2018-01-23 Meeting with Roy Koegen1
Meeting with Roy Koegen
January 23, 2018
10:35 a.m.
Present: Commissioner Fund, Commissioner Jackson, Commissioner Stamper, Glenn Carter, Roy Koegen,
Suzette Smith
Recorder: Rieva Lester
Glenn Carter said he would like Roy Koegen to tell the Board
about its options regarding a request from the Public Facilities
District (PFD) to extend its bond.
Glenn said he had a couple of concerns about the proposal:
• Last year, there were discussions about taking out the
county entirely. The proposal would instead extend
the county’s involvement.
• The feasibility analysis done at the time and proved
inaccurate. He said he would hope to see a more accurate picture of income flows, etc.
Glenn said the county met with three representatives of the PFD board the previous day and heard their
pitch about the bond extension.
Roy Koegen of Kutak Rock, who serves as bond counsel, discussed his past PFD bond experience.
Roy said he spoke with Scott Bauer of Northwest Municipal Advisors regarding the Lewis County PFD. He
discussed a cross-over refunding to take advantage of the refund from the Build America Bonds (BABs).
Roy discussed the money the PFD owes under .09 (Distressed Counties). Roy said the PFD still owes
$366,000. He said the PFD would be relying on a new bond to make its next three payments.
Roy said the PFD would be required to do an Electronic Municipal Market Access (EMMA) filing.
Roy said the risk would be a repeat of the 2008 meltdown. He said he likes the idea of an independent
study to determine the accuracy of the numbers. He said the PFD could hire a municipal advisor. He said
a feasibility consultant also could be used. He said a detailed report showing revenues, growth, debt
services, etc. is needed.
Roy said the PFD’s contingent loan agreement and the resolution would need to be revised.
Roy discussed the benefits of having a PFD for tourism, etc.
Roy said if the agreement is made to be contingent, it could be beneficial to the county. He said he
would love to have the $30,000 debt service savings set aside for the county.
TO-DO LIST / RECAP
Roy will speak with Scott Bauer,
who represents the PFD and
report back to Glenn and
Commissioner Fund.
2
Roy said the county could require a revenue feasibility study. He said he would ask to see debt service at
current rates and at .25 basis points and .50 basis points higher.
Commissioner Jackson asked if language in the original .09 contract could be cleaned up. Glenn said it
could be addressed separately. Glenn discussed the contract, which included requirements for the PFD
to document income streams and collect fees along with ticket sales.
Commissioner Jackson left at 11:12 a.m.
Roy said he will call Scott and tell him that the BOCC wants to see more detailed revenue projections by
the end of the week.
Suzette Smith stressed her desire for contingency language so the debt would not go against the county.
Roy said he would report back to Glenn and Commissioner Fund.
Commissioner Jackson returned at 11:16 a.m.
Roy left at 11:18 a.m.
Glenn recapped points made during the meeting.
Commissioner Stamper left at 11:25 a.m.
Meeting ended at 11:26 a.m.