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10/24/2014 Finance Committee Meeting Packet Finance Committee Agenda October 24, 2014 County Manager's Front Conference Room 10:00 a.m. 1. Call to order 2. Approve Agenda (meeting noticed on October 9, 2014) 3. Approval of Minutes from April 14, 2014 Meeting 4. General Discussion on Funding Future Capital Improvements 5. Public Comment 6. Adjourn—Next Meeting—TBD L anU Collier County Government -0 /NA Communication & Customer Relations 3299 Tamiami Trail East, Suite 102 colliergov.net Naples, FL 34112-5746 twitter.com/CollierPIO facebook.com/CollierGov youtube.com/CollierGov October 9,2014 FOR IMMEDIATE RELEASE NOTICE OF PUBLIC MEETING COLLIER COUNTY FINANCE COMMITTEE COLLIER COUNTY, FLORIDA FRIDAY, OCTOBER 24,2014 10:00 A.M. Notice is hereby given that the Collier County Finance Committee will meet Friday, October 24, at 10:00 a.m. in the County Manager's Front Conference Room, second floor, Collier County Government Center, 3299 Tamiami Trail East,Naples, Fla. About the public meeting: Two or more members of the Board of County Commissioners may be present and may participate at the meeting. The subject matter of this meeting may be an item for discussion and action at a future Board of County Commissioners meeting. All interested parties are invited to attend, and to register to speak. All registered public speakers will be limited to three minutes unless permission for additional time is granted by the chairman. Collier County Ordinance No. 2004-05 requires that all lobbyists shall, before engaging in any lobbying activities (including, but not limited to, addressing the Board of County Commissioners, an advisory board or quasi-judicial board), register with the Clerk to the Board at the Board Minutes and Records Department. Anyone who requires an auxiliary aid or service for effective communication, or other reasonable accommodations in order to participate in this proceeding, should contact the Collier County Facilities Management Department located at 3335 Tamiami Trail East,Naples, Florida 34112, or(239) 252-8380 as soon as possible, but no later than 48 hours before the scheduled event. Such reasonable accommodations will be provided at no cost to the individual. For more information, call Mark Isackson at(239) 252-8973. ### DRAFT COLLIER COUNTY FINANCE COMMITTEE MEETING MINUTES APRIL 14, 2014, 3:00 P.M. In attendance: Mark Isackson, Corporate Financial Operations OMB; Crystal Kinzel, Clerk of Courts Finance Director; Susan Usher, Senior Budget Analyst OMB; Derek Johnssen, Clerk of Courts Assistant Finance Director; Joe Bellone, Director Operations Support-Public Utilities; Laura Zautcke, Senior Budget Analyst, Public Utilities Operations; Jeff Klatzkow, County Attorney; Ed Finn, Senior Budget Analyst OMB; Jim Gibson Present by phone: Sergio Masvidal from the PFM Group;Steve Miller from Nabors, Giblin 1. Call to Order: Mark called the meeting to order at 3:00 p.m. 2. Approve Agenda: Meeting noticed April 9, 2014. Agenda unanimously approved. 3. Approval of Minutes from the February 28, 2014 meeting: No changes made. Mark Isackson motioned to approve the minutes as written; seconded by Susan Usher, unanimously approved. 4. Evaluations of Proposals for Refunding up to $90M in Series 2005 Gas Tax Bonds; the Florida Gas Tax Refund Revenue Bonds, Series 2014: Sergio reviewed the Direct Bank Placement Summary submitted showing the breakdown of the four (4) bank proposals submitted. A discussion followed. Crystal stated JP Morgan did not provide their calculations,which was a requirement of the ITB, and they did not take exception to purchasing items. SunTrust Bank was responsive at a 2.33% rate. One of their conditions is an after-tax yield maintenance provision in the event the corporate tax rate changes. There is an option to waive the provision for an additional 19 basis points. Question was asked as to what Board action is appropriate for Tuesday's Board meeting. Resolution prepared by Bond Counsel for acceptance of the proposal by SunTrust and authorizes the County Manager to take necessary action to lock in the interest rate. Agreement by the Board allows for the preparation of all closing documents and a supplemental bond resolution which will be brought back to the Board on the Consent Agenda at the May 13, 2014 meeting. Mark made the following motions: First, he declared the bid proposal by JP Morgan non-responsive due to the fact that they did not provide a rate calculation pursuant to the specifications required by the ITB;seconded by Joe Bellone, and unanimously approved. Second, he declared SunTrust Bank as the lowest responsive bidder at a rate of 2.33%. A rate lock memorandum will be developed by Financial Advisor and presented to the Board at the April 22, 2014 meeting. Subsequent to that, the Bond Counsel will prepare the required documents to close on the loan/bond within 30-45 days and have documents available for Board action on May 13. Crystal asked that the following be added to the motion: Committee has also declared the rankings of proposals as follows: (1) SunTrust Bank; (2) Pinnacle Public Finance; and (3) Fifth Third Bank. Seconded by Susan Usher, and unanimously approved. 5. Other Business: None 6. Public Comment: None 7. Adjourn: Meeting adjourned at 3:40 p.m. Next scheduled meeting is May 23, 2014. FINAL COLLIER COUNTY FINANCE COMMITTEE MEETING MINUTES APRIL 14, 2014, 3:00 P.M. In attendance: Mark Isackson, Corporate Financial Operations OMB; Crystal Kinzel, Clerk of Courts Finance Director; Susan Usher, Senior Budget Analyst OMB; Derek Johnssen, Clerk of Courts Assistant Finance Director; Joe Bellone, Director Operations Support-Public Utilities; Laura Zautcke, Senior Budget Analyst, Public Utilities Operations; Jeff Klatzkow, County Attorney; Ed Finn,Senior Budget Analyst OMB; Jim Gibson Present by phone: Sergio Masvidal from the PFM Group;Steve Miller from Nabors, Giblin 1. Call to Order: Mark called the meeting to order at 3:00 p.m. 2. Approve Agenda: Meeting noticed April 14, 2014. Mark made motion to approve; Crystal seconded. 3. Approval of Minutes from the February 28, 2014 meeting: No changes made. Mark Isackson motioned to approve the minutes as written;seconded by Susan Usher, unanimously approved. 4. Evaluations of Proposals for Refunding up to $90M in Series 2005 Gas Tax Bonds; the Florida Gas Tax Refund Revenue Bonds, Series 2014: Sergio reviewed the Direct Bank Placement Summary submitted showing the breakdown of the four (4) bank proposals submitted. A discussion followed. Crystal stated JP Morgan did not provide their calculations, which was a requirement of the ITB, and they did not take exception to purchasing items. SunTrust Bank was responsive at a 2.33% rate. One of their conditions is an after-tax yield maintenance provision in the event the corporate tax rate changes. There is an option to waive the provision for an additional 19 basis points. Question was asked as to what Board action is appropriate for Tuesday's Board meeting. Resolution prepared by Bond Counsel for acceptance of the proposal by SunTrust and authorizes the County Manager to take necessary action to lock in the interest rate. Agreement by the Board allows for the preparation of all closing documents and a supplemental bond resolution which will be brought back to the Board on the Consent Agenda at the May 13, 2014 meeting. Mark made the following motions: First, he declared the bid proposal by JP Morgan non-responsive due to the fact that they did not provide a rate calculation pursuant to the specifications required by the ITB;seconded by Joe Bellone, and unanimously approved. Second, he declared SunTrust Bank as the lowest responsive bidder at a rate of 2.33%. A rate lock memorandum will be developed by Financial Advisor and presented to the Board at the April 22, 2014 meeting. Subsequent to that, the Bond Counsel will prepare the required documents to close on the loan/bond within 30-45 days and have documents available for Board action on May 13. Crystal asked that the following be added to the motion: Committee has also declared the rankings of proposals as follows: (1) SunTrust Bank; (2) Pinnacle Public Finance; and (3) Fifth Third Bank. Seconded by Susan Usher, and unanimously approved. 5. Other Business: None 6. Public Comment: None 7. Adjourn: Meeting adjourned at 3:40 p.m. Next scheduled meeting is May 23, 2014.