1996.07.23_FAB_Minutes_Regular• TOWN OF HIGHLAND BEACH
FINANCIAL ADVISORY BOARD
REGULAR MEETING
MINUTES
Tuesday, July 23, 1996 9:35 A.M.
Chairman Victor P. Hadeed called the Regular Meeting to order in
Commission Chambers at 9:35 A.M.
Deputy Town Clerk Jane Dillon called the roll. Present were
Chairman Victor P. Hadeed Vice -Chair John R. Demarco, Members
William Wm. Rothenberg, Byron R. McKinley and Felix Goldenson.
Mayor Arlin G. Voress, Commissioner Thomas J. Reid and Finance
Director James Zablosky, Sr. were present, as were members of the
general public.
APPROVAL OF MINUTES
Upon MOTION by MR. ROTHENBERG/MR. DEMARCO, the amended minutes of
the July 17, 1996 Regular Meeting were unanimously approved.
NEW BUSINESS
Potential Fundina Methods for Pronosed Town Hall Renovation
• Peter Czajkowski of Stifel Nicolaus & Co., and Kevin McCarty of
Raymond James were in the audience. Mr. Czajkowski gave a
presentation on the various funding methods available to the Town
for the renovation, per the Summary of Funding Alternatives dated
July 11.
There was substantial discussion on the four plans available with
pros and cons of each, suggested length of lease/purchase and
suggested amount needed to borrow.
With all questions of the Board answered, MOTION was made by
MR. GOLDENSON/MR. DEMARCO as follows:
THE FINANCIAL ADVISORY BOARD RECOMMENDS THE TOWN
COMMISSION BORROW THE TOTAL COST OF THE RENOVATION
PROJECT OF APPROXIMATELY ONE (1) MILLION DOLLARS PLUS THE
FINANCING COST, USING THE CERTIFICATE OF PARTICIPATION
METHOD FOR A PERIOD OF FIFTEEN (15) YEARS.
Motion met with unanimous vote.
With no further business to come before the board, MOTION to
adjourn was made by MR. DEMARCO/MR. ROTHENBERG at 10:50 a.m.
•
• Financial Advisory Board
July 23, 1996 Page 2 of 2
APPROVE:
S
Victor P. �Hadeed, Chairma
V"\41v-
ohn R. Demarc , Vice Chairman
Werner Wm. Rothenbe
• Byron R. McKin ey.
Felix R. Goldenson
ATTEST: 0 L-je�
DATE: T 0
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