Special Board of Aldermen 8-24-2020 Page 3
Alderman Schmidt
| am present and | am alone.
Alderman Laws
| am here, | am alone and | can hear you.
Alderman Cleaver
I’m here, my daughter is with me and | am social distancing. | can hear those who have spoken so far.
President Wilshire
| am here, | am alone and | am social distancing.
Susan Lovering, City Clerk
You have 12 in attendance.
President Wilshire
Thank you, Madam Clerk. Tonight we have two Public Hearings; the first is on Resolution 20-057
Authoring the Mayor and the City Treasurer to issue bonds not to exceed the amount of $20 million dollars
to refund all or a portion of certain outstanding bonds of the City in order to achieve interest cost savings. |
see that Mr. Fredette is on with us. Would you care to give the Board a brief overview of this? No? He’s
not here? He was here.
Steve Bolton, Corporation Counsel
| have help, Madam President, if you wish. It’s very similar to refinancing your home mortgage. When
interest rates are low you can take advantage of that and get a better interest rate and save money. It’s a
little more complicated with City Bonds, we can only refinance the bonds that are callable, at a time when
they are callable and this is our opportunity to do so with these $20 million dollars’ worth. So we can call in
the outstanding bonds, we borrow $20 million at a better rate and it saves us money.
President Wilshire
Thank you, Attorney Bolton. So at this point, | will take Public Testimony in favor of Resolution 20-057 if
there’s anyone?
PUBLIC HEARINGS
R-20-057 - AUTHORIZING THE MAYOR AND THE CITY TREASURER TO ISSUE BONDS NOT TO
EXCEED THE AMOUNT OF TWENTY MILLION DOLLARS ($20,000,000) TO REFUND ALL
OR A PORTION OF CERTAIN OUTSTANDING BONDS OF THE CITY IN ORDER TO
ACHIEVE INTEREST COST SAVINGS
TESTIMONY IN FAVOR - None
TESTIMONY IN OPPOSITION - None
TESTIMONY IN FAVOR - None
