JOHNSON COUNTY FIRE DISTRICT #1 – Johnson County, Kansas

Board of Directors Special Meeting

DATE:  September 7, 2010     TIME:  6:00 p.m.

Fire Station #3, 490 New Century Parkway, New Century, KS

BOARD MEMBERS           STAFF                                  

Keith Johnson                         Max Sielert            Jake Weatherred   Mike Hirshmann   Jerry Holly

Kent Harlow                           Dennis McGuire   Kirk Keller             Darin Weese

Representatives from Piper Jaffray:  Dustin Avey, Senior Vice-President

Representative from Gilmore & Bell:  Gary Anderson

CALL TO ORDER

Kent Harlow called the meeting to order.

AGENDA

Kent Harlow moved to approve the agenda as submitted.  Keith Johnson seconded and the motion carried.

PRESENTATION FROM GILMORE & BELL AND PIPER JAFFREY

1. Consider approving Resolution #10-0907

Gary Anderson and Dustin Avey presented and discussed  with the Board the Preliminary Financing  Analysis and the details it contained regarding the bond issue and the fact that it contained both a 15 year payoff and a 20 year payoff. The Board does not have to decide on the 15 or 20 year scenario until mid October.

They presented information relative to the purpose of approving the resolution.  Under Kansas statue in order to issue general obligation bonds, you must adopt a resolution to designate what the bond will be used for and amount issued.  It must be published in a newspaper, then 60 days after publication the board can hold the public hearing to do the bond issue providing no one protest it.  The adoption of this resolution tonight is the first step in the process of the bonds.  It gives us the ability to issue in the future, assuming the county commissioner approves and the negotiation with Gardner is approved.

From a legal prospective, it would give us the funds and ability to purchase the Gardner fire station, refinancing of the improvements from our temp note, pay First Bank of Kansas for the fire engine they currently financed for us and to purchase the Ladder Truck from the City of Gardner.

It certainly is a good time to consider this project in order to accomplish the consolidation as bond rates are as low as they have ever been in the last 20 years.  Financing of all four items for above would mean doing a bond issue for  $4,400,000.

They also presented a timeline prepared by Dustin that we will need to follow to get the bond issue done by the first of the year.

After discussion by the Board, Keith Johnson moved to approve Resolution #10-0907.  Kent Harlow seconded and the motion carried.

Attached and part of these minutes is Exhibit A, the Preliminary Financing Analysis prepared by Piper Jaffrey.

ADJOURNMENT

At 6:30 p.m. Kent Harlow moved to adjourn the meeting.  Keith Johnson seconded and the motion carried. 

FUTURE MEETINGS

The next Board meeting will be held on Tuesday, September 14th, and will begin at 7:00 p.m.

Next month’s Board meeting will be held on Tuesday, OCTOBER 12th, and will begin at 7:00 p.m.