From: Weil, Chloe
Sent: Wed Mar 08 10:49:44 2017
To: Gerald Fisher
Cc: Rozgonyi, Alexandra; Chaunee Seifried; Dan Huff
Subject: RE: S&P Conference Call: City of Molalla, OR (Water and Sewer Revenue Bonds)
Importance: Normal
Attachments: image001.png; Microsoft Exchange Server;converted from html; Good morning Gerald— Thank you for your response, we recognize that you all are quite busy with the budget preparation and other initiatives of the city, so we appreciate your time on this. We will wait to hear from Chaunee regarding the fiscal 2016 audit and other data. For compliance purposes, we really need to complete the review by the end of March. If we are unable to complete the review by the March 31st deadline we will be required to “place the bonds on negative credit watch ” due to lack of timely information; which I recognize is not an ideal scenario, but is required due to our regulatory oversight, so hopefully we can connect with you and Chaunee by the end of the week. Again, thank you. Best, Chloe From: Gerald Fisher [mailto:gfisher@cityofmolalla.com] Sent: Wednesday, March 08, 2017 10:38 AM To: Weil, Chloe (Analytical) Cc: Rozgonyi, Alexandra (Analytical); cseifried@cityofmolalla.com; citymanager@cityofmolalla.com Subject: RE: S&P Conference Call: City of Molalla, OR (Water and Sewer Revenue Bonds) Hi Chloe, I know Chaunee has received the information from Alexandra and has been working on it. She will be back in the office tomorrow. I can tell you that I am doing the budget for the Sewer Debt Fund, Sewer CWSRF Fund, and Water Debt Fund. There is sufficient funds in both proprietary funds and system development funds to fund the ongoing payment of these bonds. I am budgeting for the final payment and closeout of the Water Debt in FY 2017-2018, so that debt will be closed. The Sewer Debt fund will be closed in FY 2024-2025 and the Sewer CWSRF Fund will be closed in FY 2027-2028. The rest of the information Chaunee has. Thanks for your patience. Regards, Gerald Fisher, P.E. | Public Works Director City of Molalla 117 N Molalla Ave. | PO Box 248 |Molalla, OR 97038 Office: 503.829.6855 | Direct: 503.759.0218 CONFIDENTIALITY NOTICE: The information contained in this email message, including any attachments, is for the sole use of the intended recipient(s) and may contain confidential and privileged information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient and have received this communication in error, please contact the sender by reply email and destroy all copies of the original message. Thank you. From: Weil, Chloe (Analytical) [mailto:chloe.weil@spglobal.com] Sent: Tuesday, March 07, 2017 9:44 AM To: cseifried@cityofmolalla.com; citymanager@cityofmolalla.com; dpw@cityofmolalla.com Cc: Rozgonyi, Alexandra (Analytical) alexandra.rozgonyi@spglobal.com> Subject: FW: S&P Conference Call: City of Molalla, OR (Water and Sewer Revenue Bonds) Importance: High Good morning— I am writing to follow up on my colleague’s prior request for information to complete our review of the city’s water and sewer system bonds. For compliance purposes, we are required to complete our review of the securities by March 31, 2017. At a minimum, we will require financial and operational data of satisfactory quality to maintain our ratings on the water and sewer securities in accordance with our applicable criteria and policies. Failure to receive the requested information by March 15th will likely result in our suspension of the affected rating(s), preceded, in accordance with our policies, by any change to the rating(s) that we consider appropriate given available information. We see that the city has not yet posted the fiscal 2016 audit and continuing disclosure filing to EMMA, therefore we request that you send the unaudited financial statements to us to assist in our review. If it is easier, please respond to our list of questions in the pre-meeting memo in writing, if you prefer that approach to scheduling a conference call. Please do not hesitate to contact me if you require further information or have any questions or comments. Thank you in advance for your time. Chloe Chloe Weil Director - U.S. Public Finance Infrastructure S&P Global - | 1 California Street 31 Floor | San Francisco, CA 94110 T: 415.371.5026 From: Rozgonyi, Alexandra (Analytical) Sent: Friday, February 17, 2017 4:37 PM To: Weil, Chloe (Analytical); 'hpenni@cityofmolalla.com'; 'cseifried@cityofmolalla.com'; 'citymanager@cityofmolalla.com'; dpw@cityofmolalla.com; Gerald Fisher Subject: S&P Conference Call: City of Molalla, OR (Water and Sewer Revenue Bonds) Good Afternoon, Attached is a list of topics and questions to guide our discussion on Tuesday 21, 2017 at 3:00pm-4:00pm Pacific Standard Time. If you have any questions prior to the call please feel free to call or email. In addition, these questions are to guide our discussion but any follow up items can be emailed after the call if needed. I have also attached the City’s most recent rating reports for reference. We look forward to speaking to you all on Tuesday. Thank you, Alexandra Rozgonyi Rating Analyst S&P Global - U.S. Public Finance U.S. Public Finance | 7400 South Alton Court | Centennial, CO 80112 T: 303.721.4824 M: 303.868.1517 alexandra.rozgonyi@spglobal.com
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