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Minutes of Commissioners Meeting   -   August 23, 2006

Note:  Complete Meeting Appears on Tape #23-06  on File in the Borough Clerk’s Office August 23, 2006
Wildwood Crest, NJ

Prior to the opening of the meeting, Mr. Groon led those present in the Pledge of Allegiance to the Flag.

 

The meeting of the Board of Commissioners, Borough of Wildwood Crest, Cape May County , New Jersey , was held in the Municipal Court Room at 7:00 p.m.  On roll call the following answered to their names:

Gould - Cabrera – Groon – Yes

 

Mr. Groon read the following statement:  In compliance with the Open Public Meeting Act, Chapter 231, P.L. 1975, the notice requirements have been satisfied as to the time, place and date of holding said meeting by posting notice on the bulletin board in the Borough Hall and by mailing same to the Gazette-Leader and The Press on November 10, 2005.

 

Mr. Groon next announced the one-way in and the one-way out method of ingress and egress in case of emergency.

 

THE CLERK READ THE FOLLOWING RESOLUTION BY TITLE ONLY:

RESOLUTION NO. 331-06

(Authorizing adoption of the State Model Citizen Participation Plan for the DCA Small Cities Program – Fishing Pier)

 

Mr. Cabrera motioned, seconded by Mr. Groon, that the foregoing Resolution be adopted.

Vote:          Gould-Abstain                                         Cabrera-Groon-Yes

 

THE CLERK READ THE FOLLOWING RESOLUTION BY TITLE ONLY:

RESOLUTION NO. 332-06

(Designating the Clerk/Administrator as the Small Cities Fair Housing and Equal Opportunity Officer)

 

Mrs. Gould motioned, seconded by Mr. Cabrera, that the foregoing Resolution be adopted.

Vote:          Gould-Cabrera-Groon-Yes

 

THE CLERK READ THE FOLLOWING RESOLUTION BY TITLE ONLY:

RESOLUTION NO. 333-06

(Authorizing re-advertisement of Notice to Bidders for Lumber)

 

Mr. Cabrera motioned, seconded by Mrs. Gould, that the foregoing Resolution be adopted.

Vote:          Gould-Cabrera-Groon-Yes

The Clerk reported for the record that this item was being re-advertised for bid since no bids were received at the prior bid date. He added that the law requires that the item be advertised for bid twice, but if no bids are received a second time, the Borough can then negotiate for the item.

 

THE CLERK READ THE FOLLOWING RESOLUTION BY TITLE ONLY:

RESOLUTION NO. 334-06

(Authorizing release of maintenance guarantee to Mitchell Nichols Enterprises in the amount of $900 in regard to 9004 New Jersey Avenue )

 

Mr. Cabrera motioned, seconded by Mrs. Gould, that the foregoing Resolution be adopted.

Vote:          Gould-Cabrera-Groon-Yes

 

THE CLERK READ THE FOLLOWING RESOLUTION BY TITLE ONLY:

RESOLUTION NO. 335-06

(Authorizing the issuance of a Special Events Permit to John Buri, Jr. and Kathleen Jacob for the purpose of a wedding ceremony at the Rambler Road Gazebo on September 9, 2006 at noon)

 

Mrs. Gould motioned, seconded by Mr. Groon, that the foregoing Resolution be adopted.

Vote:          Gould-Cabrera-Groon-Yes

 

THE CLERK READ THE FOLLOWING RESOLUTION BY TITLE ONLY:

RESOLUTION NO. 336-06

(Authorizing issuance of a Special Events Permit to Matthew Tomlin for the purpose of having a block party on August 26, 2006 from 6:00 p.m. to 10:00 p.m. in the 200 block of East Louisville Avenue )

 

Mrs. Gould motioned, seconded by Mr. Cabrera, that the foregoing Resolution be adopted.

Prior to the vote, Mr. Groon requested a discussion of the matter. He inquired if the permit should be in the name of the person providing the insurance. The Clerk responded that permits have been issued for block parties in two fashions in the past: “a group of residents” or a single individual but that the greatest concern was that proof of insurance be provided in either case. Mr. Groon added that it was his opinion that the permit should be issued in the name of the person providing the insurance coverage. The Clerk stated that he saw the benefit of issuing to a single individual to act on behalf of the group. He inquired if it would be the desire of the governing body to change the authorization to name the individual providing the insurance coverage. The response was in the affirmative. The Clerk amended the resolution by indicating that the permit would be issued in the name of Matthew Tomlin.

Vote:          Gould-Cabrera-Groon-Yes

 

Mrs. Gould motioned, seconded by Mr. Groon, that all bills properly authorized, as submitted and which appear in full on the following page, be paid.

Vote:          Gould-Cabrera-Groon-Yes

 

Mrs. Gould motioned, seconded by Mr. Groon, that all reports received from the Court Administrator, Tax Collector and Chief of Police be accepted as presented and filed and made available to the public, and that the detailed financial report prepared by the CFO as of July 31, 2006 be approved as presented.

Vote:          Gould-Cabrera-Groon-Yes

 

Mr. Groon motioned, seconded by Mrs. Gould, that the minutes of meetings held July 26 and August 9, 2006, as well as the closed session held July 12, 2006 be approved as presented.

Vote:          Gould-Cabrera-Groon-Yes

 

The Chief Financial Officer presented a report of the Bond Rating Upgrade for the Borough from A3 to A2, as well as the results of a bond sale conducted August 23, 2006. Mrs. Gould interjected that the Bond Rating Upgrade is a good thing for the community. The CFO reported that he and the Clerk traveled to New York City to make a presentation on behalf of the Borough to Moody’s Investors that resulted in an upgrade of the Borough’s Bond Rating from A3 to A2. Additionally, concurrently with an upgrade, any existing debt outstanding is upgraded to the new level.

 

With regard to the bond sale, the CFO reported that the Borough sold $6,000,000 serial bonds and received seven bids. The bids were all very competitive, with the lowest bid being 3.72% interest rate. The CFO provided a summary sheet showing approximately 25 New Jersey bond sales since July 25th, and the interest rate received by the Borough was about 24 basis points lower than any of the other bond sales in New Jersey for the past month, notwithstanding the fact that there is not a trend toward decreasing interest rates. The Clerk added that the process at Moody’s was approximately one hour forty minutes, with the Borough’s presentation taking approximately 15 minutes. The balance of the time was used in our responding to questions. He added that the entire presentation and question/answer portion were done without the input of the Borough’s auditors, although they were present. He applauded the CFO’s knowledge and abilities in being a major factor in the Borough obtaining the Bond Rating upgrade. Mr. Cabrera inquired of the CFO what impact the upgrade will have for the Borough in the future. The CFO responded that he did not think the upgrade impacted the current bond sale significantly, but that future investors will look at the Borough as a solid place to invest.

 

The Commissioners commended the Clerk and the CFO for their good work in obtaining the Bond Rating Upgrade.

 

The Clerk indicated that a bond ordinance was being readied for introduction at the September 6, 2006 meeting. It may be further delayed due to the postponement of the bid receipts for the Sunset Lake Stabilization to September 8, 2006 at the request of the Engineering firm. Mr. Cabrera added that the reason for the delay was due to the identification of three very small areas of wetlands and the State’s request for revision of the plans. He added that the revision to the plans resulted in the Borough “not touching” those small areas. The revised plans will be forwarded to the State for approval prior to receipt of bids. Mr. Groon inquired how long it will take to obtain the State’s approval. Mr. Cabrera responded that it should be a very short period of time.

 

Frank Schimmel, 321 Denver Avenue , inquired as to what the Borough’s bond rating was. The CFO responded that the current rating is A2, an increase from A3. Mr. Schimmel inquired as to the percentage received on the bond sale. The CFO responded that the Borough sold $6,000,000 serial bonds at 3.72% interest.

 

There being no further comments or discussion, Mrs. Gould motioned, seconded by Mr. Groon, that the meeting be adjourned.

Vote:          Gould-Cabrera-Groon-Yes

 

Dated:        September 23, 2006

Kevin M. Yecco, Borough Clerk

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