ATMA looks at debt service
Antrim Township Municipal Authority was inundated with information Monday night by two companies willing to finance its expiring revenue bonds. Henry Sallusti, Scranton, addressed the board on the services Royal Bank of Canada Capital Markets could provide. Gregg McLanahan and Jamie Doyle, Harrisburg, spoke about the services of Public Financial Management.
ATMA's Series of 2005 was callable Nov. 1, 2009, and Series of 2006 will be May 1, 2011. The total debt service in 2025 would be $14.5 million. The spokesmen addressed the interest rates of 3.80 percent and 3.75 percent currently paid out, while investment return was .25 percent. They offered several possibilities on restructuring the debt to benefit the authority.
Sallusti said RBC was the 10th safest bank in the world and the number one underwriter of municipal bonds in Pennsylvania.
McClanahan said PFM was the number one financial advisor in the United States and did the most bond transactions in Pennsylvania.
After the 90 minute presentation, panelists Bob Coladonato, Bob Schemmerling, Chad Murray, Elwood Myers and Rodney Eberly decided they needed time to review the numbers and different options for refinancing. They will address the issue again in September.
In other business, chairman Coladonato formed two committees to gather more information on sewer operations than was currently available to the board on a timely basis. He appointed Eberly to head the Sewer System Maintenance Committee, to review how maintenance was conducted on the lift stations and how the data was tracked. He appointed Murray to the Chapter 94 Committee, to present flow information and evaluations on a monthly basis rather than just at the end of the year.