Sullivan County Funding Corporation
One Cablevision Center
Ferndale, New York 12734
(845) 295-2603 – telephone
(845) 295-2604 – fax
SPECIAL MEETING MINUTES
Tuesday, October 8, 2013
I. CALL TO ORDER
Vice Chairman Gold called to order the special meeting of the Sullivan County Funding Corporation at approximately 10:34 A.M., which was held in the Legislative Committee Room at the Sullivan County Government Center, Monticello, New York.
II. ROLL CALL
Members Present- Members Absent-
Harold Gold Cindy Garlinghouse
Harris Alport Ira Steingart
Charles Barbuti Steve White
Sean Rieber
Suzanne Loughlin
Edward Sykes
Staff Present- Staff Absent-
Jennifer C.S. Brylinski, Exec. Dir. None
Jen Flad, VP
Others Present-
Allan C. Scott, ALSCO Management, Inc. /Consultant /IDA CEO
Walter F. Garigliano, Esq., Agency Legal Counsel
Tara Lewis, Garigliano Law Offices
Gene Benson, SC Legislature
Jill Weyer, SC Planning
Sandy Shaddock, SC IDA
Isaac Green Diebboll, Community Film Depot
Ken Walter
Sonja Hedlund
Star Hesse
Please be advised that not all attendees were present for the entire meeting.
III. APPROVAL OF MINUTES
Ms. Loughlin made a motion to approve the special meeting minutes from September 10, 2013. The motion was seconded by Mr. Rieber, the Board voted and the motion was unanimously carried.
IV. BILLS AND COMMUNICATIONS
Mr. Rieber made a motion to approve the schedule of payments. The motion was seconded by Mr. Barbuti, the Board voted and the motion was unanimously carried.
V. NEW BUSINESS
Attorney Garigliano inquired whether the Board wishes to renew SCFC’s contract with the Hudson Valley Agribusiness Development Corporation for the period July 2014- June 2017. Ms. Loughlin made a motion to approve the renewal of HVADC’s contract for the three-year period of July 2014- June 2017. The motion was seconded by Mr. Barbuti, the Board voted and the motion was unanimously carried.
Ms. Brylinski reminded the Board that they had received the draft 2014 budget at the September meeting, and stated that a public hearing on the budget was held on October 1st. No comments were received, and the minutes of the public hearing were distributed to the members. She requested a verbal approval of the budget, so that the adopted budget could be submitted to New York State by the end of the month. Board members discussed where to show the payments from the Millennium loan fund to HVADC in the budget, and Ms. Brylinski said that she would amend the budget to show a $25,000 annual revenue from the Millennium loan fund, and a corresponding $25,000 annual expense to HVADC, if the Board approves this amendment. Ms. Loughlin made a motion to amend the draft budget to include this revenue and expense for the years 2014-2017. The motion was seconded by Mr. Rieber, the Board voted and the motion was unanimously carried. Ms. Loughlin then made a motion to adopt the budget as amended. The motion was seconded by Mr. Rieber, the Board voted and the motion was unanimously carried.
Attorney Garigliano passed out a authorizing and approving additional mortgages which would collateralize new term loans, thereby reducing the Center for Discovery’s credit line. This transaction does not involve any new money; rather, it allows for existing debt to be reallocated. SCFC closed a transaction in December 2011, issuing tax exempt revenue bonds of $69,710,000, as well as taxable debt including a credit line. The Center for Discovery and its two lenders (TD Bank and RBS) have requested that SCFC sign a new creditor agreement wherein $1,250,000 of the TD Bank credit line would be converted to a term note, and $1,250,000 of the RBS credit line would be converted to a term note. The banks have required that the Center for Discovery mortgage an additional property, to approve this long-term financing. Thus, three documents are required: a new mortgage that specifically identifies the new term note to TD Bank; a new mortgage that specifically identifies the new term note to RBS; and an amended and restated inter-creditor agreement by and among the trustees for the bonds, the two banks and SCFC.
Attorney Garigliano requested that the Board consider amending the resolution to authorize the Vice Chairman to act pursuant to Sections 1, 2 and 4 of the resolution, in addition to the Chairman and CEO. Mr. Rieber made a motion to amend the resolution to authorize the Vice Chairman to act upon the resolution. The motion was seconded by Mr. Barbuti, the Board voted and the resolution was unanimously passed.
Mr. Rieber made a motion to approve the resolution as amended. The motion was seconded by Mr. Barbuti, the Board voted and the resolution was unanimously passed.
VII. ADJOURNMENT
Mr. Gold questioned the Board and those present if there were any questions or comments. There being none, on a motion by Mr. Barbuti, seconded by Ms. Loughlin, the Board voted and the meeting was adjourned at approximately 10:47 A.M.
Respectfully submitted:
Jen Flad
IDA VP, Business Development
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