McHenry Times

City of Harvard Administration Committee met Jan. 19.

Here are the minutes provided by the committee:

Chairwoman Haderlein called the meeting to order at 6:30 pm. Committee members present: Alderwoman Haderlein, Alderman Carncross, Alderman Gorman and Alderman Perkins. Also, present were Mayor Michael Kelly and City Administrator Nelson, City Treasurer Debi Bejot, and Bob Vail from Bernardi Securities.

Public Comment

None

Police Pension Obligation Bonds

Administrator Nelson introduced Mr. Bob Vail from Bernardi Securities and about the concept of Police Pension Obligation Bonds. Mr. Vail gave a presentation that showed all of the city debt, along with a possibility of refinancing the 2012A downtown TIF and 2012B industrial Park TIF. After that discussion Mr. Vail gave a presentation on the Police Pension Obligation Bonds whereby it shows the probability of stabilizing the yearly pension payments while pre funding the pension fund at 90% of the unfunded liability. As part of the proposal there is also a probability that the property tax burden to the fund would be reduced an estimated amount of $559,987 over 12 years.

Motion made by Alderwoman Haderlein seconded by Alderman Carncross to direct the staff to prepare an Authorizing Bond Ordinance for the Police Pension Obligation Bonds and the refinancing of the 2012A and 2012B bonds. All ayes motion passed.

New Business

City Administrator Nelson presented the committee with a memo regarding liquor code changes for beer gardens and sidewalk cafés which was by committee direction. This will be on the next committee agenda.

As a reminder The Budget Hearing Workshop is scheduled for February 12, 2022, and February 19th 2022 8:00 a.m.

Alderman Gorman brought up alternate minutes from the last meeting which he thought would better explain the committee’s decision-making process. There were no concerns and the meeting minutes from the December meeting will be on this coming City Council Agenda for approval.

A motion by Alderman Perkins, seconded by Alderman Gorman to adjourn the meeting. All ayes. Meeting adjourned at 7:30 pm.

https://www.cityofharvard.org/sites/default/files/fileattachments/administration_committee/meeting/14528/minutesadministration2022-01-19.pdf