BOARD OF DIRECTORS’
SPECIAL MEETING MINUTES
MONDAY, APRIL 25, 2005
CALL TO ORDER
ROLL CALL: Albert Kopay,
Jr., George Miklos, Lea Mangino,
Also Present:
A quorum was
established and the meeting commenced at 6:02 PM.
ANNOUNCEMENTS
FROM THE CHAIR – None
RECEPTION OF VISITORS - Kenneth
W. Ruffing – State Legislator – 38th Legislative District and son
Amendment to Labor Agreement
Solicitor Ira
Weiss described the circumstances that led to this change in the collective
bargaining agreement and recommending its adoption.
1. On motion (Kopay/Mangino) approved Resolution
Number 89-05: A Resolution of the West Mifflin Sanitary Sewer Municipal
Authority as an amendment to the labor agreement with the General Warehouseman
and Employees Union Local 636 regarding prescription coverage. The amendment would require the payment by
the WMSSMA of one-half of the co-payments for the prescription drugs upon being
presented with paid receipts from the employee.
This change will be implemented immediately.
Vote: 4-yes (AK, GM, LM and GL) 1-absent (JS).
Basis Swap
Agreement
Joe Weisner
described the circumstances and generally described swap agreements. Chip McCarthy described the technical aspects
of this particular agreement and its protections vs. common swap agreements and
the element of risk with the overlying risk being if the federal government
changed the tax code and went to a flat tax.
Bond Counsel, Wayne D. Gerhold, went over the documents that had been
prepared for this particular transaction and discussed with the Board the
trigger number and reason for the General Manager to set the minimum level of
the Swap Premium to be approved, based on a minimum return to the WMSSMA of 2
percent. Solicitor Ira Weiss responded
to questions from the Board as to whether he recommended proceeding with the
swap.
2. On motion (Kopay/Mangino) approved Resolution
90-05: A Resolution of the West Mifflin Sanitary Sewer Municipal Authority for
an interest rate management plan authorizing and awarding qualified interest
rate management agreements pursuant thereto.
The West Mifflin Sanitary Sewer Municipal Authority (WMSSMA) is entering
into a Basis Swap agreement with Wachovia Bank, NA for the 1998 Sewer Revenue
Bonds. The General Manager is authorized
to set the closing date and execute all required documents of the Basis Swap
based on a minimum net payment to WMSSMA of 2% of the outstanding bonds of the
1998 issue at closing.
Vote: 4-yes (AK, GM, LM and GL) 1-absent (JS).
A brief executive session was held to
discuss personnel.
3. On motion (Kopay/Labosco)
the meeting adjourned at 7:05 PM.
Vote: 4-yes (AK, GM, LM and GL) 1-absent (JS).
Respectfully
Submitted:
Leah Mangino, Secretary