MINUTES OF THE DRINKING WATER BOARD TELECONFERENCE MEETING HELD ON SEPTEMBER 1, 2004 IN SALT LAKE CITY, UTAH

 

Board Members Present                       Guests

 

Dale Pierson, Chairman                        Mark Nielsen, Logan City

Anne Erickson, Vice Chairman             Bill Young, Logan City

Myron Bateman                                    Yvonne Hogle, Ballard, Spahr

Jay Franson                                          George Kruse, BLM, Richfield

Laurie McNeill                        

Charlie Roberts                                    Staff

Petra Rust                               

                        Kevin Brown

Board Members Excused                     Rich Peterson

                                                            James Brough

Nancy Melich                                       Linda Matulich

Dianne Nielson, Ph.D.

Ron Thompson

Chris Webb

 

ITEM 1 – CALL TO ORDER

 

            The Drinking Water Board convened via teleconference in Salt Lake City, Utah with Chairman Pierson presiding.  The meeting was called to order at 2:00 p.m.

 

ITEM 2 – ROLL CALL

 

            Chairman Pierson asked Kevin Brown to call roll of the Board members.  The roll call showed there were 6 members present at the time.

 

ITEM 3 – INTRODUCTIONS

 

            Chairman Pierson asked staff and visitors introduce themselves.

 

 

ITEM 4 – SRF APPLICATIONS

 

a)      Logan City

 

Anne Erickson reported the SRF/Conservation Committee met an hour ago on Logan City, and has a recommendation for the Board.

 

Logan City recently received a bid on its water storage tank, which was higher than anticipated.  Logan City is requesting more funding from the Board.  After talking with Logan City, staff decided to look at interest buy-downs, adjust the interest rate from 2.75% to 2.57%, and let Logan City borrow the extra money needed from the market.  The City would purchase $910,000 of public bonds with a term of 10-years.  The City also requested the Board to let them decrease principal payments on its loan for the first 10 years to keep the total annual payments equal to about $362,000 over 20 years. 

 

The SRF/Conservation Committee recommended the Board authorize an interest buy-down to Logan City at 2.57% over 20 years for their existing loan of $5,000,000, with $400,000 principle forgiveness, and accept the revised payment schedule where it has equal annual payments, and on the condition that they borrow the $910,000 on the public market at 4.5% as well as include the compliance report issues that are applicable. 

           

Discussion followed.

 

            Laurie McNeill mentioned that she lives in Logan City.  She does not have a conflict with the Logan City agenda item.

           

Dale Pierson moved the Board authorize the SRF/Conservation Committee’s recommendation of authorizing an interest buy-down to Logan City in the form of lowering the current interest rate to 2.57% over 20 years for the existing loan of $5,000,000, with $400,000 principle forgiveness, and accept the revised payment schedule on the condition they bond for the $910,000 on the public market at 4.5%, as well as include the compliance report issues that are applicable.

           

Myron Bateman seconded.

           

Charlie Roberts joined the meeting.

           

Anne Erickson repeated the motion for Charlie Roberts.

           

Discussion on motion.  

           

                                                                                                CARRIED

                                                                                                            (Unanimous)                            

           

 

 

ITEM 5 – NEXT BOARD MEETING

 

            The next Board meeting will be held on October 8, 2004 in Draper, Utah.  There will be a tour of Jordan Valley Water Conservancy District’s Water Treatment Plan.

 

ITEM 7 – OTHER

 

            No other business.

 

ITEM 8 – ADJOURN

 

            Chairman Pierson stated a motion to adjourn was in order.

 

            Myron Bateman moved to adjourn.

 

            Charlie Roberts seconded.

 

                                                                                                            CARRIED

                                                                                                            (Unanimous)

 

            The Board meeting adjourned at 2:10 p.m.

 

 

 

 

                                                                                                         Linda Matulich

                                                                                                     Recording Secretary