ST LAWRENCE CO. IDA CIVIC DEVELOPMENT CORPORATION
MINUTES OF SPECIAL MEETING – August 10, 2010
CALL TO ORDER: Secretary Lynn Blevins called to order a Special Meeting of the St. Lawrence
County Industrial Development Agency Civic Development Corporation at 6:45 PM in Room 27 of the
Massena Town Hall, Main Street, Massena, New York. He announced that the purpose of this special
meeting was to review and act on resolutions related to Canton-Potsdam Hospital and Canton-Potsdam
Hospital Foundation projects.
ROLL CALL:
Blevins
LaBaff
Staples
Present
Absent
Absent
Hall
McMahon
Weekes
Present
Present
Present
Others: IDACDC Staff Ray Fountain and Natalie Sweatland; members of the public; media.
MINUTES: None
PUBLIC NOTICE: Public notifications sent August 6, 2010 to, at a minimum: St. Lawrence County’s
newspapers designated for the publication of local laws and other matters required by law to be published;
additional local media sources and websites.
PUBLIC COMMENT: None
FINANCIAL REPORT: None
STAFF REPORT: None
OLD BUSINESS: None
NEW BUSINESS:
 Resolution: Canton-Potsdam Hospital Foundation Amended and Restated Bond Resolution:
Weekes/Hall. Mr. Fountain related the following information provided to him by Matthew Wells, of
Bond, Schoeneck & King (Bond Counsel): Based on conversations between the Department of
Health, the Hospital and Bond Counsel regarding the financing of the Projects, it became apparent
that the use of a "multi-modal" bond structure, rather than just a bank qualified rate mode, would
provide the Hospital with better financial flexibility moving forward. Accordingly, in order to create
a multi-modal structure it is necessary to enter into an Indenture to provide a framework for
converting the interest rate on the initial bonds to other interest rates (i.e. variable rate or fixed
rate from the bank qualified rate). The bank qualified bonds were set up with an initial 5 year
maturity. The Banks and the Hospital could extend the maturity of the bonds at that time, but it is
difficult to predict the bond market at that time and the provision for a multi-modal structure will
provide the Hospital with increased flexibility and reduce the likelihood that they will be faced with a
balloon payment in 5 years. The DOH is adverse to that possibility. The Hospital is expecting to
amortize these Bonds over the long term and the current structure posed greater risk to that
expectation. There is no anticipated change to the expected construction budget or the Project.
Unanimous.
 Resolution: Canton-Potsdam Hospital Amended and Restated Bond Resolution: Weekes/McMahon.
Unanimous.
EXECUTIVE SESSION: None
ADJOURNMENT: Adjourned at 6:51 PM by unanimous consent.
/s/
Mr. Lynn Blevins, Secretary