Mayor Fenton report for January 18th, 2007

Insurance Broker:

As you are aware, the township’s insurance policies are up for renewal in March of this year. Proposals for a broker of record were received at the end of last year and presentations were made to council. I asked our solicitor, Mr. Sacco, to review these proposals to confirm that the brokers meet the qualifications and requirements in our administrative code.

I would like to appoint Vaughan Insurance Managers, form Fairless Hills, as the township’s Broker of Record. Mr. Vaughan has over 25 years experience in the insurance field and serves as insurance broker for Fall township and also places insurance with Lower Makefield township. At this time I would like to put up the name of Vaughan Insurance Managers as Bristol township’s Broker of Record.

Approved 4 yes with Councilwoman Lipsack had left the room and not voting

Water Lines:

I would like an update from the engineering firm who is doing the study or analysis on what our water lines are worth because we have an interested party. Do we have a figure? I have a plan that I would like to introduce to council tonight that if council decides to sell the water lines serving Keystone Industrial Park and the Newportville and Fergusonville areas that the monies be placed in the bank and use the interest of these funds to repair road and infrastructure only in these serving areas where the lines are located. This would fee up monies in the liquid fuels fund for the rest of the township.

Police Pension Fund:

The Manager office along with the Finance Department and Sam Lynch have been working on a plan to fund the police pension fund through the year 2027. Sam Lynch and Dana Becker are putting together a plan where the township can float a bond that will fund the police pension and will save approximately $ 1,000,000.00 (one million dollars) per year over the life of the bond. They will be asking council to approve this plan and to implement it in the 1st (first) quarter of this year.