Meeting Minutes

The Finance Committee met Wednesday, November 9, 2011 at The District Offices at 245 Main Street, Cromwell, Connecticut.

Chair, Doug Sienna, called the meeting to order at 4:33 PM. In addition to the Chair, present were Committee Members - Gerry Amodio and Jim McNair. There was a quorum. Also present were Board Chairman - Bill Candelori, Board Member - Ed Sasso, Executive Director - Brian Armet, District Engineer -Michelle Ryan, District Bond Counsel - Doug Gillette from Day Pitney and John Braccio and Chris Pierce from Wright-Pierce, The District's Nitrogen Upgrade Design Engineers. Board Member - Tom Tokarz arrived at 4:45 PM.

1) Middletown's Proportionate Share of the Nitrogen Upgrade Construction

The Committee discussed, at length, Wright-Pierce's and The District's estimate of the Nitrogen Upgrade improvements and portions of improvements that will be constructed specifically for Middletown's WWTP's flows and that Middletown will be responsible for 100% of the cost. The Committee also discussed the implementation of these costs.

2) Nitrogen Upgrade Construction REVISED Bond Counsel Financing Authorization Resolution

The Committee reviewed the changes and edits to the Financing Authorization Resolution that it had requested Bond Counsel incorporate into the Resolution at its November 2, 2011 Meeting. Doug Gillette answered all questions and,

Mr. McNair moved, Mr. Amodio seconded, and the committee approved unanimously:

RESOLVED, that the Finance Committee recommends that the Board of Directors of The Mattabassett District adopt, substantially in the form submitted, the following Resolution:

Resolution of the Board of Directors of The Mattabassett District appropriating $115,000,000 for Costs in connection with the Construction of the Nitrogen Treatment Upgrade and Related Improvements to The Mattabassett District Wastewater Treatment Facility and Authorizing the Issuance of $115,000,000 of Bonds, Notes, Temporary Notes and Other Obligations to Finance Said Appropriation, and refers this recommendation to the Board of Directors for their review and consideration. (A copy of the Resolution shall be attached to and recorded with the minutes of this meeting.)

Adjournment:

Mr. Amodio moved, Mr. McNair seconded, and the committee approved unanimously to adjourn at 5:20 PM.