Contents
3 sections01 A one-item meeting with no television captions 1–4
0:00:00was not anticipated to occur so we only have one item tonight hence we do not have a television this evening so if you hear this voice that explains why you're not seeing an image we let the record show that all five council members are present and prepared to take action
0:00:21and with that we'll move on to item one Pledge of Allegiance or a moment of silence and welcome back council member Bridges will you please lead us public for which it stands one nation under God indivisible with liberty and justice for all item two is Council staff Communications
0:00:48council members any Communications seeing none move on to item three this is when we afford the public a opportunity to speak on any item that is not on the regular agenda Madam clerk do we have any speaker cards there are no speaker slips we have no presentations for item four we have no
0:01:12consent calendar for item five there will be no public hearing this evening that takes us to item seven a uh which is tax anticipation notes and we do have a staff presentation hopefully brief don't move oh sorry you got into trouble last time you we gotta get through the
The recording begins mid-sentence, with the presiding officer explaining that something "was not anticipated to occur so we only have one item tonight", and that there was no television that evening, so listeners would hear voices without an image. All five councilmembers were present. Councilmember Jan Bridges was welcomed back and led the Pledge of Allegiance. There were no Council or staff communications; the clerk reported no speaker slips for public comment; and there were no presentations, no consent calendar and no public hearing, which brought the Council to item 7A, tax anticipation notes.
02 Tax anticipation notes of $5 million captions 5–15
0:01:34staff report I mean it's 705 sure all right good evening Maryland Council I'm Lisa Malik Sade Finance director the item you have before you is to authorize an agreement with West America to Issue 5 million seventeen thousand dollars in tax anticipation notes this is
0:01:53essentially a short-term cash loan until we get our property tax distribution very consistent with other cities and the city has done this over the last two fiscal years uh pretty much the same as we've done in previous years with the exception that this year we're actually borrowing five
0:02:10million dollars which is a million dollars more than the city's done in the past and this is basically just to help us with our cash flow and we'll be repaying this into payments one in January and one in May so that'll give us a little bit more flexibility with
0:02:24our cash and I think that that's actually it is it actually January in the past it's been December 30th it is we've pushed it to January 30th so we have enough time to get both our property taxes in December and then we get a little bit in January the rest of it so we'll have the
0:02:40full amount by January for that first distribution and then May 30th is a little bit later than when we get our property taxes in April so it just gives us a bit more room so we're not you know rushed thank you any questions of staff I see councilmember renicini has all just
0:02:57confirmed the fine so the finance and issuance cost total about 45 000 consistent with about the one percent interest rate that sort of is spread among all the various issuances right and that includes the interest and the issuance costs are there any and there are other City attorney fees or is
0:03:11this sort of the full that's not in addition to it as part of that total cost great thank you yes and two things that I read through this that one that I want to um make sure that we're all aware of as we make this decision but the other was this interest rate is is not that
0:03:30dissimilar to what we invest in and it and I thought I read in here that any interest we earn as a result of having this money is to go into the repayment account is that correct so essentially it won't it'll be a line item in the general fund and we will need to pay
0:03:47that back so it can't be used for any other purpose and the the other one that I wanted to make sure everyone knew about I don't have any heartburn over it is that there is actually no um way for us to repay early um not that I'm worried about that because the interest rates are so small
0:04:04but the second one the one million dollar one we will need to wait until I think it's June to repay that one is that correct that's correct and I did ask for an early repayment option and that wasn't that wasn't available to us I did check into that great when we
0:04:20solicited the bids any other questions for staff May 30th yes please thank you for correcting me um no other questions we have a motion we have a motion and a second uh do we need to read the title for this particular one no okay we have a motion in a second all those in favor please say aye aye
Finance Director Lisa Malek-Zadeh (captioned "Lisa Malik Sade") asked the Council to authorize an agreement with West America (as captioned) to issue "5 million seventeen thousand dollars" (as captioned) in tax anticipation notes, "essentially a short-term cash loan until we get our property tax distribution", consistent with other cities and with the city's practice over the last two fiscal years. This year the city would borrow five million dollars, "a million dollars more than the city's done in the past", for cash flow flexibility, repaying in two payments: January 30, pushed from December 30 so that both the December and January property tax receipts are in hand, and May 30, a little after the April property tax receipts, "so we're not you know rushed".
Councilmember Rebecca Benassini (captioned "renicini") confirmed that finance and issuance costs total about 45,000 (as captioned), consistent with about a one percent interest rate, and that city attorney fees are part of that total rather than in addition to it. A councilmember noted that the interest rate is not that dissimilar to what the city earns on investments, and asked whether any interest earned goes into the repayment account; staff said it would be a line item in the general fund that must be paid back and "can't be used for any other purpose". The councilmember also pointed out that there is no way to repay early, adding "I don't have any heartburn over it" because interest rates are so small; staff said an early repayment option had been requested when soliciting bids and was not available. The second repayment date, which the councilmember thought was June, was corrected to May 30. A motion and second were made, no reading of the title was needed, and the item passed unanimously.
Outcome CarriedunanimousTax anticipation notes agreement approved unanimously.
03 Liaison reports held over, and adjournment captions 16–19
0:04:49aye opposed abstentions seeing none let the records show that the past unanimously and that will take us on to item eight uh liaison reports we held those over at our last meeting to our next regularly scheduled meeting which is September 17th which brings us to item nine which is
0:05:07adjourn the city council meeting and go root for the A's but what we should do is no public no television we should take up some emergency items and RAM wrote them through now so I forgot to ask you if there were any speaker cards for that item I apologize you had another moment of Fame
0:05:32that I missed out on thank you Lori so and thank you thanks Lisa thank you Lisa good report Ed as a clerk this is a clerk she's um there's not too many people you can you know smile and laugh when they fire you because that's one of them yeah usually she does I can take them
0:06:15oh my goodness I didn't realize that they wouldn't let us repay early you have to see foreign
Liaison reports had been held over to the next regularly scheduled meeting, September 17, so the presiding officer moved to item 9, to adjourn "and go root for the A's". The clerk, Lori (as captioned), was asked belatedly whether there had been speaker cards on the item, and the Finance Director was thanked for a "good report". The recording ends with a comment: "I didn't realize that they wouldn't let us repay early".