Board of Aldermen 09-09-2020 Page 22
Alderman Lu
Thank you, can you hear me?
President Wilshire
Yes.
Alderwoman Lu
| had a question about the last paragraph in the Communication we received on this. It said that it is most
efficient to do this because we have upcoming bond issuance planned. | just want to know want to know
what the upcoming issue relates to?
President Wilshire
| would defer to the Chair of Budget if he chooses to answer? Alderman Dowd.
Alderman Dowd
| think we are talking about the fact that we always have upcoming bonding and in order to save money we
are refinancing current bonding when allowed, to get a lower rate and save the City money so we that we
can keep the bonding level at a level value as we add other bonds. It is not relating to any specific bond.
President Wilshire
Does that answer your question Alderman Lu?
Alderwoman Lu
Um, well ... my concern | wondered if it was referring to the bond authorization that we are going to discuss
tonight or we will receive the first reading tonight?
President Wilshire
| don’t think this — like Alderman Dowd said, it’s not specific to any future bond it is just anything that comes
up in the future, not one specific one.
Attorney Bolton
Madam President, it refers to bonds that this Board has already approved that the City Treasurer is
planning to go out for. If you go out for multiple issues at the same time, you save transaction cost. So |
believe what Treasurer Fredette is referring to is pursuant to prior approvals, there will be bonding
occurring in the normal course this year if we combine those transaction costs with this $20 million dollars,
we will realize a savings from that combination as well as the savings from the reduced interest rates on
this $20 million dollars’ worth of debt.
Alderwoman Lu
Well thank you, | thought the simple question, someone would have been able to say “Oh yeah it’s for the
DPW’ or “It’s for the Performing Arts Center’. But thank you, it sounds very general.
