City of Bloomington, Indiana Utilities Service Board, 16 Feb 2021

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From YouTube: Bloomington Utilities Service Board Finance Subcommittee, February 16, 2021

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A

Okay, it's 4 45 um a call to order the meeting of the finance subcommittee on february 16, 2021 and.

A

We have one item on the agenda and that's continued discussion of the bond for the.

A

Water rate case- and this was discussed at a previous finance subcommittee meeting two weeks.

A

Ago approximately and we're back here again to make sure that there are no new issues or concerns.

A

And I think I read that vic is going to take the lead, but that may not be true.

B

Doesn't appear that vic is in the meeting at the moment, all right and it's up to you chris well.

B

I can tell you this much. I um submitted to the board at uh the 11th hour of the packet going out.

B

A a version of the resolution which had attached to it a draft of the proposed ordinance for the.

B

Bond finance and I guess I would ask if everybody had an opportunity to review that version.

B

And would invite any of them who might have questions to direct them to buzz crone? Who.

B

Does appear to be on the meeting, that's going to be my my punt, the ball to buzz action right now,.

A

um Why don't we start with um subcommittee members? um Megan are.

A

Amanda you have any questions or issues to raise. I have none. I'm I'm good to go with all of this.

A

Megan, I'm good as well. Thank you, okay. That makes three out of three I'm good to go with it. I.

A

Assumed that we wouldn't need a major discussion of it, since we were apprised of.

A

What the resolution would look like before so.

C

Does buzz have anything to add to the conversation um really nothing to add just to maybe summarize.

D

That there there is a you know, a comfortable amount of contingencies in the bond parameters.

D

That uh crows put forth, and we think that it all looks in order- and this is just one of the hoops.

D

We've got to go through before you guys go to the iurc to get the approval for the the rates and.

D

Financing and then uh we'll come in after that and and find a home for these bonds. That sounds good.

E

I guess okay, yes, I'm sure it's in here somewhere, but I do want to make sure that we.

E

We that we have the opportunity to renegotiate bond rates- and um you know like we had a couple.

E

Of bonds before that came uh to, it gave us a little bit of an advantage with changing some.

E

Of the interest rates we will, we still have the flexibility with these bonds.

E

That we have with other bonds- I guess that's probably directed at laura.

F

um I believe that's the case. um Buzz and bruce may be able to speak to that better.

F

um As once, we get closer- and this has been approved by iurc- then we'll actually go out and.

F

Buy the bonds correct yes and generally, we would do we'd, probably consider a competitive sale.

D

Unless things get squirrely in the market, since you are a second class city, you have the ability.

D

To do negotiated placements, it's a fairly sizable bond issue, it's 15 million or 17 million. It's.

D

It's a significant amount. We want to get the best deal for the city again. I think our preliminary.

D

Thoughts are we probably do a competitive offering, but we'll just have to see what market conditions.

D

Are after you get through your iurc order and how much time we have and so forth, but.

D

Rates are still very good right now and we anticipate having a successful sale getting.

D

A good rating, etcetera, etcetera, biggest hoops getting through the iurc right now.

A

Okay um buzz, I love um finance speak the first words were there.

A

Are enough contingencies within the parameters? Yes, that's finance speak.

D

I'm sure we've all been caught on the short end of that stick at a time or two so uh uh and like.

D

I say the jennifer and uh her crew. I think they've done a fine job in recommending the you know, the.

D

Sizing parameters and so forth, so I think I think, we're in good shape. Okay, um vic! Do we need to.

A

To okay this and pass it along to the full board or um in the uh the meeting we had just a minute.

D

Ago, with rules and regs, the the committee of had a motion and a vote to recommend approval.

D

By the full board, so that's I think the best procedure. Okay, then, do I hear a motion to.

A

Approve and recommend this to the full board so moved and now second.

A

Okay, um no questions that I see so all in favor latrina. Would you call the roll.

F

Sure burnham, yes, parmenter, yes, sherman! Yes, great! Thank you.

E

All right there, any anyone out there in the land of the watchers who has a question or concern.

A

I can't see whether anyone is on and I'll I'll. Just I'm sorry, jim, I'm going to jump in just.

B

Say for the record that I'll go ahead and say it that the motion did carry it passed unanimously.

B

For recommendation of that form of the resolution, the ordinance to the board as a whole: okay, okay,.

A

If there are no questions from the public I'll entertain a motion to adjourn the subcommittee.

A

So move: okay, we are adjourned and we will.

A

Reconvene as part of the full board in eight minutes. Thank you all. Thank you.

C

C

C