[CALL TO ORDER]
[00:00:06]
YOU, DIRECTOR ANDERSON. I CALL TO ORDER MUNICIPAL BUILDING AUTHORITY BOARD MEETING ON MAY 5TH, 2026. IT IS 7:23 P.M. WE HAVE OUR BOARD MEMBERS IN THIS MEETING AS WELL FOR COUNCIL MEMBERS. OKAY. I HAVE BOARD MEMBERS, LAMB, JACOB, SHELTON, HARRIS AND PRESIDENT PRESENT AND CHAIR. BADOR IS REMOTE AND KAYLEEN COUNCIL MEMBER KAYLEEN WHITELOCK IS EXCUSED. OKAY. OUR
[a. Accept the Proposed Budget for the Municipal Building Authority for Fiscal Year Ending June 30, 2027]
FIRST ITEM OF BUSINESS IS TO ACCEPT THE PROPOSED BUDGET FOR THE MUNICIPAL BUILDING AUTHORITY FOR FISCAL YEAR ENDING JUNE 30TH, 2027. WE HAVE STAFF MEMBER BECKY CONDIE, WHO'S OUR BUDGET ANALYST. HELLO BOARD. THE MUNICIPAL BUILDING AUTHORITY IS A LEGAL ENTITY WHICH EXISTS SOLELY TO PROVIDE DEBT SERVICE. THIS MBA COLLECTS THE LEASE PAYMENTS FOR OUR PUBLIC WORKS BUILDING. IT COLLECTS IT FROM THE GENERAL FUND AS WELL AS THE UTILITY FUNDS. AND THEN THOSE LEASE PAYMENTS, THEN PAY THE DEBT SERVICE EACH YEAR FOR THE FOR THE BOND THAT WAS ISSUED. THIS SHOWS SOME HISTORICAL INFORMATION. IT WAS ISSUED ABOUT TEN YEARS AGO FOR ALMOST $25 MILLION. THE INTEREST RATE AT THE TIME WAS 5%, AND THE TOTAL REPAYMENT OVER THE LIFE OF THAT BOND IS 40 MILLION. IT IS A 23 YEAR LIFE ON THAT BOND.WITH THOSE FIRST TWO YEARS THAT WERE INTEREST ONLY. BUT THE EQUIVALENT PAYMENTS SPREAD THROUGHOUT THE LIFE OF THE LOAN WERE ABOUT 1.85 MILLION PER YEAR. SO THAT'S WHAT YOU WILL SEE IN THIS BUDGET THAT IS BEING PRESENTED. THE ESTIMATED 2026 COLUMN SHOWS THE PAYMENT, THE LEASE PAYMENTS FROM THE GENERAL FUND, AS WELL AS THOSE UTILITY FUNDS. THERE IS SOME INTEREST EARNINGS GIVEN THE CURRENT MARKET. WITH OUR CURRENT INTEREST RATES, WE DON'T TYPICALLY BUDGET FOR INTEREST EARNINGS. AND SO THAT'S WHY YOU CAN SEE THAT THERE'S A NET CHANGE OF ALMOST $50,000. OTHERWISE THE RESERVE FUNDS ARE STAYING OR THE RESERVE LEVELS ARE STAYING ABOUT THE SAME. AND THE RESERVES WILL BE HELD WITH THE TRUSTEES TO IN ORDER TO MAKE THE FINAL PAYMENT ON THE DEBT SERVICE WHEN. WHEN THE BOND MATURES IN 2039. BUT AS YOU CAN SEE, THE LEASE PAYMENTS ON REVENUE IS GOING TO BE EQUAL TO THE DEBT PAYMENTS FOR FISCAL YEAR 2027 BUDGET. OF COURSE, THE EXECUTIVE DIRECTOR BEING THE MAYOR AS WELL AS STAFF, RECOMMEND THAT YOU AS THE BOARD RECEIVE THIS BUDGET AS PRESENTED. TECHNICALLY, IT'S ALL STATED IN THE LEGAL BOND DOCUMENTS THAT THESE ARE THE AMOUNTS, AND THAT'S WHAT THE BUDGET NEEDS TO BE FROM YEAR TO YEAR. AND SO WITH THAT, WE TURN IT OVER TO YOU AS A BOARD TO RECEIVE THE BUDGET FOR 2027. ARE THERE ANY QUESTIONS ON THE THE MBA? THANK YOU. I'LL ASK FOR A MOTION. COUNCIL MEMBER JACOB, I WILL GO AHEAD AND MOVE TO ACCEPT THE TENTATIVE BUDGET FOR THE MUNICIPAL BUILDING AUTHORITY FOR THE FISCAL YEAR ENDING IN JUNE 30TH, 2027. BOARD MEMBER. LAMB. SECOND. IS THERE ANY MORE DISCUSSION TO THE MOTION? OKAY. IF NOT, LET'S GO AHEAD AND HAVE MISS QUICK TAKE A VOTE. BOARD MEMBER. LAMB.
YES. CHAIR. BRUDER. YES. BOARD MEMBER. JACOB. YES. BOARD MEMBER. SHELTON. YES. BOARD MEMBER. HARRIS. YES. AND ACTING CHAIR. WIGNELL. YES. THANK YOU. THE MOTION PASSES 6 TO 0. OKAY.
[CONSENT ITEMS]
OUR NEXT ITEM IS TO APPROVE MEETING MINUTES FOR MAY 6TH, 2025. MUNICIPAL BUILDING AUTHORITY MEETING. I MOVE TO APPROVE MINUTES. AND I WILL. SECOND, IS THERE ANY DISCUSSION TO THE MOTION? OKAY. AND WE'LL GO AHEAD AND TAKE A VOTE. MISS QUICK BOARD MEMBER. HARRIS. YES.BOARD MEMBER. LAMB. YES. CHAIR. YES. ACTING CHAIR. WIGNELL. YES. BOARD MEMBER. SHELTON. YES.
BOARD MEMBER. JACOB. YES. THANK YOU. THE MOTION PASSES 6 TO 0. THERE ARE NO FURTHER BUSINESS
[00:05:01]
ITEMS FOR THIS MEETING, SO I* This transcript was compiled from uncorrected Closed Captioning.