SPECIAL VINTON MUNICIPAL COMMUNICATIONS UTILITY BOARD MEETING
JUNE 25, 2019
A special meeting of the Vinton Municipal Communications Board of Trustees was held on the 25th day of June 2019, at 5:00 p.m., at Vinton City Hall, 110 W 3rd Street, Vinton, Iowa. Chairman Elwick presided and the roll being called the following board members were present and absent: Present: Barron, Elwick, Meyer, Woodhouse. Absent: None.
Motion by Woodhouse, second by Barron to approve the agenda. Question: Yes – All. The Chairman declared the motion carried.
Tom Lindauer, Farmers Savings Bank & Trust, stated that a checking account would be made available for VMCU to use if they so wished.
Michael Maloney, D.A. Davidson, summarized the three revenue loans and terms that were being considered at tonight’s meeting.
Motion by Woodhouse, second by Meyer to pass a RESOLUTION AUTHORIZING AND APPROVING A LOAN AGREEMENT AND PROVIDING FOR THE ISSUANCE OF TELECOMMUNICATIONS REVENUE NOTE, SERIES 2019A. Question: Yes – Barron, Elwick, Meyer, Woodhouse. No – None. The Chairman declared the motion carried and declared RESOLUTION E06-19-02 passed and approved. D.A. Davidson & Co. will serve as the placement agent. The loan will be with Cedar Rapids Bank & Trust, in the amount of $3,868,000.
Motion by Barron, second by Woodhouse to pass a RESOLUTION AUTHORIZNG AND APPROVING A LOAN AGREEMENT AND PROVIDING FOR THE ISSUANCE OF TAXABLE TELECOMMUNICATIONS REVENUE NOTE, SERIES 2019B. Question: Yes – Barron, Elwick, Meyer, Woodhouse. No – None. The Chairman declared the motion carried and declared RESOLUTION E06-19-03 passed and approved. This loan is a draw down loan and will be subordinate to the Series 2019A Note. The maximum principal amount will be $1,000,000. This loan will be with Farmers Savings Bank & Trust.
Motion by Barron, second by Meyer to pass a RESOLUTION AUTHORIZNG AND APPROVING A LOAN AGREEMENT AND PROVIDING FOR THE ISSUANCE OF TAXABLE TELECOMMUNICATIONS REVENUE NOTE, SERIES 2020. Question: Yes – Barron, Elwick, Meyer, Woodhouse. No – None. The Chairman declared the motion carried and declared RESOLUTION E06-19-04 passed and approved. This loan will be subordinate to the Series 2019A Note and the Series 2019B Note. It also is a draw down loan with a maximum principal amount of $900,000, with Farmers Savings Bank & Trust.
General Manager Richtsmeier reported that the Patriot agreement will be modified. Legal reviews of contracts are being done on contracts with ImOn, Consortia and CFU. Some changes will be made to the WIN contract. Almost 800 site surveys have been received. Richtsmeier said he has looked at 4 possible sites for an office location. After the financing paperwork is completed, the service rates will be determined. Neither yearly service contracts nor bundling of services will be required.
Motion by Barron, second by Meyer to adjourn the meeting. Question: Yes – All. The Chairman declared the motion carried. Time: 5:30 p.m.