Minutes – January 12, 2015

Sullivan County Funding Corporation
One Cablevision Center
Ferndale, New York 12734
(845) 295-2603 — telephone
(845) 295-2604 — fax

SPECIAL MEETING MINUTES
Monday, January 12, 2015

I.    CALL TO ORDER

Chairman Steingart called to order the special meeting of the Sullivan County Funding Corporation at approximately 11:32 A.M., held in the Legislative Committee Room at the Sullivan County Government Center, Monticello, New York.

II.     ROLL CALL

            Members Present-                              Members Absent-

Ira Steingart                                         Sandy Shaddock

Edward Sykes                                       Charles Barbuti

Carol Roig

Sean Rieber

Steve White

Howard Siegel

Paul Guenther

Suzanne Loughlin

Staff Present-                                             Staff Absent-

 Jennifer C.S. Brylinski, Exec. Dir.               None

 Jen Flad, VP

Others Present-

Allan Scott, CEO, ALSCO Management Inc.

Walter Garigliano, Garigliano Law Offices

Scott Samuelson, Chairman, SC Legislature

III.      APPROVAL OF MEETING MINUTES

On a motion made by Ms. Loughlin and seconded by Mr. Sykes, the Board voted and unanimously approved the minutes of the October 14, 2014 special meeting.

IV.    BILLS AND COMMUNICATIONS

            On a motion made by Mr. Siegel and seconded by Mr. Loughlin, the Board voted and unanimously approved the schedule of payments.  Ms. Brylinski reminded the Board that they must fill out their self-evaluation forms.

V.      NEW BUSINESS

            Chairman Steingart advised that he will make any necessary changes to SCFC committees, to reflect changes in Board membership.  With respect to bank signatories, Mr. Rieber made a motion to authorize the SCFC Chairman, Chief Executive Officer, Treasurer and Secretary to act as signatories on all SCFC bank accounts and certificates of deposit.  Ms. Loughlin seconded the motion.  The Board voted and the motion was unanimously approved.

Note: On March 17, 2015, Attorney Garigliano requested that IDA staff add the following to the minutes: 

RESOLVED, that the Chief Executive Officer of SCFC be, and hereby is, authorized: 

  1. To designate one or more banks or similar financial institutions as depositories of the funds of the SCFC;
  2. To open, maintain and close general and special accounts with any such depositories;
  3. To cause to be deposited, from time to time, in such accounts with any such depository, such funds of SCFC as such officers deem necessary or advisable, and to designate or change the designation of the officer or officers or agent or agents of SCFC authorized to make such deposits and to endorse checks, drafts and other instruments for deposit;
  4. To designate, change or revoke the designation, from time to time, of the officer or officers or agent or agents of SCFC authorized to sign or countersign checks, drafts or other orders for the payment of money issued in the name of SCFC against any funds deposited in any such accounts;
  5. To authorize the use of facsimile signatures for the signing or countersigning of checks, drafts or other orders for the payment of money, and to enter into such agreements as banks and similar financial institutions customarily require as a condition for permitting the use of facsimile signatures;
  6. To make such general and special rules and regulations with respect to such accounts as they may deem necessary or advisable, and to complete, execute and certify any customary printed blank signature card forms in order to exercise conveniently the authority granted by this Board.

Attorney Garigliano updated the Board regarding potential bonding for the EPR project.  He reminded the Board that in October they approved a resolution to authorize bonding in an amount not to exceed 75 million dollars.  He advised that he recently met with the project and the Agency’s bond counsel.  Alex Bettke, of Wilson Elser Moskowitz Edelman and Dicker LLP, has been hired by the Town of Thompson as special counsel.  Alex is very familiar with the project given his prior work as a casino lobbyist for the IDA.  Work on the site will likely begin before the bonds are actually issued, to comply with restrictions related to threatened and endangered species.  Attorney Garigliano stated that he hopes to complete the paperwork so that SCFC can issue bonds during April.  If the SCFC can provide bonding to finance infrastructure improvements, EPR will save a substantial amount of money.  He advised that EPR has engaged Gates Capital Corporation to place the bonds.  SCFC has worked with Gates Capital on many previous bonding efforts.

Ms. Loughlin noted that the EPR project has acted as a catalyst for local economic development agencies and organizations.  Many local agencies attended the Partnership for Economic Development’s retreat and committed to working together to foster the development of the casino resort, and on economic development in general.

VI.     ADJOURNMENT

Chairman Steingart asked the Board and those present if there were any questions or comments.  There being none, on a motion by Mr. Sykes, seconded by Mr. Siegel, the Board voted and the meeting was adjourned at approximately 11:46 A.M.
Respectfully submitted:

Jen Flad

VP, Business Development

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