A special meeting of the Hamburg Municipal Authority was held this evening at the Hamburg Municipal Center with Chairman Steve Smith presiding. The meeting started at 7:32 p.m.

Members Present - Stephen A. Smith, David A. Fink, Stephen H. Blefgen, Judy E. Romig

Members Absent - Stanley E. Dietrich, Roger G. Kuhns

Lynda G. Albright-Borough Manager, Denise L. Clare-Secretary

Scott Kramer from RBC presented a handout with the proposals received from the different banks for financing. The booklet was gone over and Scott Kramer stated that he felt the Leesport Bank proposal was the best way to go. The fixed 30 year rate is the suggested route to take.

Steve Blefgen asked about Windsor Township and Tilden Township having to guarantee the financing too. Charles Fitzpatrick stated that Tilden Township does not have an issue as long as they can still borrow other money for township projects (this can be done if it is self-liquidating debt). Nothing has been heard back from Windsor Township’s solicitor. Scott Kramer stated that the numbers were done based on only the Borough having to guarantee the loan.

Dale Schlenker asked about the Borough‘s guarantee and self-liquidating debt. Charles Fitzpatrick stated that with the Borough’s guarantee they would still be able to borrow money. Greg Unger stated that the chances that it would default back to the Borough is almost nil which is the worst case scenario (with no new customers). The approximate increase would be $85 over the current rates in Windsor Township and Hamburg Borough.

Dale Schlenker had questions on the Borough’s guarantee. Steve Flaherty explained what it would mean for the Borough and what the guarantee will cover and what it could do to the Borough. Self-liquidating certification gives the Borough the ability to still borrow money contingent upon the liability still being there.

There will a presentation made to the Borough at their finance committee meeting on April 10 at 6:30 p.m.

Steve Blefgen feels the Authority needs to decide on a direction to go. Greg Unger stated that Tilden Township needs to decide as well.

Scott Kramer recommended a 30 year fixed rate bond.

Dale Schlenker asked if the bank loan could be refinanced at some point. Scott Kramer stated that it could be.

Steve Blefgen and Steve Smith stated that they are for a bond issue.

A motion was made by Judy Romig and seconded by Steve Blefgen to adjourn the meeting at 8:39 p.m.

ATTEST:

Denise L. Clare, Recording Secretary