID vs. a LID. The Commissioners felt that we have a ULID, but it will be verified. He also presented Banner Banks history of helping entities such as the District as well as his experience as a County officer.
Mr. Parker said they would issue funds as a Revenue Bond. It would be set up initially as a Bond Anticipation Loan (similar to a line of credit) with an “up-to” limit amount. After project completion, it will convert to an ULID Revenue Bond paid by using the ULID assessments received. If there is any issue with recovering assessment amounts, the District could use revenues.
The interest rates would reset every 5-7 years. They would use a formula based on a set percentage with a total cap, using the Federal Home Loan of Seattle as index.
Mr. Parker also pointed out that if a home owner challenged the fact that the total ULID assessment does not increase the property value by the ULID amount, they would have to obtain a professional assessment before and after the completion of the project at the home owner’s expense. If they could prove the challenge, then the difference would be spread over the rest of the properties.
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Commissioner Klasell presented other revenue avenues from Cashmere Bank, Key Bank and Municipal Bonds. The commissioners then spent quite some time discussing all of the District’s options for procuring the additional funding needed to complete the project.
Commissioner Klasell motioned to pursue financing with Banner Bank, Commissioner Harris seconded, passed.
USFS Permit: As a result of the government shutdown, the project is on hold.
Maria Meyer Letter regarding the LID addition: Commissioner Klasell moved to accept the letter which indicates that she wants to be added to the District which corrects the clerical error omitting her parcel, Commissioner Bohn seconded, passed.
Administrative
Commissioner Klasell distributed the reconciled Treasurer’s Report for September 2013; as of 9/30/13 our funds are $25,256.56 at the County, Imprest balance is $562.36, past due accounts amount to $1,818.96.
Commissioner Klasell distributed the updated DWSRF budget as of 9/30/13.
Commissioner Klasell moved to sign the A19 voucher #20 for $17,036.98 and supporting CPF warrant. Motion seconded by Commissioner Bohn, passed.
The payroll voucher did not make it to the meeting therefore Commissioner Bohn moved to authorize Commissioner Klasell to sign the Payroll voucher for September in the amount of $1,426.50. Motion seconded by Commissioner Harris, passed.
Commissioner Klasell distributed the updated O&M budget as of 9/30/13.
Commissioner Klasell moved to sign the O&M warrant in the amount of $1,942.43 . Motion seconded by Commissioner Harris, passed. Imprest account does not need reimbursement as balance is above the $500 min level. Last month we spent $32.49 from Imprest for a laptop bag.
Bill Burgess shutoff and billing: Commissioner Klasell motioned to prorate the final payment amount by one month and 7 days, Commissioner Harris seconded, passed.
System Issues
Operator Cruickshank checked the leak in the Lester Addition. The water loss has stopped and he no longer hears a leak. The water usage has returned to normal.
Commissioner Klasell moved to adjourn the meeting at 12:00noon, Commissioner Bohn seconded, passed.
The next meeting will be held at October 24th at 10 am.