Pamela S. Nixon - Village of Flossmoor, Illinois

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MINUTES OF MAYOR BRAUN AND BOARD OF TRUSTEES ON AUGUST 6, 2012 over eight years with a total cost of $7.3 million in improvements. It addresses 10.8% of the total water system or 18% of the oldest main. Bridget then introduced ways to pay for the improvements including a G.O. Bond Series or an IEPA Loan program. She reminded the Board that in 2008, after the release of the federal stimulus monies that provided the IEPA millions of dollars, the Village put in an application for Phase IV of its Sanitary Sewer improvements. As of today, we have not received funding, and we do not think it’s practical for us to be in a similar position for our water system improvements. The G.O. Bond Series remains the least expensive debt option for completing the improvements. She presented the estimated expected cost of a G.O. Bond Series: $107.47 on a $200,000 market value home, $167.25 on a $300,000 market value home and $286.80 on a $500,000 market value home. She summarized that staff still supports a G.O. Bond Series as the best debt financing option with an alternate revenue bond or revenue bonds as a second choice in the event the referendum should fail. The Village should commit to completing the work; the question becomes how to best pay for it. Given the critical nature of these water improvements, staff supports the consideration of a referendum in November 2012; waiting until a future year election risks additional water loss and delays in the project start. Discussion ensued. The Board agreed on direction for the Village Attorney to prepare an ordinance for the Board’s consideration at its next meeting putting a referendum question on the November ballot. Mayor Braun referred to Item #2 on the Agenda-Consideration of a Resolution for Amending the Budget for FY 12-13 for the Village of Flossmoor Scott Bordui presented the resolution which the Board is required to adopt so that the budget amendments may be filed with the Cook County Clerk. Mayor Braun called for a motion to approve the Resolution. Trustee Mitros so moved, seconded by Trustee Wilder, and passed by a roll-call vote. AYES: Trustees Crum, Hoag, Mitros, and Wilder ABSENT: Trustees Minga and Williams NAYS: None REPORTS OF COMMITTEES, COMMISSIONS AND BOARDS Finance Committee: Trustee Hoag presented bills for payment. Mayor Braun asked the Board if they had any questions or comments. Trustee Hoag made a motion to approve the payment of bills totaling $376,510.98. The motion was seconded by Trustee Mitros and passed by a roll-call vote. AYES: Trustees Crum, Hoag, Mitros, and Wilder ABSENT: Trustees Minga and Williams NAYS: None 2
MINUTES OF MAYOR BRAUN AND BOARD OF TRUSTEES ON AUGUST 6, 2012 OTHER BUSINESS Mayor Braun reported that the Western Avenue Bridge work has been completed on time as promised. Mayor Braun reported that Patrick Finn has prepared an updated report on foreclosures. The Mayor asked Patrick to provide a report at the next Board meeting. Mayor Braun asked if there were any other business. Bridget reported that our Village’s Building Code Effectiveness Grading Classification [ISO Grade] has improved from a 5 to a 4 for one and two residential properties as well as from a 5 to a 4 for commercial properties. This was due to administrative and procedural changes by our Inspectional Services staff and by the Board’s adoption of model codes. This should have a positive impact for property owners on insurance rates. Congratulations to Keith Damm and the rest of our Inspectional Services staff. Mayor Braun called for a motion to adjourn the meeting. Trustee Mitros so moved, seconded by Trustee Hoag, and passed by a roll-call vote. The Board adjourned at 8:06 p.m. Respectfully submitted, Pamela S. Nixon Pamela Nixon Village Clerk 3
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Pamela S. Nixon - Village of Flossmoor, Illinois

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