Finance Committee Meeting Minutes – May 26, 2021

Metro Flood Diversion Authority Finance Committee Meeting

Minutes from May 26, 2021

Metro Flood Diversion Authority Finance Committee Meeting Minutes

A virtual meeting of the Metro Flood Diversion Authority Finance Committee was held on May 26, 2021. The following members were present: Dr. Tim Mahoney, Mayor, City of Fargo; Chad Peterson, Cass County Commissioner; Dan Jacobson, Chairman, Cass County Joint Water Resource District; Kent Costin, City of Fargo Finance Director; Lori Johnson, Clay County Auditor/Treasurer; Mike Montplaisir, Cass County Auditor; Mike Redlinger, City of Fargo Assistant Administrator; Dave Piepkorn, Fargo City Commissioner; Mike Rietz, City of Moorhead Assistant City Manager and Rick Steen, Cass County Commissioner.

Members absent: Tony Gehrig, Fargo City Commissioner, Bernie Dardis, Mayor, City of West Fargo and Shelly Carlson, Mayor, City of Moorhead.

1.CALL TO ORDER

Mr. Steen called the meeting to order at 4:01 PM. Roll call was taken, and a quorum was present.

2. APPROVE MINUTES FROM APRIL 2021 MEETING

        MOTION PASSED

Mr. Jacobson moved to approve the minutes from April 21, 2021, and Mr. Peterson seconded the motion. On a voice vote, the motion carried.

 3. APPROVE ORDER OF AGENDA

       MOTION PASSED

Mr. Costin moved, and Mr. Montplaisir seconded to approve the order of the agenda as presented. On a roll call vote, the motion carried.

4. APPROVAL OF BILLS

Mr. Costin reported that $5,792,093.74 are the bills payable through May 19, 2021. They are the typical monthly bills and include the Bank of North Dakota as a new vendor. BND will be the trustee of the WIFIA loan.

      MOTION PASSED

Mr. Montplaisir moved to approve the bills as presented by Mr. Costin and Dr. Mahoney seconded the motion. On a roll call vote, the motion carried.

5. FINANCIAL REPORT

Mr. Costin reported that 2021 YTD expenditures total $16,963,781 with approximately $12 million in land acquisitions expense. The cumulative total expenditures to date are $662,971,122. Mr. Costin also reported that our current net position is $106,388,832.

Mr. Costin indicated that the audit is currently in the final stages with Eide Bailly, and it should be ready for presentation in June.

     MOTION PASSED

Mr. Jacobson moved to approve the financial report as presented and Mr. Montplaisir seconded the motion. On a voice vote, the motion carried.

 6. EXECUTIVE DIRECTOR FINANCIAL REPORT

In Mr. Paulsen’s absence, Mr. Nicholson reported that the FY2021costs to date are $32,830,849 and the overall costs to date are $662,970,000.

7. CONTRACTING ACTIONS

Mr. Nicholson reported on the following contract action to be presented to the Board of Authority for approval.

DA Board approval:

  • Task Order 32, Amendment 0 – USACE – I-29 Grade Raise Services during construction -HMG $487,899

          MOTION PASSED

Dr. Mahoney moved and Mr. Peterson seconded the motion to approve the Task Order and present it to the Board of Authority for final approval. On a roll call vote, the motion carried.

 8. OTHER BUSINESS

Mr. Shockley provided a summary outlining the purpose for the following resolutions:

a. Resolution Approving Master Indenture of Trust

     MOTION PASSED

Mr. Montplaisir moved, and Mr. Rietz seconded the motion to approve the Resolution as summarized by Mr. Shockley. On a roll call vote, the motion carried.

b. Resolution Consenting to CCJWRD Issuance of Temporary Refunding Improvement Bonds

    MOTION PASSED

Dr. Mahoney moved and Mr. Rietz seconded the motion to approve the Resolution as summarized by Mr. Shockley. On a roll call vote, the motion carried.

c. Resolution Approving WIFIA Loan Agreement

     MOTION PASSED

Dr. Mahoney moved and Mr. Jacobson seconded the motion to approve the Resolution as summarized by Mr. Shockley. On a roll call vote, the motion carried.

d. Fiscal Agent Fee Approval

    MOTION PASSED

Mr. Montplaisir moved, and Mr. Peterson seconded the motion to approve the Fiscal Agent Fee as summarized by Mr. Shockley. On a roll call vote, the motion carried.  Dr. Mahoney and Mr. Costin abstained from voting.

e. DA Board Approved MOU and Agreement Actions

i. Midcontinent Communication MURA for SEAI & UMA

ii. Great River Energy MURA for SEIA & UMA

iii. Cass County Electric Coop MURA for SEAI & UMA

iv. Century Link MOU for DCAI

     MOTION PASSED

Dr. Mahoney moved to approve the MOUs as summarized by Mr. Shockley and Mr. Montplaisir seconded the motion. On a roll call vote, the motion carried.

 f. Property Acquisition Report

Mr. Dodds reported that the land needed for the channel has been acquired. To date, 573 parcels have been acquired and 90 parcels are currently in LRED status. Mr. Dodds noted that the LRED number has increased from last month due to the addition of a split parcel. Of the 90 parcels in LRED, there are 28 individual property owners.

Mr. Dodds also reported that negotiations continue on Drain 27, the Red River Control Structure and the upstream parcels. Drawings were received on SE-2A from the Corps.

9. NEXT MEETING

The next meeting will be June 23, 2021.

 10. ADJOURNMENT

Meeting adjourned at 4:42 PM.