ࡱ> ,.+Y bjbjWW "$==]2222222 K$62622 228F"h"222222 }: COUNTY COUNCIL & BOARD OF COUNTY COMMISSIONERS JOINT MEETING March 18, 2003, 6:07 P.M., E.S.T., Assembly Room of the Fulton County Office Building. Meeting Called to Order: Those present for this Joint Session were the following: Council Members, David Helt, Earl Gaerte, Christopher Sailors, Harry Richter, James Widman, Gary Sriver: also, Commissioners, Richard A. Powell, Roger R. Rose, Leslie R. Walters and County Auditor, Denise J. Bonnell. Purpose of Meeting: Chris Sailors stated this meeting is to review the Countys Finances, to keep all in informed. Chris opened the floor for comments. Gary Sriver asked about the Countys stand at the present, as to whether or not we could meet our responsibilities? The question was referred to the Auditor. Denise stated at this time there is no Interest Income; we have received only the normal distributions from the State, as she explained other distributions and stated it is not yet time for those. Denise said it is business as usual, at this time. This was discussed, as well as, a statement from the State, whereby you could send out a Tax Statement based on last year and taxpayers could pay on their first installment and then another Tax Statement would be sent. Denise informed the Boards that the County Treasurer has said, that after the forty-five days are up for the Form-11, she will make a public a announcement about how the County will accept payments, if the taxpayer wants to make a partial payment or pay the amount they paid last Spring, they may. Denise further explained this process. Chris stated in regards to the borrowing, Denise has obtained information from the Indiana Bond Bank. Chris said there is a required application fee of $250.00 to apply; also, we are required to employ an Indianapolis Law Firm to provide local bond counsel services for this program. Chris said to apply the application must be in by April 2, 2003. Chris said he has also talk with accountant Todd Samuelson, of H. J. Umbaugh and Associates, of Plymouth by phone. In their conversation Todd felt to go locally would be better because, of flexibility and short-term money, and Chris explained. This was discussed as to rates and other options. The CEDIT fund was discussed. The payment for the mortgage is due in July and in December. Denise checked the Revenue Account from the landfill and that amounted to $127,866.00 for the distribution. The Auditor said money could be borrowed from other funds, such as, Cum Bridge and Hazardous Substance. This all has to be made a matter of record at a Public Meeting. The funds would then be transferred, where needed and must be paid back by December 31, 2003. If the funds are in an interest bearing account, the interest that has been earned must also be repaid. CAGIT money was discussed. Denise said information had just been received from the State talking about the decrease in CAGIT we will be receiving this year. Denise stated at the last report they had not arrived at a decision on how they were going to do repayment for the people who were over distributed; also, according to the States records we are not in the minus category to them, we still have money in reserve to them, not as much as we are suppose to for the six months reserve, but they have not according to their records overpaid us. There was a discussion on the funds needed for coming bridgework. Harry spoke on the process and the documents needed to borrow locally. Attorney Ted Waggoner was asked what the probable percentage would be on a million and a half dollars, legal fee? The Bond Bank is 1.42%. This was thoroughly discussed. Harry said what we need to do is draft a letter to invite the banks to send us bids for what they could do a loan for and their requirements, review their response and decide what we want to do. There was also discussion on the process to borrow from the County Funds. There was a discussion on the amount that should be borrowed and the interest that will be incurred. Chris asked the Boards for a consensus for himself and Rich to contact Todd Samelson and get the process started for the necessary funding. Chris stated following the meeting with Umbaugh, they would get with Denise to draft a letter asking for proposals from the local banks. The consensus of all was to proceed with this plan. Harry felt if this information could be available for the April meeting, then the process could begin immediately. Rich said he was in agreement with the Auditor and that there should be signatures from both of the Boards and the Auditor on any money that would be drawn from a line of credit draws. He asked for the opinion of others. The consensus was that would be the proper way to leave a good paper trail. Chris asked, any further questions or discussion? There were none. Gary Sriver made a motion to adjourn this Joint Meeting. David Helt seconded this motion. Motion passed 9-0. Meeting adjourned. Fulton County Council Board of County Commissioners _______________________________ ______________________________ Christopher Sailors, President Richard A. Powell, President _______________________________ ______________________________ David Helt Roger D. Rose _______________________________ ______________________________ Gary Sriver Leslie R. Walters _______________________________ Harry Richter _______________________________ James Widman _______________________________ Earl Gaerte Attest: ____________________________ Denise J. 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