HomeMy WebLinkAbout12/11/2002 - Minutes Minutes of
Industrial Development Authority of Roanoke County
10:00 AM
December 11, 2002
MEMBERS PRESENT: GUESTS:
Bill Branch, Chairman Diane Hyatt
Steve Musselwhite, Vice-Chairman Paul Mahoney
Carole Bradman Rosemary Trussell
Allan"Cap" Robinson
Linwood Windley MEMBERS ABSENT:
Doug Chittum, Secretary-Treasurer Neil Gallagher
Craig Sharp
Chairman Bill Branch called the meeting to order at 10:02 AM in the conference room of
the Roanoke County Administration Building. The minutes of November 13, 2002 were
approved with a unanimous voice vote.
Old Business
Diane Hyatt discussed the bidding process for refinancing the Roanoke County IDA
Lease Revenue Bonds, Series 1993. The decision was made to go with Wachovia Bank,
National Association with an interest rate of 3.46%that will result in a net savings of
$185,000 to Roanoke County. A motion was made by Allan"Cap" Robinson to approve
the resolution of the IDA to ratify the terms of its lease revenue refunding bond, Roanoke
County Administration Center, Series 1993, and accept Option 1 of Wachovia Bank,
National Association's Bond Purchase Proposal dated December 9, 2002. The motion
was seconded by Steve Musselwhite and unanimously approved by voice vote.
Documents to be signed and notarized after the close of today's meeting.
Doug Chittum informed the IDA Board that The Town of Vinton is now involved in the
Mini-Grant Program. They are working closely with the Community Development
Department of Roanoke County. Vinton will provide the funding and staff will be
provided by Community Development to assist in the process. Expansion of this
program is currently being looked at for West Roanoke County.
Treasurer's Report
Rosemary Trussell handed out IDA Revenues and Expenditures report for period ending
12/10/02.
Ms. Trussell reported back to the members her results after further researching the issue
of board members being paid through the Roanoke County payroll for their expenses
incurred in carrying out their duties for the IDA. After much discussion, Ms. Trussell's
recommendation is that commencing January 1, 2003, compensation for meetings
attended by Roanoke County IDA board members be processed through the Roanoke
County payroll. Steve Musselwhite made a motion that future compensation for IDA
meetings attended and other expenses incurred be processed through the Roanoke County
payroll. The motion was seconded and approved by unanimous voice vote.
All IDA board members were asked to fill out a form W-4 and send to Betty Wickersham
along with a copy of their social security card by the first of January.
There being no further business, the meeting was adjourned at 10:25 AM.
Respectfully submitted:
E. Dougl s Chittum
Secretary-Treasurer
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