OK The mp3s of this week's council meeting are up there now. Jimmy
Bruno wasn't feeling well and went home after the executive session.
Hope you're feeling better, Jim!
One point, I led my report with the fact that we're doing something a
little different to rollover our existing $5,840,000 bond issue
(sorry, I don't know what this bond was for), which I think is
topical and an area we should all be watching especially right now
with the credit markets the way they are. Through the program, which
is not new, the state collects the bond debt service from the city
(not sure how many payments this includes) and places it in an escrow
account, so the bond buyer has this added security.
The city's CFO, Greg Mayers, also mentioned a short term Bond
Anticipation Note being necessary, during this same presentation to
the council. I didn't get down in my notes how much the note was to
be for or, and this is important, whether the note was to raise the
cash to put in the escrow account. But if this is the case, I imagine
it would add another interest rate cost to our debt position.
I have made three calls to Greg Mayers office today. I was
initially told he'd be back in a half hour, then was told he would be
in in the afternoon, at 2 PM; and at 2:30 I was told he'd left for
the day. Greg can be very clearly heard on the Mp3 at
www.asburyradio.com for that segment of the meeting, but speaks very
fast. If anyone has time to listen to the tape, perhaps they can
clarify some of these points for us.
Thanks!
Maureen
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