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HomeMy WebLinkAbout4/19/2023 - Telecommunications Minutes *** Proof of Publication *** State of Iowa Black Hawk County Waterloo, City of-Legals Accounts Payable 715 MULBERRY ST. WATERLOO IA 50703 ORDER NUMBER 223479 The undersigned, being duly sworn, on oath,do depose and say that I am an authorized employee of the Waterloo Cedar Falls Courier,that The Waterloo Cedar Falls Courier is a weekly newspaper regularly published and printed in the English language in the City of Waterloo, Black Hawk County, Iowa,and has a general circulation in the said city and county; and that I personally know that the notice,a true copy of which is hereto affixed, was published in the Waterloo Cedar Falls Courier on the following days,to-wit: Section: Legals Category:950 Legal Notice PUBLISHED ON: 05/03/2023 TOTAL AD COST: 180.43 FILED ON: 5/3/2023 That the issues of said paper containing said notice were duly circulated in the regular manner. pAtJINE GLASGOCK ti Commission Number 810108 Public innd •• My Commission Expires Notary Public and for Said County '�/t3�tt. April 17,2024 *** Proof of Publication *** TELECOMMUNICATIONS UTILITY BOARD OF TRUSTEES Harold E.Getty Council Chambers City Hall April 19,2023 4:00 p.m. Members present:Van Fleet,Balemod,Kurtenbach,Young. Mr.Bateman and Mr.Van Fleet joined via Zoom. Moved by Young seconded by Van Fleet,that the Agenda,as presented,be approved. Voice-vole Ayes:Four.Motion carded. Moved by Young seconded by Van Fleet,that the minutes of March 22,2023,as proposed,be approved.Voice-vote Ayes:Four.Motion carded. Resolution fixing date for a meeting on May 17,2023,on the authorization of a loan agreement and the Issuance of not to exceed$4,000,000 Taxable Communications Utility Revenue Capital Loan Notes of the City of Weisner%State of Iowa,and providing for f. publication of notice thereo SteveveNagel,Attorney for the Board,commented that this process was performed for the tax exempt financing for capital construction of the utility In a much larger amount, and this is a comparable erne-ass.This Is the first step for setting a hearing date for the taxable communication utility revenue.This revenue will be used for working capital s such as salaries,mediating.etc. Maggie Burger,Speer er Financial,explained that the plan would be to issue taxable revenue notes in the near future.This would be used with the hiring of a Director and the utility needs working capital and marketing dollars.We are considering this as a type of loan that could have funds drawn as needed.Because the funds are taxable there is no spin-down requirement The accrual of interest would begin with the specific draw of This would be the first Issuance of debt,which would be coming in the next coupleple of of months or so. Mr.Kurtenbach questioned the timing. Maggie Burger explained that this may begin as soon as the public hearing is held,but we are lust waiting on the hiring of somebody and any Idea of the cost of marketing. The budget over the first few months will also be a consideration and that discussion will need to take place with whomever the lender Is.Quarterly draws In set amounts will likely be the expectation based on protections. Mr.Kurtenbach questioned if this would be our operating funds for the first year. Maggie Burger clarified that this could be operating funds ties out to the pro forma,so It could go out as far as Iwo to three years,until operational funds begin to flow In. Mr.Van Reel questioned if this was tied to a percentage under or over the pro tonne. Maggie explained the projection Is a little higher than what may be needed.There was a conservative approachchtaken with the pro forma horn Magellan. Mr.Young commented on the current costs such as legal lees,and eventually the general manager costs and bask startup. Maggie Burger explained that there have lately been some sad of agreements for the sharing of Board Secretary type positions.Any of those sources,such as the City,are waiting for the funds to be issued so that you can begin to meet those obligations. Moved by Van Fleet seconded by Young.Roll call-vote Ayes:Four.Motion carded. Resolution No.2023-007. Public Hearing:FY2023 Construction of a Fiber-to-the-Premise Feeder/Distribu0on and Backbone Network Project,Contract No.1080. Mr.Kurtenbach stated that the public hearing was cancelled and rescheduled for May 3,2023. Courtney next ,Magellan Advisors,provided an overview of the reason to postpone. He explained that the size of the project warranted allowing more time to allow for a batter overall response. Mr.Kurtenbach questioned if No bid opening would still be held on April 27th. Courtney Violette ing greed the bid opening would take place on the 27th of April. Resolution approving preliminary plans,spedhcatians,form of contract,etc.,resetting date of bid opening as April 27.2023,and date ol public hearing as May 3,2023,in conjunction with the FY2023 Construction of a Fiber-le-me-Premise BoardFeeder/DIstributionto andBackbone Network Project,Contract No.1080,and direct the Board Secretary to publish notice. Moved by Young seconded by Van Fleet.Roll call-vote Ayes:Four.Motion carved. Resolution No-2023.008. Motion approving partnership with the City of Waterloo on an RFP for auditing services, and authorizing the City of Waterloo Finance Manager to facilitate said RFP process on behalf of the Telecommunications Uhlity Board of Trustees. Bridges Wood,Finance Manager,provided an update on the item.She explained that the City audit will include the Telecommunications Utility for the first six months of Its FY24, therefore auditing services will continue through December 31, 2023. In discussion with Steve Nagel,It was agreed that the Utility should seta budget this fall, so that it may begin a new FY bqInning on January 1,2024.At that time,the Utility can begin searching for is own aWitors. Maggie Burger explained that a budget would need to be approved through December 31,2023,and then In the tall another budget would need to be set for the next calendar /FY24. Mr.Kurtenbach questioned how soon the board would have access to that budget information. Steven Nagel commented that he is unsure If the budget information would be ready yet for the regular May meeting,but the resolutions for that should be ready this spring or early summer. Maggie Burger reiterated that the first six months have been included in the Gigs FY24 budget,but that budget would still need to be approved by the board.She suggested that the approve(of said budget be added In the May 3rd,special board meeting,so it can begin July 1st and run through December 31st. Mr.Van Reel concurred. Mr.Kurtenbach questioned if the RFP process is standardized. dgett Wood explained that ft is based on the sized the city on whether an annual audit is required or just art examination by the.sale.Waterloo is required to do an annual audit. Mr.Kurtenbach questioned fi workers compensation,liability insurance,etc.Is included in all contracts. Bridgeli Wood confirmed. Maggie Burger explained that from a funding slandpoNt,federal funds do require audits,even d you were in a city that didn't have an audit requirement. Moved by Van Fleet seconded by Mr.Bateman.Voice-vote Ayes:Four.Motion canted. Motion approving use e of of the name Waterloo Fiber Internet for the telecommunications utility and use of a .• Mr.Van Fleet share•images of the new logo with the inclusion of the word Internet and a variety of uses,such as on a polo short and utility truck.He explained that Magellan has taken the logo and applied it to a number of marketing uses. Mr.Young sated that It looks great. Mr.Kunanbadt questioned how soon would it be before the website Is up and running. Courtney Vloleke explained that It should be within the next few weeks. Mr.Van Fleet commented that the website.Facebook page and Instagram account should all be up within the next couple of weeks. Moved by Van Fleet seconded by Young.Valve-vote Ayes:Four.Motion carried. Mr.Van Fleet questioned the process to satin place any protection rights. Steve Nagel commented that he would be happy to discuss this whenever the board is ready. General update from consultants and board member comments. Courtney, oche commented that there was a good amout for the pre-bid meeting and anticipates the same for the bids next week He explained that they are currently coordinating calendars to visit with the Mayor and Andy some time the first week of May. Steve Nagel commented that most Items were covered N today's meeting,but they will continue to work on any financing as things come up. Maggie Burger explained that bit packets to lenders will go out in the next few days looking for commitments,not Interests rates at this point.These packets are going to *** Proof of Publication *** Mr.K ry,<stioned yo"nrd .urtenbach que arm.was an update on the General Manager position. Mr.Van Fleet commented that as of a couple of weeks ego,there had been no applicants.He will follow up with Kelley Ritchiewhen she returns from vacation.In the meantime,he has reached cut to Curtisdis Dean of IAMU to request assistance In promoting the position. Mr.Kurtenbachhrequested that this be an liars for discussion at the May 3rd meeting. Mr.Young questioned if them Is an update or guidance on the Middle Mile grant. Maggie Burger explainedwe are still waiting. Mr.Kurtenbach commented that he had recently met with the General Manager with Osage Municipal Utllity yesterday and she offered to visit with this board to share her expedance. With no further business before the board, it was moved by Young seconded by Baternon that the meeting be adjourned at 4:32 p.m.Voice-vote Ayes:Four.Molloy carried. After the meeting adjourned,Bridged Wood shared that she inquired with Human Resources and that five applications have been received. Nancy Higby Administrative Secretary