HomeMy WebLinkAboutCOMM - Meeting Minutes - 45 - 1-20-2011 - SINKING FUND1
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Minute No. 45
Washington County Commissioners
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Washington, PA, January 20, 2011
The Sinking Fund Commission of the County of Washington met on Thursday,
January 20, 2011, at approximately 11:12 a.m. in the Public Meeting Room of the Courthouse
j" Square Office Building, Washington, Pennsylvania, with the following members being present:
i Commissioners Larry Maggi, Bracken Burns, and Diana Irey Vaughan, Treasurer Francis King
and Controller Michael Namie. Also being present are Finance Director Roger Metcalfe, Chief
Clerk Mary Helicke; Solicitor J. Lynn DeHaven; Solicitor secretary Joyce Thornburg, concerned
citizen, John Adams.
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Approval of Minutes
Chairman Maggi entertained a motion to approve Minute No. 44 dated January 21, 2010.
Moved by Mrs. Irey, seconded by Mr. Namie, to approve Minute No. 44 as written.
Roll call vote taken:
Mr. Namie — Yes; Mr. King — Yes; Mrs. Irey Vaughan — Yes; Mr. Burns — Yes; Mr.
Maggi — Yes.
Motion carried unanimously.
Approval of 2010 Debt Service Pavments
Chairman Maggi entertained a motion on the approval of 2011 Debt Service Payments
beginning on March 1, 2010 and ending on December 1, 2010. Debt Service Fund totals for the
year are $3,993,842.
Moved by Mrs. Irey, seconded by Mr. King, to approve the 2011 Debt Service Payments.
Roll call vote taken:
Mr. Namie — Yes; Mr. King — Yes; Mrs. Irey Vaughan — Yes; Mr. Burns — Yes; Mr.
Maggi — Yes.
Motion carried unanimously.
Revenues and other Financial Sources
It was noted for the record that the tax rate for debt purposes for 2011 is 2.05 mills on
each dollar of assessed valuation. It was also noted that the revenues and other financing sources
budgeted for 2011 to meet the current year's obligations are as follows:
Opening Balance: $700,000
Revenues
Real estate taxes $2,978,212
Interest earnings 20,000
Rent 402,673
Total Revenues $3,400,885
Other Financing Sources:
County Authority $0
Tourism 75,000
Total Other Financing Sources $75,000
TOTAL AVAILABLE $4,175,885
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It was noted for the record that all members of the Sinking Fund Commission have been
provided with additional documents dealing with the recent debt obligations through the year
2027. These documents are available for review in the Finance Department.
There being no further business, Chairman Maggi declared the meeting adjourned at
approximately 11:15 a.m.
THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL:
,2011
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SECRETARY
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