Special Board of Aldermen 03-21-2022 Page 11
need to be replaced. We rapidly pay off our debt. That’s one of - for those of you that maybe attended the 2012-2013
presentation by a financial advisor. We're looked upon favorably the rating agencies. That’s a sign of strength. So all
of that — | mean thank you for asking the question but that’s a kind of preview of the coming attraction that Alderman
Dowd and | have talked about with making sure we all understand the magnitude of the debt, that it's manageable, it’s
paid off rapidly, and it funds the necessary programs and initiatives that we need in the City. That’s a long-winded
answer but that’s the answer.
Laurie Ortolano
Thank you very much. | like to have this educational piece brought forward when we can see or talk about what’s
coming off and what stays on because | think the public has to understand that as we bond things. Even in the future
if we can have a table or something, it’s just really helpful to know that we’re not just keeping it on. We're eliminating
it as well, so thank you very much.
Chairman Dowd
Anyone else? Alderman Kelly?
Alderwoman Kelly
Can | just ask a clarifying question? | know we’re in the public hearing. CFO Griffin you said that the payment would
be $315,625 but that’s an average, correct? It’s not exactly what we're going to pay year-to-year? | just want to
clarify for anyone listening.
John Griffin, CFO/Treasurer/Tax Collector
Sure. Mr. Chairman if | may. That’s an estimate. It’s a 2.5% estimate. We hope to do better. We are planning on an
August sale which would include part of this if we had bought things and so forth but it’s an estimate. It’s level
principal. It’s kind of a complicated process because we usually get 9 to 12 bidders of paper so they have different
views on how they want to structure the repayments. So it could be a combination of level principal, or deferred
principal, things of that nature but we’re trying to make the debt service, especially the general fund subject to tax
revenue. We try to make it as reasonable as possible on the growth. So these are strategies we’ve used. Thank
you.
Alderwoman Kelly
Glad we have you hear.
Chairman Dowd
Okay seeing no one else in favor. Anyone in opposition? Seeing none.
TESTIMONY IN OPPOSITION - None
Chairman Dowd closed the public hearing on Resolution R-22-016 at 6:55 p.m.
ADJOURNMENT
MOTION BY ALDERMAN O’BRIEN THAT THE MARCH 21, 2022, SPECIAL MEETING OF THE BOARD OF
ALDERMEN BE ADJOURNED
MOTION CARRIED
The meeting was declared adjourned at 6:55 p.m.
Attest: Susan Lovering, City Clerk
