08-25-2016
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Metro Flood Diversion Authority—August 11, 2016 4 <br />9. FINANCE UPDATE <br />Committee report <br />The Finance Committee met on August 10th. Mr. Grindberg was elected chair of the committee, and said as a new member, he has questions about how previously approved <br />change orders align with the overall project budget. He said it would be helpful to have that information in a report. <br />Mike Montplaisir, Cass County Auditor, said financial reports have been revised to better reflect the costs paid by all of the entities. There are different ways to monitor the budget, <br />and going forward staff will look at developing different reports for the board. Staff will also <br />monitor market interest rates and the effect on short-term financing of the project. <br />Resolutions for Financing through Wells Fargo Bank, N.A. <br />Mr. Shockley said Fargo and Cass County previously issued $50 million each in loans through U.S. Bank for short-term financing of the project. Recently, an agreement was <br />reached with Wells Fargo Bank, N.A. for $200 million in loans with $100 million to go <br />toward paying off the U.S. Bank loans and $100 million for upcoming project costs. He said concurrence is needed by the Diversion Board on resolutions approving an <br />intergovernmental agreement and draw down of funds. <br />MOTION, passed Mr. Mahoney moved and Mrs. Scherling seconded to adopt a <br />Resolution Approving Execution and Delivery of an Intergovernmental Agreement (Series 2016) between Cass County, North Dakota, and City of Fargo, North Dakota; Consenting to Loan <br />Agreements between Wells Fargo Bank, N.A., and Cass County, North Dakota; Consenting to Loan Agreements between Wells Fargo <br />Bank, N.A. and City of Fargo, North Dakota, and Consenting to <br />Issuance of Temporary Sales Tax Revenue Notes by Cass County and City of Fargo. On roll call vote, the motion carried unanimously. <br /> <br /> MOTION, passed Mr. Mahoney moved and Mrs. Scherling seconded to adopt a <br />Resolution Authorizing the Draw Down of Funds from Wells Fargo Bank Loans to Cass County, North Dakota and to the City of Fargo, North Dakota; and Authorizing the Draw Down of Funds Received <br />from Temporary Sales Tax Revenue Notes of Cass County and the City of Fargo. On roll call vote, the motion carried unanimously. <br /> Voucher approval <br />The bills for the month are with CCJWRD for costs associated with in-town levees, access issues, Diversion Project Assessment Committee (DPAC) work, OHB levee, and Oxbow <br />Country Club golf course construction; Erik R. Johnson & Associates, Ltd. for legal <br />services; Dorsey & Whitney LLP for legal services; and Ohnstad Twichell, P.C. for P3 bond counsel and research work and 4th Street Pump Station litigation. <br />MOTION, passed Mr. Mahoney moved and Ms. Otto seconded to approve the <br />vouchers in the amount of $4,577,766.42 for July, 2016. On roll call <br />vote, the motion carried unanimously. <br />10. OTHER BUSINESS <br />Mr. Mahoney suggested a change in the seating during meetings with only board members sitting at the table. He also suggested a change in the meeting format by adding a consent agenda to address items that have been previously approved by the other
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