1997.01.15_TOHBMBAI_Minutes_Regular MINUTES OF
THE MEETING OF DIRECTORS
OF
THE TOWN OF HIGHLAND BEACH MUNICIPAL BUILDING AUTHORITY, INC.
January 15, 1997
The Regular Meeting of the Directors of The Town of Highland Beach Municipal Building
Authority, Inc. was held at the Town of Highland Beach Commission Chambers, 3614 South Ocean Blvd.,
Highland Beach, Florida on Tuesday, January 15, 1997 at 1:00 P.M.
The following were present, being all of the Directors of the Corporation and a quorum:
Arlin Voress, Chairman Mary Ann Mariano, Secretary
John F. Rand, Vice Chairman Tom Sliney,Attorney
Arthur Eypel, Director Charles Schoech, Special Counsel
David Augenstein, Director Peter Czajkowski, Financial Consultant
Thomas J. Reid, Director
The meeting was called to order by the Chairman, Arlin Voress, at 1:10 P.M.
The Minutes of the Meeting of the Directors of the Corporation of January 7, 1997 were distributed
and reviewed. Following a discussion of the Minutes, a motion was made by John F. Rand, seconded by
Arthur Eypel, to approve the Minutes as amended. The motion carried.
Additions to the A eg nda
The Chairman requested that the Board consent to the addition of the Notice of Award form and the Notice
to Proceed form to the agenda. There were no objections to this addition to the agenda.
The Board discussed the Notice of Award and Notice to Proceed forms. Charles Schoech and Tom Sliney
explained the forms to the Board and advised the Board that on or before the 27th of January all documents,
including the Notice of Award and Notice to Proceed, would be signed.
Peter Czajkowski advised the Board that requests for proposals have been sent to five banking institutions.
A copy of the bank list is attached hereto and made a part hereof. He: further advised the Board that the
Municipal Building Authority had received proposals from two banks, Barnett Bank and First Union.
Peter Czajkowski reminded the Board that it was his recommendation that they should accept a bank
proposal if the bank bid an interest rate of 5.3% or less. Peter Czajkowski then discussed each of the two
proposals, copies of which are attached hereto and made a part hereof. He advised the Board that Barnett
Bank bid an interest rate of 5.1%, with the amortization scheduled proposed by The Municipal Building
Authority with no restrictions for prepayment.
He further advised the Board that First Union's proposal was more complicated and that it included a
variable rate scenario; a fixed rate of 4.99% with a prepayment penalty; and a fixed rate of 5.25% with no
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prepayment penalty only for the last five years.
It was the recommendation of the Financial Consultant that the Board award the financing to Barnett Bank.
Following the discussion, a motion was made by John F. Rand, seconded by David Augenstein, to accept
the proposal of Barnett Bank, subject to a clarification of the proposal by Barnett Bank, that there were no
changes to the terms of the proposal as outlined in the Request for Proposal. The roll call vote was
unanimous to approve the motion.
There was discussion by the Board concerning the closing to be held on the 27th of January. It was the
consensus of the Board that the Town Council meet at 9:30 A.M. and The Municipal Building Authority
meet at 10:00 A.M. to approve all necessary documents.
There being no further business to come before the Board, the meeting was adjourned.
Secretary of the Meeting
Chairman of the Meeting& Director
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