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Home My WebLink AboutHousing & Redevelopment Authority Minutes 03-13-2012APPROVED MINUTES PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY SPECIAL MEETING March 13, 2012 PRESENT: Chairman Jeff Kulaszewicz, Commissioners Bob Stein and Jim Willis ABSENT: Commissioners Paul Caryotakis and Carl Runck STAFF PRESENT: Housing Program Manager Jim Barnes and Executive Director Steve Juetten OTHERS PRESENT: Mark Ruff, Ehler's and Associates 1. CALL TO ORDER Chairman Kulaszewicz called the Plymouth Housing and Redevelopment Authority meeting to order at 6:30 p.m. 2. NEW BUSINESS A. Plymouth Housing and Redevelopment Authority. Adopt Post -Issuance Debt Compliance Policy and Procedures. Housing Program Manager Barnes provided an overview of the policy and explained why it was needed. MOTION by Commissioner Stein, seconded by Commissioner Willis, to adopt the Post - Issuance Debt Compliance Policy and Procedures. Vote. 3 Ayes. MOTION approved. B. Vicksburg Crossing. Award the Sale of General Obligation Refunding Bonds Housing Programs Manager Barnes introduced Mark Ruff from Ehler's and Associates. Mr. Ruff reviewed the bids that were received on the HRA's bond refunding earlier in the day. Mr. Ruff stated that three bids were received and the winning bid was submitted by FTN Financial Capital Markets with a true interest rate of 2.7056%. Mr. Ruff stated that the second lowest bid was very competitive, but the third bid was much higher. Commissioner Willis asked why the third bid was higher. Mr. Ruff stated that he believes they were probably not interested in purchasing the bonds, but submitted a high bid just incase they might get lucky. He also said that it helps to get their name out there. Commissioner Willis asked about the letter Ehler's sent to the Commission attached to the Official Statement and whether the five questions in the letter needed to be addressed at this meeting. Mr. Ruff explained the questions to the Board and said that they did not need to be Approved Plymouth Housing and Redevelopment Authority March 13, 2012 Page 2 individually addressed here tonight, but are provided to public entities to raise awareness of issues that could hinder the bond sale. MOTION by Commissioner Willis, seconded by Commissioner Stein, to approve the sale of the General Obligation Refunding Bonds to FTN Financial Capital Markets. Vote. 3 Ayes. MOTION approved. 3. ADJOURNMENT MOTION by Chairman Kulaszewicz, without objection to adjourn the meeting at 6:44 p.m. MOTION approved.