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Mohawk Valley Water Authority – September 21, 2015


Chairman DeLia called the meeting to order at 5:02 PM and opened with the Pledge of Allegiance.

Roll Call: Present: Dennis Bova, Bruce Brodsky, Vincent Coyne, Elis DeLia, Mark Ford, Mitch Ford, Frank Mutolo, Bette Szesny and Steve Zywiak. Absent: Rocco Arcuri, Scott Mahardy and Scott Williams. Also Present: Richard Goodney, Phil Tangorra, Jim Korfonta, Scott Gorgas, Anne Milograno, Ken Bobrow, Esq. and Ashley Hayes from Hancock and Estabrook.

Chairman DeLia presided and Suzanne Harmon took the minutes.

Approval of the July 20, 2015 Minutes
Motion made by Mr. Ford to approve the minutes. Seconded by: Mr. Bova
Vote: (8) Ayes (0) Nays (1) Abstain (3) Absent Motion Carried.

Discussion on Bonding
Mr. Becher stated that because interest rates are so low the MVWA has an opportunity to save money on 2006 and 2008 bonds. The bonds combined are approximately $25 million dollars that we could refinance and save over the life of that debt approximately $1.9 million. On September 18 the Water Finance Authority met and voted to proceed with the refinancing. They also hired the team of consultants that would put this together. The next round of borrowing based on projects would be done in the Spring or incorporate it with the financing that the MVWA is doing now by taking advantage of the lower interest rates. The Capital Projects Committee met last week to review the list of projects which total $4.1 million dollars over the next two years. The capital reserve fund is reduced to $350,000 and one way to get it back up to $750,000 is add it on to the bonding. This would bring the bonding up to $30 million dollars.
Mr. Becher stated he needs approval from this board to add the extra $5 million dollars for capital projects onto the refinancing of the $25 million.
Chairman DeLia stated that the Capital Projects Committee approves this proposal.
Mr. Coyne moved the staff’s recommendation. Seconded by: Ms. Szesny

Mr. Brodsky stated that he is not convinced that the MVWA needs to borrow another $5 million dollars.
Vote: (8) Ayes (1) Nays – Mr. Brodsky (0) Abstain (3) Absent Motion Carried.

Mr. Brodsky stated he is upset that he did not know what was on the Capital Projects agenda and no opportunity to do research or to provide an alternative to the Board.

Approval: Quarterly Investment Statement – 2nd Quarter ending June 30, 2015
Mr. Korfonta stated that this is an investment statement of the MVWA trust funds. The Board has been presented with these statements every quarter for approval.
Motion made by Mr. Ford to approve the statement. Seconded by: Mr. Zywiak
Vote: (9) Ayes (0) Nays (0) Abstain (3) Absent Motion Carried.


Committee Reports:
Finance: Mr. Korfonta stated that there are two months of financial reports in the Board binder. Consumption is down year to date as of the end of August approximately 3 million cubic feet. Revenue is up above budget and cash is down because the MVWA just made a large payment for activated carbon.

Executive Director’s Report:

  • Mr. Becher stated that he just received a draft report for the Western Water Regionalization report which the MVWA received a grant for. There will be a meeting scheduled in the next two weeks with GHD Engineering and the other parties involved.
  • The NY State audit is almost complete and a draft report will be e-mailed to the Board members when the MVWA receives it.
  • The MVWA needs to pass a budget by the end of October. Mr. Becher would like to move the October Board meeting to Monday, October 26 at 5:30 and schedule the Public Rate Hearing prior to that at 5:00 PM. A Budget Workshop will be scheduled for next Tuesday, September 29 at Noon. Suzanne will send out an e-mail tomorrow and canvas the Board.


Executive Session:
Chairman DeLia made a motion to go into Executive Session to discuss litigation at 5:17 PM.
Motion made by Ms. Szesny to move the motion. Seconded by: Mr. Bova
Vote: (9) Ayes (0) Nays (0) Abstain (3) Absent Motion Carried.

Went into Executive Session at 5:25 PM.

Motion made to come out of Executive Session at 5:42 PM by Mr. Mutolo.
Seconded by: Mr. Ford. Motion Carried.

Respectfully submitted,


__________________________
Suzanne M. Harmon, Secretary
Mohawk Valley Water Authority