REPORT OF THE
COMMITTEE ON FINANCE
The Honorable,
The Board of Commissioners of
ATTENDANCE
|
Present: |
President Stroger and Chairman Daley, Vice Chairman Sims,
Commissioners Beavers, Butler, Claypool, Collins, Gorman, Goslin, Maldonado,
Moreno, Murphy, Peraica, Quigley, Schneider, Silvestri, Steele and Suffredin
(17) |
|
Also
Present: |
Donna L. Dunnings - Chief Financial Officer, Bureau of
Finance; Patrick T. Driscoll, Jr. – Deputy State’s Attorney, Chief, Civil
Actions Bureau; John Morales – Cook County Comptroller; and Bruce Washington
– Director, Office of Capital Planning and Policy |
|
Absent: |
None (0) |
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Court
Reporter: |
Anthony W. Lisanti, C.S.R. |
Ladies and
Gentlemen:
Your Committee
on Finance of the Board of Commissioners of Cook County met pursuant to notice
on
Vice Chairman Sims,
seconded by Commissioner Silvestri, moved to suspend Section 2-108(h)(1) “Prior
notice to public; agendas” of the
Chairman Daley stated that the suspension of the rules
allows for a 48 hour notice to the public.
Commissioner Silvestri stated that the 48 hour notice is
consistent with the Illinois Open Meetings Act.
Your Committee
has considered the following items and upon adoption of this report, the
recommendations are as follows:
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296785 |
SELF INSURANCE BOND,
SERIES 2008 – FINANCE MEMBERS. Transmitting a Communication,
dated transmitting
herewith for your consideration are the finance members for the Self
Insurance Bond, Series 2008. Self Insurance Bond, Series 2008 Lead
Financial Advisor: Mesirow
Financial Co-Financial
Advisor: Gardner, Underwood
and Bacon, LLC Bond
Counsel: Chapman
and Cutler Underwriter’s
Counsel: Greene and Letts Senior
Manager: Co-Senior
Manager: Ramirez and Company Co-Managers: JP
Morgan Chase George
K. Baum Goldman
Sachs Grigsby
and Assoc. * Referred to the
Finance Committee on |
Commissioner
Silvestri, seconded by Commissioner Peraica, moved to receive and file
Communication No. 296785. The motion carried. Chairman Daley voted present.
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297362 |
CAPITAL IMPROVEMENT
GENERAL OBLIGATION BONDS, SERIES 2008 FINANCE MEMBERS.
Transmitting a Communication, dated transmitting
herewith for your consideration are the finance members for the Capital
Improvement General Obligation Bond, Series 2008 to be referred to the
Finance Committee. Capital Improvement General
Obligation Bond, Series 2008 Lead
Financial Advisor: Mesirow
Financial Co-Financial
Advisors: A.C.Advisory Bond
Counsel: Chapman
Cutler Co-Bond
Counsel: Perkins Coie,
LLP Underwriter’s
Counsel: Pugh, Jones, and
Associates Co-Underwriter’s
Counsel: Burke, Burns & Pinelli,
Ltd. Senior
Manager: Co-Senior
Manager: Ramirez and
Company Co-Managers: Citigroup Global
Markets, Inc. SBK
Brooks Investment Corp. Siebert
Brandford Shank & Co., LLC William
Blair and Company * Referred to the
Finance Committee on |
Vice Chairman Sims,
seconded by Commissioner Beavers, moved the approval of Communication No.
297362.
Commissioner Silvestri asked for the total amount of
appropriation authority that was approved by the Board for capital projects.
John Morales, County Comptroller, stated that the original amount
requested for capital projects was $282,852,749 and it has now been reduced to
$262,993,365, for a net reduction of $19,859,384 (-7.02%) for that category.
The original amount requested for capital equipment was
$152,186,857, and it has now been reduced to $90,349,206, for a net reduction
of $61,837,651 (-40.63%) for that category.
Commissioner Silvestri asked for the actual amount of Bond
that will be issued.
Mr. Morales stated that the actual net was reduced from the
original request of $375,900,000 down to $294,202,965 for a net reduction of
$81,697,035 (-21.73%) below the original request.
Commissioner Collins expressed concern regarding a number of
deferred capital improvement program items. The items in question involved requests for
new camera and security systems at various county facilities. Questions had been raised regarding the
possibility of paying for the equipment with homeland security grants, and the
requests were deferred pending more information.
Bruce Washington, Director of the Office of Capital Planning
and Policy, agreed that the cameras and security systems were important
priorities, and he was hopeful that approval to proceed would be granted soon.
Chairman Daley stated that his understanding was that the
matters could be deferred, and that Mr. Washington had not indicated otherwise
until now. Given the conflicting
statements, deferral of Communication Number 297362 in its entirety would be in
order.
Commissioner Suffredin stated that the Board previously
passed a bond authorization in the amount of $740,000,000. The only thing that is before the Committee
today is approval of the finance team.
He stated that once a team has been chosen, the Administration has the
ability to issue $740,000,000 worth of bonds. Commissioner Suffredin stated that he does not
believe that you can use the selection of the team to limit the amount of bonds
the County is issuing. The only thing
that the Board is requested to do at this time is to approve the team. The dollar amount is specified in the prior
Ordinance that the Board previously approved, and is not before the Committee
at this time; therefore it can not be amended.
President Stroger stated that Commissioner Suffredin is not
correct in his statement and would like to check on the matter to verify his
claim.
Commissioner
Suffredin, seconded by Commissioner Silvestri, moved to defer consideration of Communication
No. 297362. Commissioner Peraica called
for a Roll Call, the vote of yeas and nays being as follows:
ROLL
CALL ON MOTION TO DEFER
COMMUNICATION
NO. 297362
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Yeas: |
Commissioners Claypool, Collins, Gorman, Goslin, Maldonado,
Murphy, Peraica, Quigley, Schneider, Silvestri and Suffredin (11) |
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Nays: |
Commissioners Beavers, |
|
Present: |
Chairman Daley and Vice Chairman Sims (2) |
|
Absent: |
None (0) |
The motion to defer Communication
No. 297362 CARRIED.
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298804 |
COUNTYWIDE CONTRACTS
FOR THE PURCHASE OF VEHICLES. Transmitting a Communication,
dated requesting authorization for the Purchasing Agent to enter
into and execute contracts with the following vendors for the purpose of
providing a countywide contract for the purchase of various types of Ford and
Chevrolet brand vehicles. VENDOR AMOUNT Metro Ford $1,108,479.00 Sutton Ford $5,197,272.00 Miles Chevrolet $6,774,706.00 Advantage Chevrolet $ 135,749.00 Hodgkins, Total $13,216,206.00 Reason: The Cook County Sheriff’s Office, with the
consultation and approval of the Vehicle Steering Committee conducted a
Request for Proposal (RFP) for the purchase of various Chevrolet and Ford
brand vehicles. Metro Ford, Sutton
Ford, Miles Chevrolet and Advantage Chevrolet are the selected vendors
because they offered the most economical price and met all the technical
specifications for the RFP. It has
become necessary to seek board approval at this time due to Chevrolet’s Total Estimated
Fiscal Impact: $13,216,206.00. Contract period:
Approval of this
item requires the issuance of general obligation Capital Improvement Bonds. The Vehicle Steering
Committee concurs with this recommendation. Vendor has met the Minority and Women Business Enterprise
Ordinance. * Referred
to the Finance Committee as amended on ** The
Consolidated Summary of Countywide Vehicle Contracts by Vendor and Model
chart is attached hereto and made a part hereof. |
Communication No.
298804 was withdrawn at the request of the Sheriff.
Commissioner Suffredin, seconded by Vice Chairman Sims, moved to
adjourn the meeting. The motion carried
and the meeting was adjourned.
YOUR COMMITTEE
RECOMMENDS THE FOLLOWING ACTION
WITH REGARD TO THE
MATTERS NAMED HEREIN:
Communication Number 296785 Received
and Filed
Communication Number 297362 Deferred
Communication Number 298804 Withdrawn
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Respectfully
submitted, Committee
on Finance xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx John P.
Daley, Chairman |
Attest:
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Matthew B. DeLeon, Secretary
The transcript for this meeting is available in the Office
of the Secretary to the Board,