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* This transcript was compiled from uncorrected Closed Captioning.
[CALL TO ORDER]
[00:00:03]
BEGIN. THREE, TWO. ONE. ALL RIGHT. I CALL TO ORDER THE MUNICIPAL BUILDING AUTHORITY MEETING FOR THE CITY OF WEST JORDAN FOR APRIL 22ND, 2025. ALL BOARD MEMBERS EXCEPT FOR BOARD
[a. Resolution No. 115 adopting the Tentative Budget for the Municipal Building Authority of the City of West Jordan for Fiscal Year 2026 and setting May 6, 2025, as the date for a public hearing regarding the adoption of the final budget.]
MEMBER BLOOM ARE IN ATTENDANCE THIS EVENING, AND WE WILL TURN THE TIME OVER TO. THAT'S NOT DENISE. OVER TO BECKY FOR THIS BUSINESS ITEM. GIVE DENISE A SHORT BREAK. ALL RIGHT. THIS ONE IS PRETTY BASIC. I'M JUST GOING TO EXPLAIN TO ALL OF OUR STUDENTS THAT THEY'RE NO LONGER HERE, THAT AS YOU KNOW, THE NBA IS THE ENTITY FOCUSED ON OR THAT WAS FORMED TO ACQUIRE AND IMPROVE OR EXTEND PROJECTS AND FINANCE THEIR COSTS ON BEHALF OF THE CITY. AND THAT'S ALL IN LINE WITH THE UTAH MUNICIPAL BUILDING AUTHORITY ACT. AND AS THE CITY COUNCIL MEMBERS, YOU ARE THE MANAGING BOARD OF THAT FOR THE GOVERNING BOARD THAT MANAGES THE MBA. SO WE ARE BRINGING TO YOU THE PROPOSED BUDGET FOR FISCAL YEAR 2026. THE ONLY ITEM IN THIS BUDGET IS THE DEBT SERVICE PAYMENTS THAT ARE MADE FOR THE LEASE REVENUE BOND THAT WAS ISSUED IN 2016 AND GIVEN GIVEN THAT. GIVEN THAT THERE IS A SET DEBT PAYMENT REPAYMENT SCHEDULE, THERE IS NOT A LOT OF LEEWAY. OR MAYBE SORT OF NEGOTIATION, I GUESS ON ON THESE PAYMENTS. SO AS YOU CAN SEE, THE NBA COLLECTS THESE LEASE PAYMENTS FROM BOTH THE GENERAL FUND AND THE UTILITY FUNDS BECAUSE THEY ARE HOUSED IN THE PUBLIC WORKS BUILDING, WHICH IS THE INTENT OF THIS, THIS BOND THAT WAS ISSUED. THIS IS THE SUMMARY OF THE ESTIMATE FOR 2025. THERE'S SOME INTEREST EARNINGS THAT HAS COME IN GIVEN THE GOOD INTEREST RATES LATELY. AND THAT LEAVES US A RESERVE BALANCE OF 1.9 MILLION. OUR DEBT SERVICE PAYMENT FOR 2026 IS THE 1,000,852 900. AND WE'RE NOT BUDGETING ANY EXTRA EARNINGS, INTEREST EARNINGS THIS YEAR, WHICH WILL LEAVE US THOSE SAME AMOUNT OF RESERVES AT THE END OF THE YEAR. THOSE RESERVES ARE HELD BY THE TRUSTEE. AND THAT IS ESSENTIALLY THE FINAL PAYMENT ON THE BOND. SO WHEN THAT EXPIRES AND 2039 YEAH, 2039 THAT THOSE FUNDS WILL DROP OFF AS THE FINAL PAYMENT. SO I GUESS IF THERE AREN'T ANY QUESTIONS GIVEN THAT IT IS FORMED BY THIS, THAT REPAYMENT SCHEDULE, WE REQUEST THAT YOU FORMALLY ACCEPT THIS PROPOSED BUDGET AND CONSIDER RESOLUTION 115 TO ADOPT THE TENTATIVE BUDGET AND SET A DATE OF MAY 6TH AS A PUBLIC HEARING FOR PUBLIC COMMENT ON THIS ITEM. ALL RIGHT, COUNCILMEMBER GREEN, I'M GOING TO MOVE TO APPROVE APPROVE RESOLUTION NUMBER 115, ADOPTING THE TENTATIVE BUDGET FOR THE MUNICIPAL BUILDING AUTHORITY AND SETTING MAY 6TH AS THE DATE FOR A PUBLIC HEARING REGARDING THE ADOPTION OF THE FINAL BUDGET. I'LL SECOND, WE HAVE A MOTION BY BOARD MEMBER GREEN AND A SECOND BY VICE CHAIR, BOARD MEMBER WILEY WHITELOCK. DO WE NEED A ROLL CALL? VOTE FOR THIS. YES. ALL RIGHT, LET'S VOTE. BOARD MEMBER. GREEN. YES. BOARD MEMBER. SHELTON. YES. BOARD MEMBER BADOR. YES. CHAIRPERSON. LAMB. YES. VICE CHAIRPERSON. WHITELOCK. YES. BOARD MEMBER.JACOB. YES. THANK YOU, I SHALL. THE MOTION PASSES 6 TO 0. I JUST SAY THAT I JUST SAID IT WRONG.
CAN WE EVICT BRIAN FROM THE BUILDING? HE THINK ABOUT THAT. ALRIGHT. HAVING RECEIVED THOSE,
[CONSENT ITEMS]
I WILL MAKE A MOTION TO APPROVE CONSENT ITEMS. SECOND, WE HAVE A MOTION BY BOARD CHAIR LAMB AND A SECOND BY BOARD MEMBER GREEN. ALL THOSE IN FAVOR SAY I ANY OPPOSED? THAT MOTION PASSES SIX ZERO. AND WITH THAT, WE WILL ADJOURN THE MUNICIPAL BUILDING* This transcript was compiled from uncorrected Closed Captioning.