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CITY OF MUSKEGON
LOCAL DEVELOPMENT FINANCE AUTHORITY
REGULAR MEETING
MINUTES
November 20, 2002
D. Seifert called the meeting to order at 2:04 p.m. and roll was taken.
MEMBERS PRESENT: C. Larson, R. Kersman, D. Seifert, M. Balzic, R. Long, J. Hayner,
J. Derbin
MEMBERS ABSENT: D. Woodward, excused; J. Bodrie, excused; P. Roy Jr., excused; V.
Zukiewicz, D. Witte, J. Kolkema-Shafer,
STAFF PRESENT: T. Paul, C. Brubaker-Clarke, H. Griffith
OTHERS PRESENT: W. Kramer, RW Barrett
APPROVAL OF MINUTES
A motion to approve the minutes of the regular meeting of October 28, 2002 was made by C.
Larson, supported by J. Derbin and unanimously approved.
NEW BUSINESS
Resolution Approving the Sale of Local Development Bonds Series 2002. – T. Paul stated that
this is the last step with the bonds. He provided the members with copies of the Cash Flow
Analysis, a new copy of the resolution, and a new copy of the purchase agreement. There would
be a short fall in 2006. The numbers are more favorable than expected. The bonds have an
AAA rating for insurance. W. Kramer stated that he had priced the bonds on Monday. Then
they had solicited orders. This is historically a low interest rate environment. Since Monday, the
market rate has increased. The savings would be about $7,000 per year. This is due to pricing
them on Monday. There is a true interest cost of 4.55%. The resolution authorizes the LDFA to
purchase the bonds through his firm. There would be an aggressive closing schedule. The
closing would be in December.
A motion to approve the resolution for the sale of the Local Development Bonds Series 2002,
was made by R. Kersman, supported by J. Hayner and unanimously approved.
ADJOURN
There being no further business, the meeting was adjourned at 2:12 p.m.
hmg
11/20/02
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