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From YouTube: October 14, 2020 Board of Estimate & Taxation
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B
Good
afternoon
my
name
is
carol
becker.
Welcome
to
this
live
broadcast
of
our
virtual
meeting.
This
meeting
includes
a
remote
participation
of
members
as
authorized
under
minnesota
statutes,
13d
0.021,
due
to
the
declared
health
pandemic
for
the
record.
Again,
I'm
carol
becker.
I
am
the
president
of
the
board
of
estimate
taxation
and
will
now
call
this
meeting
to
order
and
ask
the
clerk
to
call
the
roll.
So
we
may
verify
the
presence
of
a.
B
C
C
B
B
B
All
right,
so
just
so,
everybody
knows
for
all
voting,
we'll
have
roll
call
procedures,
since
we
are
meeting
remotely
adoption
of
the
agenda
board
members.
The
agenda
for
the
today's
meeting
is
before
us:
don't
have
an
motion
to
adopt
the
agenda
so
moved.
We
have
a
second
second,
any
discussion
hearing.
None.
Could
the
clerk
call
the
role.
A
B
All
right
next
is
the
acceptance
of
the
minutes
from
our
previous
meeting.
Do
I
have
a
motion
to
accept
the
minutes.
C
B
Thank
you
any
discussion
on
the
the
minutes.
Hearing
none
clerk
call
the
roll
please.
B
C
B
B
All
right,
then,
let's
move
on
to
discussions
item
number
four:
is
the
resolution
reallocating
666
thousand
dollars
of
excess
bronze
bond
proceeds
among
different
municipal
building
commission
projects
who's
here
to
speak
to
this
item.
A
President
backer,
I
can
speak
to
this
issue.
Thank
you.
A
A
Yeah,
I
got
some
information
from
the
building
commission
and
the
biggest
thing
is
that
they
received
really
competitive
bids
for
the
work,
so
they
were
able
to
come
in
under
budget.
They
did
some
value
engineering
as
well
that
helped
cut
down
those
costs,
and
that
was
they
did.
They
said
they
did
not
omit
any
parts
of
the
project.
The
whole
project
that
they
wanted
to
complete
was
in
fact
completed
and
just
a
really
good
good
project
for
bids
and
and
work
and
completion,
and
so
they
had
some
excess
funds.
A
C
A
Motion
to
to
approve
this
resolution.
C
B
Thank
you.
Any
discussion.
B
Any
discussion
hearing,
none,
then
clerk.
Could
you
call
the
role
in
this
resolution.
B
B
We
need
to
also
make
sure
that
mr
fletcher
is
recorded
as
being
here
so.
A
A
A
The
largest
series
of
those
was
for
our
routine
capital
improvement
program
for
the
year.
That
was
the
88
million
875
of
bonds,
and
then
there
was
another
part
of
that
same
series
was
for
refunding
four
different,
previously
issued
series
of
bonds
of
the
city,
and
so
in
total
we
received
103
million
680
000
and
change,
which
included
a
6.6
million
dollar
bond
premium,
which,
just
for
the
record,
when
you
receive
a
bond
premium
that
allows
you
to
reduce
the
par
amount
of
bonds
sold.
A
So
we
did
that
in
this
particular
instance,
which
means
now
when
we
go
through
some
of
these
other
details,
we
can
kind
of
see
how
that
impacts
some
of
the
refundings
and
how
much
we
had
to
sell
to
refund
the
existing
debt.
But
it
was
a
good
bond
sale
interest
rates.
The
coupon
interest
rates
were
two
to
three
percent,
but
with
that
bond
premium,
our
effective
rate
of
interest
that
we're
paying
is
point,
eight,
nine,
two,
four
percent,
so
less
than
one
percent
for
bonds
that
go
out
as
long
as
2030..
A
So
I
thought
it
was
a
very
good
sale.
We
accomplished
our
objectives
and
if
you
want,
I
can
go
through
a
little
bit
of
the
refunding
information
as
well.
So
the
first
refunding
item
was
actually
the
first
two
are
special
assessment
bonds
from
2012
and
2013..
A
It's
typical
at
the
call
date
that
the
city
would
have
some
excess
funds
on
hand
from
prepayments
that
come
in
over
time,
so
we
were
able
to
contribute
260
thousand
dollars
of
cash
for
the
2012
series
and
735
000
to
the
2013
series,
and
we
saved
38
000
of
interest
on
the
first
smaller
series
and
about
534
000
on
the
second
series.
So
nice
savings,
the
the
second
series,
is
bigger
and
had
longer
maturities
and
therefore
allows
you
to
save
more
on
interest.
A
Obviously,
but
13.9
of
the
interest
saved
is
a
is
a
very
good
amount
of
savings
for
a
sale
of
bonds
for
refunding
the
next
series
is
the
park
board
had
a
project
where,
when
the
bonds
were
sold
for
a
parade,
we
actually
moved
the
last
maturity
up,
and
so
this
particular
refunding
was
restructuring
that
maturity
back
out.
So
typically,
interest
rates
go
up
as
you
go
out
on
the
interest
rate
curve
to
the
later
years,
back
in
2012,
when
these
bonds
were
issued,
is
it
12?
A
I
think
we
moved
up
the
maturity
for
the
last
maturity,
2.8
million
dollars
to
12
1
of
2020,
knowing
full
well
that
when
we
got
here,
we
would
restructure
that
maturity
and
push
it
back
out.
So
this
particular
series
of
bonds
doesn't
have
interest
savings.
It
actually
will
cost
the
city
more
now,
but
we
saved
a
lot
of
money
in
the
earlier
years
of
this
particular
bond
series.
A
The
final
one
that's
refunding
here
is
the
2012
library
bonds.
That
was
an
8.7
million
dollars
worth
of
bonds
that
we're
refunding
again
because
of
receiving
a
premium.
We
only
had
to
issue
eight
million
four
hundred.
Thirty,
five
thousand
of
par
and
we
saved
about
three
hundred
and
eight
thousand
dollars
in
interest
on
that
particular
series
of
bonds.
So
again,
a
very
successful
refunding
of
the
library
bonds
and
just
as
an
fyi
for
the
the
group
here.
A
So
initially
that
was
going
to
go
out
as
late
as
2032
and
we're
cutting
off
over
a
decade
of
time
due
to
favorable
interest
rates
versus
the
original
forecast
way
back
when
etc.
So
a
very
good
result
for
the
city.
A
A
A
The
true
interest
rate
on
those
is
point:
nine,
five,
five
percent
again
a
very
competitive
rate
and
this
one
saved
the
city
621
000,
or
about
4.24,
and
that's
in
addition
to
actually
extending
that
debt
by
a
couple
years
and
giving
some
relief
to
the
parking
fund
in
the
early
years
due
to
clovid
19
and
the
fact
that
folks
aren't
parking
downtown
as
much
as
they
had
been.
A
The
third
series
of
bonds
is
the
convention
center
series
and
in
this
particular
case,
the
convention
center
was
going
to
pay
its
final
maturity
on
12
1
of
2020
of
26
million
dollars.
A
We
could
have
done
that.
We
did
have
the
cash
in
the
fund
to
do
it.
It's
not
that
we
had
to
refund
these
bonds,
but
the
the
payment
of
that
amount
would
have
compromised
the
reserve
balances
in
the
fund
and
at
a
time
when
we're
having
difficulty
with
hosting
conventions
and
still
having
a
lot
of
other
competing
needs
for
those
sales
tax
dollars.
It
was
felt
that
it
would
be
best
to
refund
these
bonds
and
push
that
maturity
out.
A
So
in
the
current
plan,
we're
showing
about
six
and
a
half
million
of
principal
in
the
next
years
from
22
through
25,
to
pay
these
off,
and
that's
just
for
for
illustration
purposes
if
in
fact,
covid
becomes
under
control
and
we
get
back
to
normal
with
convention
center
business.
A
that
that
particular
series
of
bonds
is
highly
sought
after
by
the
investing
public.
These
are
taxable
bonds,
which
typically
taxable
bonds
have
higher
interest
rates
than
tax
exempt
bonds,
but
in
this
case
having
something
of
that
magnitude,
26
million
dollars-
taxable
not
callable
for
a
couple
years,
was
very
desirable
by
the
market
and
we
got
a
very
competitive
rate
with
0.6.
A
So,
even
though
it's
unfortunate,
we
had
to
do
this
or
felt
compelled
to
do
this.
The
interest
rate
that
we're
paying
on
these
bonds
is
very,
very
low
and
in
the
meantime,
we
have
preserved
our
capacity
to
run
the
convention
center
and
it's
necessary
operations
and
improvements
as
as
needed.
So
that's
that's.
The
summary
I
have.
If
there
are
any
questions,
I'd
be
happy
to
answer
those.
B
B
Seeing
none.
Then
we
can
receive
and
file
that
report
and
move
on
to
item
six
of
the
announcements.
I
don't
even
have
any
announcements.
B
All
right
hearing
none,
then
I
have
a
motion
to
adjourn.