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1. ROLL CALL

President George Peterson called the meeting to order at 7:40 PM. Members present: Craig McEwen, Mutch Owen, Arlene Paulson, Dan Mortensen, Jim Keleske, Don Bartz and Village President George Peterson. Quorum present. Also present Clerk/ Treasurer Debbie Espeland and the Administrator of Public Works Tim Vergara.

2. Seven Year Capital Improvement Plan

Greg Johnson the Village Financial Advisor from Ehlers, Inc. presented a Seven Year Financial Plan for the Village.

He reviewed:

  • - The Village current General Obligation Debt - Projected Tax Levy and Rate Impact as of January 1, 2014.
  • - A 7 year CIP Summary from MSA
  • - A 2014-2020 Street Improvement Borrowing Plan that included projects, costs and issuance expenses. Greg also reviewed the projected Tax Rate for the proposed debt.
  • - He reviewed the Village current and projected debt limit calculations.
  • - The Tax Increment District #2 preliminary cash flow projection was presented. The projection included projected revenues, expenditures and balances for the years 2014 through 2040.
  • - Lastly a review of the 2014-2020 Utility Improvement Plan including projects and costs in the CIP, additional projects, and estimated issuance expenses to be financed. Projected Debt Service and coverage Ratios for the proposed Water and Sewer Revenue Bonds were also presented.

The board is looking at possibly moving forward on borrowing in June 2014. There will be another meeting to finalize the details of the Seven Year Capital Improvement Plan presented.

3. Motioned to adjourn Mortensen/McEwen at 8:20 pm. Questioned and carried 7:0.

Debbie Espeland

Clerk/Treasurer

The entire proceedings are on audio file in the Clerk's office.

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