HomeMy WebLinkAboutCOMM - Meeting Minutes - 38 - 1-15-2004 - SINKING FUNDMinute No. 38
Washington County Commissioners
Washington, PA, January 15, 2004
The Sinking Fund Commission of the County of Washington met on Thursday, January 15, 2004, at approximately 11:30 a.m. in the Public Meeting Room of the Courthouse Square Office Building,
Washington, Pennsylvania, with the following members being present: Commissioners Larry Maggi, J. Bracken Burns, Sr., and Diana L. Irey, Treasurer Francis King and Controller Michael
Namie. Also being present: Finance Director, Roger Metcalfe; Administrator, Leo Trich; Chief Clerk, Mary Helicke; Administrative Assistant Linda Belcher; Jim Jefferson, WJPA; Linda
Metz, Observer-Reporter; Stacey Wolford, Valley Independent; and Chris Haines, Herald Standard.
Appointment of Officers
The meeting began with the appointment of officers of the Sinking Fund Commission. Moved by Mrs. Irey, seconded by Mr. Maggi to appoint Commissioner Burns to serve as Chairman of the
Sinking Fund Commission.
Roll call vote taken:
Mr. Namie – Yes; Mr. King – Yes; Mrs. Irey – Yes; Mr. Maggi – Yes; Mr. Burns – Yes.
Motion carried unanimously.
Moved by Mrs. Irey, seconded by Mr. Burns to appoint Commissioner Maggi to serve as Vice-Chairman of the Sinking Fund Commission.
Roll call vote taken:
Mr. Namie – Yes; Mr. King – Yes; Mrs. Irey – Yes; Mr. Maggi – Yes; Mr. Burns – Yes.
Motion carried unanimously.
Moved by Mr. King, seconded by Mr. Maggi to appoint Controller Namie to serve as Secretary of the Sinking Fund Commission.
Roll call vote taken:
Mr. Namie – Yes; Mr. King – Yes; Mrs. Irey – Yes; Mr. Maggi – Yes; Mr. Burns – Yes.
Motion carried unanimously.
Approval of Minutes
Chairman Burns entertained a motion to approve Minute No. 37 dated January 16, 2003.
Moved by Mrs. Irey, seconded by Mr. Maggi, to approve Minute No. 37 as written.
Motion carried unanimously.
Approval of 2004 Debt Service Payments
Chairman Burns entertained a motion on the approval of 2004 Debt Service Payments beginning on March 1, 2004 and ending on December 1, 2004. Debt Service Fund totals for the year are
$3,580,554.
Moved by Mrs. Irey, seconded by Mr. Maggi, to approve the 2004 Debt Service Payments.
Motion carried unanimously.
Revenues and other Financial Sources
It was noted for the record that the tax rate for debt purposes for 2004 is 2.3 mills on each dollar of assessed valuation. It was also noted that the revenues and other financing
sources budgeted for 2004 to meet the current year’s obligations are as follows:
Opening Balance: $200,000 Revenues Real estate taxes $2,844,875 Interest earnings 20,000 Rent 322,967 Total Revenues $3,187,842 Other Financing Sources: County Authority $75,000 To
urism 75,000 Total Other Financing Sources $150,000 TOTAL AVAILABLE $3,537,842
It was noted for the record that all members of the Sinking Fund Commission have been provided with other documents dealing with the recent debt obligations through the year 2027.
There being no further business, Chairman Burns declared the meeting adjourned at approximately 11:37.
THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: _____________________________________________________________, 2004
ATTEST:__________________________________________________________
SECRETARY