2009 Annual Report - Belknap County

Minutes of the Belknap County Convention
Meeting May 11, 2009 at 7:00 PM
Members Present: Representatives Swinford, Fields, Reever, Johnson, Merry,
Miller, Flanders, Pilliod, Arsenault, Millham, Russell, Boyce, Stuart and Wendelboe.
Absent: Nedeau, Bolster and Veazey.
Also present: Commissioners Boothby, Philpot and Long, Administrator Shackett,
Assistant Finance Director Mora, Admin Assistant Bovill.
Call to order: Chair Alida Millham called the meeting to order at 7:00 PM. The
meeting began with the pledge of allegiance
1. Public hearing: Chair Millham opened the public hearing to Administrator
Shackett to explain the refinancing of a county bond. The bond
was taken out in 1997 for 6.7 million dollars. There is currently $3
million left to pay on that bond. Administrator Shackett stated that
this bond refinance would not extend the term of the pay off schedule.
Rep Johnson asked what these bonds were originally for. Ms. Shackett
believed it was for the Nursing Home renovation project. Rep. Fields
asked if they are asking the County Convention or telling them as far as
terms, bottom line, etc. Chair Millham stated that they are requesting
approval of the Convention, thus the public hearing. Administrator
Shackett went on to explain that by refinancing the $3 million that is left,
we are not taking on any additional debt, and we are not extending the
term. It will save the County approximately $200,000 or 3%. Administrator
Shackett is requesting authorization to allow the treasurer to finalize
the terms. Chair Millham said to let the record reflect that the term
cannot be extended. Administrator Shackett reiterated for the members
that this is just a refinance. It is not a new issue and is not extending the
terms. Only the rate of interest is changing. Chair Millham asked for
public input twice. There was none.
2. Action on resolution: M/Johnson to approve the resolution to authorize
the issuance of refunding the bond. S/Flanders. Rep Johnson read the
resolution in its entirety aloud for the record. Chair Millham called for
the vote. All in favor. None opposed. Motion carries.
3. Quarterly review of the Belknap County Budget: Administrator Shackett
gave the quarterly review of the budget. This usually is done with
the Executive committee on a quarterly basis, but tonight we have the
98 2009 Annual Report