WILMETTE PARK DISTRICT
MINUTES OF THE SPECIAL MEETING OF
THE BOARD OF COMMISSIONERS OF
THE WILMETTE PARK DISTRICT
HELD IN THE COUNCIL ROOM OF WILMETTE VILLAGE HALL
MONDAY, OCTOBER 5, 2009 _______________________________________________________________
Written notice of said meeting was given to the Commissioners and the Wilmette Life in accordance with the Wilmette Park District Code, Section 2103, and Section 2.02 of the Open Meetings Act.
President O’Malley called the meeting to order at 6:30 p.m.
PRESENT: President Dennis O’Malley; Vice President James Brault; Commissioners James Crowley, David Miller, Michael Murdock, Henry Wolff; Secretary/Director Thomas Grisamore
ABSENT: Commissioner Darrell Graham
STAFF: Superintendents Bingham, Bowen, Lambrecht, and Wilson
APPROVAL OF MINUTES: Commissioner Crowley moved and Commissioner Miller seconded a motion to approve the minutes of the September 14, 2009 Regular Board Meeting. By a roll call vote, voting Yes – Commissioners Brault, Crowley, Miller, Murdock, O’Malley and Wolff; voting No -- None. Absent – Commissioner Graham; Motion carried.
VISITORS: Eric Anderson, BMO Capital Markets GKST Inc.
Commissioner Miller moved and Commissioner Crowley seconded a motion to approve Ordinance 2009-O-8, AN ORDINANCE PROVIDING FOR THE ISSUE OF $15,990,000 GENERAL OBLIGATION REFUNDING PARK BONDS, SERIES 2009A, OF THE WILMETTE PARK DISTRICT, COOK COUNTY, ILLINOIS, AND FOR THE LEVY OF A DIRECT ANNUAL TAX SUFFICIENT TO PAY THE PRINCIPAL AND INTEREST ON SAID BONDS.
Eric Anderson from BMO Capital Markets addressed the Board on the successful refunding of the 2001 and 2002 bond refunding issues. He congratulated the Board and staff on this very successful transaction completed last week as well as on the upgrade of our Moody’s rating to Aa1 which is obtained by very few park districts or even other taxing districts throughout the United States. Eric also stated Steve Wilson did an outstanding job in terms of providing information on the District and on the many improvements that have been made. In fact, the District has gone up three full rating notches in slightly less than seven years which is rarely done. The Aa1 rating stimulated the whole sale, especially on the 2002’s, and the Parameters Ordinance worked out perfectly since the timing of the refunding was an important issue.
The Park District achieved slightly less than $1 million in nominal savings on this refunding and investor demand was high with 42 different bids for the 13 different maturities due in part to the Wilmette name and our high bond rating. The aggregation of savings will also be translated into lower property taxes for district residents. There is still approximately $5 million of the new 2009 bonds that is available for refunding but the rates will need to be less than 3.25%. This current transaction will settle on November 3, 2009 and will be largely cashless although the District will receive $5,660.35 which represents the residual amount due to our over-sizing the bond issue slightly. The first payment is due on December 1, 2009 and we will use the amount that was levied in 2008 for the payment.
All of the math has been authenticated and verified by an escrow verification firm as well as by bond counsel. Commissioner Brault added that this process was outstanding and represents 50% of our debt which is extraordinary. Director Grisamore stated that it was a very small window of opportunity and thanked Steve and Eric for their excellent timing. Eric thanked the Board and stated that the savings received exceeded his expectations. By a roll call vote, voting Yes – Commissioners Brault, Crowley, Miller, Murdock, O’Malley and Wolff; voting No -- None. Absent – Commissioner Graham; Motion carried.
There being no further business to conduct, the meeting was adjourned at 6:50 pm.
MINUTES APPROVED ON OCTOBER 12, 2009.