← City Council · 2020-08-17 · City Council Regular Meeting
ORDER-2021-16 : Request for the authorization to issue Refunding Bonds to refinance $2,965,000 of General Obligation Bonds issued May 1, 2009. The order would be in effect for this request and for opportunities identified in the future that meet the requirements under Massachusetts General Law.
Agenda original PDF
Minutes original PDF
ORDER-2021-16 A Bond Request for the authorization to issue Refunding Bonds to refinance $2,965,000 of General Obligation Bonds issued May 1, 2009. The order would be in effect for this request and for opportunities identified in the future that meet the requirements under Massachusetts General Law. Passed
Transcript
▶ 2:25:47 Speaker 1: Committee of Education and Welfare. Order 2021-16, a request for the authorization to issue refund bonds to refinance $2,965,000 of general obligation bonds issued May 9th, 2009. The order would be in effect for this request and for opportunities identified in the future that meet the requirements under Massachusetts general law.
▶ 2:26:12 Leila Migliorelli: Councillor Migliorelli. I'd like to motion for immediate consideration as I believe this is a time-sensitive matter. Okay so we have a motion for immediate
▶ 2:26:17 Jen Grigoraitis: consideration by Councillor Migliorelli. Is there any objection? We don't need a second. That's okay just if there's no objections.
▶ 2:26:35 Jen Grigoraitis: Okay seeing none the order is before us. I do believe we have the treasurer here
▶ 2:26:52 Jen Grigoraitis: to speak on this pleasure is here hello hi ms armada welcome to your first city council
▶ 2:26:58 Speaker 1: meeting the floor is yours well thank you very much uh good evening as uh you stated our advisors at hilltop securities have identified an opportunity to refund or refinance a series of bonds uh two two million nine hundred and sixty five million of them that would result in savings of approximately three hundred sixty four thousand dollars net of costs over the remaining life of the bond issue now the hilltop team continuously scours our data for ways to save the city money through their analysis of our debt issuances and the current market environment There are a lot of criteria that go into these analysis, and this opportunity of this size doesn't come along every day. In this case, the savings are significant on an annual basis between $35,000 and $40,000 per year for the remaining life of the bond. uh the order before you is worded very broadly to include both the general obligation bonds and the mwra bonds so that this will give us flexibility in the event another opportunity is discovered so that we can act quickly and take advantage of the market environment are there any questions
▶ 2:28:23 Jen Grigoraitis: Thank you, Ms. Armada. Are there any questions from the council? Okay. Seeing none, Councillor
▶ 2:28:34 Jen Grigoraitis: McMaster?
▶ 2:28:36 Shawn M. MacMaster: Madam President, as this is another municipal finance matter, I would make a motion at this time to suspend Rule 34A. Second.
▶ 2:28:45 Jen Grigoraitis: We have a motion by Councillor McMaster, seconded by Councillor Spurge to suspend Rule 34. Sorry, Councillor McNerally, do you have a-
▶ 2:28:54 Leila Migliorelli: If it's already suspended prior to the meeting, do we have to suspend it again?
▶ 2:29:00 Shawn M. MacMaster: Councilor McMaster? That's a good point, Councilor Cirelli. We may not have to. I would defer to President Grigoraitis on it if we don't want to take another roll call. I had made a motion specific to the prior matter, the grant. I'm not anticipating this, but I think Councilor Mazzarelli may be right. If it was suspended once, it's to be suspended for the entirety of the meeting.
▶ 2:29:26 Speaker 7: I don't have a preference one way or the other.
▶ 2:29:27 Jen Grigoraitis: I'm comfortable letting it stand that it's been suspended for the entirety of the meeting. So anyone have any other financial orders, bring it on. So, Councilor McMaster, are you comfortable withdrawing your motion?
▶ 2:29:41 Shawn M. MacMaster: I am, thank you. I'll withdraw at this time.
▶ 2:29:44 Jen Grigoraitis: Thank you, Councilor Stewart.
▶ 2:29:55 Jen Grigoraitis: Um, what is the will of the council passage motion for passage and we have a motion for passage made by council and regularly seconded by Council or not. Is there any discussion? Being on Madam clerk, can you please call the role?
▶ 2:30:11 Speaker 2: Counselor, yes. Yes, yes. Yes. Councilor McMaster? Yes. Councilor McNaught? Yes. Councilor Migliorelli? Yes. Councilor Stewart? Yes. Councilor Thomas? Yes. Councilor Tramontozzi? Yes.