Village of Western Springs Finance Committee met April 22.
Here is the minutes provided by the committee:
Heidi Rudolph, Chairperson
James John, Trustee
Grace Turi, Director of Finance
John Mastandona, Assistant Director of Finance
Alice Gallagher, Village President
Ingrid Velkme, Village Manager
Others Present:
Brian Taylor, Timber Trails Development
Peter Raphael, Timber Trails Development
Meeting called to order at 8:10 am
Items of Discussion:
Wednesday, April 22, 2020
Public Comment: None
Minutes: The minutes of the March 11, 2020 meeting were approved as presented.
• Timber Trails: Attorney Jurusik presented that the Developer of Timber Trails is asking us to make some changes to the Bonds that were issued as a Special Assessment for the buildout of Timber Trails. Attorney Jurusik discussed the history behind the Bonds. He said that the Bonds are in the Village of Western Spring's name, but the Village has no obligation. A lien is placed on each lot and as they are sold, the Bond principal is paid from proceeds from the sale. The Bonds are now owned by the developer and they would like to restructure the Bonds to deal with interest payments that have not been paid. Attorney Jurusik stated that it was his recommendation to hire Ray Fricke, who was the original Bond Counsel, when the Bonds were issued. The costs would be paid for by the Developer. Peter Raphael who is a representative from the Developer explained in more detail why the Bonds have not been paying interest and why they are trying to restructure the Bonds and to be current on interest. Chairperson Rudolph asked for clarification that all fees for Bond Counsel hired by the Village would be paid for by the Developer. Attorney Jurusik confirmed. The Finance Committee recommended that the engagement letter to hire Ray Fricke as Bond Counsel be placed on the April 27th Board Meeting agenda.
• Monthly Reports: Director Turi presented the monthly reports for February and March. Director Turi discussed that these reports do not show an affect due to COVID19 in the General Fund. The impact ofCOVID19 will start to show in the next few months, due to a lag in tax collection. Director Turi further discussed that Directors were asked to go thru their budgets to see what expenses are discretionary and mandatory. She further stated that there will be revenue loss and staff is trying to develop different scenarios to be able to get thru this time. Manager Velkme stated the Recreation Department is currently closed and will be for the foreseeable future.
• Other Business: Director Turi spoke about the rates to use the electric charging station that was discussed last meeting were 3 hours for free and then $20/hour. Director Turi stated that all late fees are currently being waived for Water Billing.
There being no further business, the meeting was adjourned at 8:36 am
https://www.wsprings.com/AgendaCenter/ViewFile/Minutes/_04222020-1050
Alerts Sign-up