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IF WE'RE READY, UM, GOOD AFTERNOON EVERYONE.[Special Legislative Session on January 23, 2024.]
I WANNA CALL THIS SPECIALIST LEGISLATIVE SESSION DAY 24 DASH 0 0 4 TO ORDER, AND FIRST, BEFORE WE GO ANYWHERE, I WANNA WELCOME COUNTY EXECUTIVE LEY IN THE CHAMBERS THIS AFTERNOON.UH, WOULD I ASK YOU TO PLEASE STAND FOR THE PLEDGE, FOLLOWED BY THE OPENING PRAYER BY COUNCILMAN RILEY PLEDGE ALLEGIANCE TO THE TO FIVE OF THE UNITED STATES OF AMERICA, AND TO THE REPUBLIC OF WHICH STANDS, ONE NATION UNDER GOD, INDIVISIBLE FOR LIBERTY AND JUSTICE FOR ALL.
HEAVENLY FATHER, THANK YOU FOR THE GIFT OF LIFE AND THE OPPORTUNITY TO SERVE THE PEOPLE OF OUR COUNTY.
I PRAY THAT YOU WILL GUIDE OUR COUNCIL AS THEY MEET AND DISCUSS MATTERS WITH REGARD TO OUR COUNTY.
I PRAY THAT THEIR MOTIVATION AND EVERYTHING THAT WE DO IS FOR THE GOOD OF THE PUBLIC AND NOT THEIR OWN.
I PRAY THAT WE'LL BE ABLE TO SOLVE OUR COUNTY'S PROBLEMS, MAKE GOOD POLICIES THAT ADDRESS THEM.
HELP US TO BE COMPETENT IN EXCELLENCE IN OUR GOVERNANCE.
HELP US TO LISTEN WITH UNDERSTANDING AND GOODWILL.
HELP US TO SPEAK WITH CHARITY AND RESTRAINT AND GIVE US A SPIRIT OF SERVICE.
IT'S IN YOUR MOST BLESSED NAME I PRAY.
UH, MR. VICE PRESIDENT, IF YOU WOULD PLEASE READ IN RESOLUTION 0 0 1 DASH 24 AND 0 0 2 DASH 24 INTO THE RECORD FOR INTRODUCTION RESOLUTION 0 0 1 DASH 24 WORD OF BID, CPI BONDS DASH 2024, INTRODUCED BY COUNSEL PRESIDENT VINCENTI AT THE REQUEST OF THE COUNTY EXECUTIVE, A RESOLUTION OF THE COUNTY COUNCIL OF HARTFORD COUNTY, MARYLAND, THE COUNTY HAVING REFERENCE TO THE ISSUANCE OF $40 MILLION.
ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF SERIAL MATURITY BONDS DESIGNATED AS HARTFORD COUNTY, MARYLAND CONSOLIDATED PUBLIC IMPROVEMENT BONDS SERIES 2024, QUOTATION TO SERIES 2024 CPI BONDS, FIXING THE INTEREST RATES PAYABLE IN THE SERIES 2024 CPI BONDS AND AWARDING THE SERIES 2024 CPA BONDS TO THE SUCCESSFUL BIDDER OR BIDDERS.
THEREFORE, UPON THE BASIS OF BIDS RECEIVED THIS DAY IN ACCORDANCE WITH THE ADVERTISEMENT AND OFFICIAL NOTICE OF SALE, GIVING NOTICE OF THE SALE PURSUANT TO RESOLUTION NUMBER 0 4 2 DASH 23, ADOPTED BY THE COUNTY COUNCIL ON DECEMBER 19TH, 2023.
UH, THE TERMS OF THE SALE RESOLUTION, DETERMINING THAT THE SERIES 2024 CPI BONDS THAT MATURE ON OR AFTER OCTOBER 1ST, 2034 SHALL BE SUBJECT TO REDEMPTION PRIOR TO MATURITY PRESCRIBING THE FORM OF THE SERIES 2024 CPI BONDS AND THE METHOD OF EXECUTION AND AUTEN AUTHENTICATION THERE THEREOF AUTHENTICATION AFFIRMING THAT CERTAIN REVENUES ARE PLEDGED TO THE PAYMENT OF A PORTION OF THE SERIES 2024 CPI BONDS AUTHORIZING THE COUNTY EXECUTIVE TO ENTER INTO A CONTINUING DISCLOSURE AGREEMENT WITH RESPECT TO THE SERIES 2024 CPI BONDS AND AFFIRMING THAT THE FULL FAITH AND CREDIT AND UNLIMITED TAXING POWER OF HARTFORD COUNTY, MARYLAND ARE PLEDGED TO THE PAYMENT A PRINCIPLE PREMIUM, IF ANY, AND INTEREST ON THE SERIES 2024 CPI BONDS RESOLUTION 0 0 2 DASH 24 AWARD OF BID REFUNDING BONDS INTRODUCED BY COUNCIL PRESIDENT VINCENTIA AT THE REQUEST OF THE COUNTY EXECUTIVE, A RESOLUTION OF THE COUNTY COUNCIL, THE COUNTY COUNCIL OF HARTFORD COUNTY, MARYLAND, THE COUNTY HAVING REFERENCE TO THE ISSUANCE OF 35,000,030 35,000,545 MILLION, UH, WAIT A MINUTE, 35,545,000 ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF SERIAL MATURITY BONDS DESIGNATED AS HARTFORD COUNTY MARYLAND REFUNDING BONDS SERIES 2024 B, THE SERIES 2024 B REFUNDING BONDS FIXING THE INTEREST RATES PAYABLE ON THE SERIES 2024 B REFUNDING BONDS AND AWARDING THE SERIES 2024 REFUNDING BONDS TO THE SUCCESSFUL BIDDER BIDDERS.
THEREFORE, UPON THE BASIS OF BIDS RECEIVED THIS DAY IN ACCORDANCE WITH THE ADVERTISEMENT AND OFFICIAL NOTICE OF SALE, GIVING NOTICE OF THE SALE PURSUANT TO RESOLUTION NUMBER 0 4 3 DASH 23 ADOPTED ON DECEMBER 19TH, 2023, THE TERMS OF THE SALE RESOLUTION PRESCRIBING THE FORM OF THE SERIES 2024 B REFUNDING BONDS AND THE METHOD OF EXECUTION AND AUTHENTICATION THEREOF, AFFIRMING THAT CERTAIN REVENUES ARE PLEDGED TO THE PAYMENT OF A PORTION OF THE SERIES 2024 REFUNDING BONDS AUTHORIZED THE ACCOUNTING EXECUTIVE TO ENTER INTO A CONTINUING DISCLOSURE AGREEMENT RE WITH RESPECT TO SERIES 2024 B REFUNDING BONDS AND AFFIRMING THAT THE FULL FAITH AND CREDIT AND UNLIMITED TAXING POWER OF HARTFORD COUNTY, MARYLAND ARE PLEDGED TO THE PAYMENT OF THE PRINCIPAL PREMIUM, IF ANY, AND INTEREST ON THE SERIES 2024 BE REFUNDING BONDS.
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ANO, UM, MR. PRESIDENT, JUST FOR A SECOND, SHOULD THAT WORD BE CORRECTED UP TOP? WHICH WORD, SIR? RIGHT UP THE TOP WHERE IT'S, WHERE IT'S TALKING ABOUT THE MONEY YOU GOT? YEAH.SINCE THIS ISN'T MADE, BILL, IT'S A RESOLUTION.
I, I, SO IT'S CHANGED THE MILLION 2000.
AND THEN, THEN WE CAN PREPARE THE CORRECTED PAGE.
UH, FOR COUNCIL PRESIDENT, I MAKE A RESOLUTION TO AMEND THE, UH, DOLLAR AMOUNT TO 35,545,000.
YOU'RE MAKING A MOTION, UH, RESOLUTION.
COUNCIL PRESIDENT, I MAKE A MOTION TO CORRECT THE AMOUNT TO 35,000,005.
IS THERE ANY DISCUSSION? SEEING NONE, MS. DIXON, MR. PRESIDENT? AYE.
THERE BEING SIX IN THE AFFIRMATIVE, ONE ABSENT, UH, THE MOTION IS APPROVED.
UM, THANK YOU FOR THAT MR. GUTHRIE.
UM, AT THIS TIME, AGAIN, I'D LIKE TO RECOGNIZE THE COUNTY EXECUTIVE ALONG WITH MR. SANDLES, UH, AND, UM, MR. SUN FROM MILES AND MS. IS IT RSON? RSON.
UH, MR. COUNTY EXECUTIVE, I'M NOT SURE IF YOU'RE GONNA START OR NOT.
THANK YOU, UH, MR. UH, PRESIDENT AND COUNCIL MEMBERS, THANKS FOR CONVENING TODAY.
I APPRECIATE YOU ALL GIVING US THE, THE OPPORTUNITY HERE BEFORE YOU.
AS YOU KNOW, LAST WEEK WE ANNOUNCED THAT WE HAD, UH, OUR TEAM HAD GONE TO NEW YORK AND WITH THE AAA BOND RATING, BOND RATING AGENCIES, MH BOND RATING AGENCIES, AND THIS MORNING WE CONVENED OVER TWO 20 FOR, UH, BID, UH, OPENING BIDS ON TWO BOND SALES.
UM, UH, AND THE RESULTS WERE VERY, WE WERE DELIGHTED TO REPORT VERY SUCCESSFUL, UH, BOND SALES.
THE FIRST WAS $40 MILLION IN NEW DEBT.
UH, THE LOW BIDDER, YOU KNOW, 3.267%, UH, WENT TO FHN FINANCING.
UM, THE, UH, AND THEN THE SECOND BOND SALE WAS THE REFUNDING BOND, THE AMOUNT OF 35.5 MILLION.
AGAIN, 13 BIDDERS, UH, LOW BID OF 2.559% TO TO UBS FINANCIAL.
UH, AS YOU MENTIONED, MR. PRESIDENT, WE'VE GOT, UH, REPRESENT, WE BOTH ARE COUNTY TREASURER AND BOND COUNSEL, UH, DAVENPORT AS WELL, ARE HERE TO, TO ANSWER ANY QUESTION COUNCIL MEMBERS MIGHT HAVE ON, ON THE SALE.
AND I APPRECIATE YOUR, UH, YOUR, UH, CONSIDERATION OF THE RESOLUTIONS.
AND, UH, CONGRATULATIONS ON THE, UH, INTEREST RATES.
COUNTY, COUNTY EXECUTIVE, CHRIS SENATE HERE, UH, MILES AND STOCKBRIDGE BOND COUNCIL OF THE COUNTY.
THANK YOU AGAIN, ALL FOR COMING TODAY ON THIS AFTERNOON AND, UH, ENTERTAINING THESE RESOLUTIONS.
I'LL JUST BEAR, UH, BRIEFLY GO THROUGH THE TERMS OF THE RESOLUTIONS AND WHAT YOU'RE ENACTING TODAY, YOU'RE VOTING UPON TODAY.
UM, AS YOU RECALL, WE'VE, THIS IS THE THIRD ACTION YOU'VE TAKEN REGARDING THESE BONDS.
THERE WAS A BILL, THERE WAS AN INITIAL RESOLUTION APPROVING THE GOING OUT FOR THE PUBLIC SALE.
AND NOW THESE ARE THE FINAL NUMBERS.
SO SECTION ONE OF THE RESOLUTION CONFIRMS THAT THE NOTICE OF SALE THAT WAS PUBLISHED IN THE AEGIS IS THE NOTICE OF SALE FOR, UH, THE SERIES 2024 CPI BONDS IS RESOLUTION NUMBER ONE DASH 2024.
UM, THIS SECTION TWO CONFIRMS THAT THE BID OF, UH, FHN FINANCIAL CAPITAL MARKETS $40 MILLION, UH, IS THE ACCEPTED BID AT A TRUE INTEREST COST OF 3.267654% AN AGGREGATE INTEREST COST OF $19,186,388 AND 89 CENTS, AND AN ORIGINAL ISSUE OF PREMIUM OF $4,983,500.
SO MOVING ON SECTION THREE AWARDS, THE BIDS TO, UH, THE AWARDS, THE BONDS TO FHN FINANCIAL CAPITAL MARKETS AT THE PRICE NAMED, UH, SECTION FOUR GOES THROUGH EACH OF THE INDIVIDUAL PRINCIPAL, UH, AMOUNTS FOR EACH OF THE BONDS.
SECTION FIVE SETS FORTH THE INTEREST RATE, UH, FOR EACH, UH, OF THE BONDS, 5% FOR MOST YEARS WITH 4%, AND IN YEARS 20 41, 20 42 AND 2043.
SECTION SIX FIXED THOSE INTEREST RATES AS THE INTEREST RATES PAYABLE FOR EACH OF THE BONDS.
UH, SECTION SEVEN GIVES THE COUNTY EXECUTIVE THE AUTHORIZATION TO SIGN THE BONDS.
SECTION EIGHT GIVES THE COUNTY EXECUTIVE THE AUTHORIZATION TO ENTER IN TO A CONTINUING DISCLOSURE AGREEMENT, UH, WITH THE FORM AS ATTACHED AS EXHIBIT D TO ASSIST, UH, THE UNDERWRITERS IN APPLYING WITH SEC RULES.
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AUTHORIZES THE COUNTY EXECUTIVE TO EXECUTE A PAYING AGENT AND BOND REGISTRAR AGREEMENT WITH M AND T, UH, TRUST COMPANY AS THE PAYING AGENT AND BOND REGISTRAR FOR THE BONDS.SECTION 10, SECTION 11 AND SECTION 12 GO THROUGH EACH OF THE TAX, UH, PLEDGES FOR THE BONDS AND REPAYMENT OF THE BONDS.
UM, SO YOU'LL HAVE EXHIBIT A, WHICH SHOWS ALL THE BILL OR ALL THE BIDS YOU RECEIVED FOR THE CPI BONDS AND ALSO THE PRINCIPAL AMOUNTS, THE, THE COUPON RATE, THE YIELD PERCENTAGE, AND THE DOLLAR PRICE.
AS WITH TRUE INTEREST, TOTAL INTEREST COST AND NET INTEREST COST LISTED OUT FOR YOU ON EACH OF THE BIDS.
UH, THAT, SO THAT'S RESOLUTION NUMBER ONE DASH 2024.
I'LL ENTERTAIN ANY QUESTIONS ON THE TERMS AT THIS TIME? COUNSEL? ANY QUESTIONS? UH, MR. ANA? SO, FHN UM, BOUGHT WAS THE LOWEST BIDDER WHO WAS THE LOWEST BIDDER LAST YEAR.
I KNOW IT WASN'T THEM, IT WAS BANK OF AMERICA.
AND WHAT WAS THAT RATE LAST YEAR? SO THE, UM, SO YEAH, SO THE RATE WE HAD, UM, UH, UH, LAST YEAR WAS, UH, PRETTY MUCH THE SAME RATE, 3.22679.
SO WE'RE ACTUALLY, UH, TWO, TWO TENTHS OF A BASIS POINTS, UM, LOWER.
SO WE ACTUALLY GOT A BETTER RATE THAN WE GOT LAST YEAR.
UM, BUT PRETTY MUCH THE SAME, SAME RATE.
AND WE SHOULD NOTE TOO, UM, THAT OUR RATES, UM, WERE, YOU KNOW, CERTAINLY BETTER THAN WHAT WE WERE, UM, ORIGINALLY FORECASTING AND BETTER THAN WHAT SOME OF OUR COMPETITING, UM, I SHOULDN'T CALL IT COMPETITING NEIGHBORING JURISDICTIONS.
WE'RE NOT, WE'RE NOT COMPETING AGAINST THEM.
I LIKE THAT, THAT, BUT IN THIS, IN THIS DAY, WE ARE, UM, SO CARROLL COUNTY RECENTLY SOLD A FEW, UM, UH, A COUPLE MONTHS AGO.
THEY'RE ALSO WITH A AAA RAID TO COUNTY, AND THEY SOLD FOR 3.66.
SO, YOU KNOW, LOST OF 3.26, UH, SIGNIFICANTLY BETTER.
AND LAST YEAR RIGHT AFTER WE WENT TO SALE, UM, HOWARD COUNTY, ALSO A TRIPLE EIGHT, EIGHT COUNTY, UH, SOLD FOR 3.5.
UM, SO AGAIN, I THINK IT'S JUST INDICATIVE THAT, THAT HARPER COUNTY'S, UM, UH, DEBT IS IN HIGH DEMAND BECAUSE BEING STRONG TRIPLE EIGHT RATED COUNTY WITH, UM, UM, A LOT OF, UH, UH, CAPABLE, UM, MANAGEMENT AND, UH, LOCAL ECONOMY ATTRIBUTES, UH, YOU KNOW, TO ALL THIS.
I THINK IT ALSO SPEAKS TO WHEN WE GO TO THE MARKET, THIS IS A GOOD TIME TO GO TO THE MARKET AT THE TIME OF JANUARY.
UM, SO I THINK THE FACT THAT COUNTY'S ABLE TO, UM, WORK THIS INTO OUR SCHEDULE AND ALL AND GO TO MARKET IS, IS A, IS A FAVORABLE POINT THROUGH THIS RECEIVING 13 BIDS AGAIN, YOU KNOW, FROM ALL OF THE BIG NAMES, UM, MANY OF WHICH, YOU KNOW, SOME OF WHICH YOU MAY NOT KNOW OFF THE TOP OF YOUR HEAD, BUT REST ASSURE THOSE ARE ALSO BIG NAMES IN THE FINANCIAL WORLD, UM, IS ANOTHER GOOD SIGN.
YOU LOOK AT OTHER JURISDICTIONS, YOU KNOW, THEY MAY ONLY GET, YOU KNOW, FIVE OR SIX PEOPLE BIDDING ON THEIR, UM, ON THEIR DEBT.
WHEN WE LOOK AT THE, THE REFUNDING, UM, UH, THE, THE REFUNDING BONDS, UH, THOSE WERE FROM 2013 AND 2014.
WE WERE ORIGINALLY LOOKING AT PERHAPS DOING TWO ISSUANCES FROM 2013.
WE SPLIT IT THEN, UH, WE COULDN'T MAKE THAT ONE WORK, UM, BECAUSE, UM, THERE'S ONLY A COUPLE YEARS LEFT ON IT, BUT, UH, THE ISSUANCE ISSUANCES THAT WE WERE ABLE TO REFUND, THAT'S GONNA SAVE HARFORD COUNTY TAXPAYERS TWO AND A HALF MILLION DOLLARS OVER THE NEXT 10 YEARS.
UM, SO THAT'S, THAT'S REAL MONEY.
UM, AND, AND THAT'S REALLY BECAUSE WE ARE A AAA, UM, UH, 'CAUSE WE ARE AAA RATED RATED COUNTY.
UM, WHEN YOU TALK ABOUT THE NEW MONEY, THE $40 MILLION, WE'VE ALREADY TALKED A LITTLE BIT ABOUT THIS AND ALL, BUT, UH, WITH, THAT'S GOING TOWARDS 38 MILLION OF IT FOR, UM, GENERAL KIND OF GOVERNMENT RELATED TAXPAYER SUPPORTED DEBT.
UM, 2 MILLION OF IT FOR WHILE WATER AND STORE RELATED DEBT THAT'S PAID FOR BY THE WATER AND STORE USERS.
UM, THE BIGGEST COMPONENT, UH, OR THE BIGGEST PROJECT IN ALL OF THIS WAS THE HOMESTEAD WAKEFIELD, UM, UH, UH, NEW ELEMENTARY SCHOOL, BUT WE ALSO, THE SECOND LARGEST WAS, UM, UH, THE HARTFORD, UH, UH, THE HARTFORD ROAD TECH, UM, SCHOOL.
WE ALSO HAVE MONIES IN THERE FOR, UH, H MAN AND FOR ATHLETIC FIELDS AND, AND PRETTY MUCH AREAS THAT TOUCH ALL ASPECTS OF THE COUNTY, ROADS, BRIDGES, STORMWATER, UM, AND THE LIKE.
UM, JUST FOR LAYMAN TERMS, JUST SO I, UH, MAKE SURE I UNDERSTAND IT.
ON RESOLUTION 1 24, IT'S BASICALLY JUST A REFI WE'RE TAKING ON INITIAL DEBT TO SAVE LONG TERM.
UM, AND HOW MUCH DID YOU SAY THAT THAT AVERAGE SAVINGS WOULD WE'LL SAVE, UM, OVER THE COURSE OF THE NEXT 10 YEARS? ABOUT, UM, UH, 2.5 BILLION.
SO, YOU KNOW, AROUND $250,000, UM, A YEAR.
UM, SO YES, THAT IT'S, IT IS VERY SIMILAR TO KIND OF REFINANCING YOUR HOUSE.
WE HAVE, UM, YOU HAVE DEBT, UM, THAT WE ISSUED BACK IN 2013 AND 2014, UM, AND NOW WE'RE ABLE TO, UM, MORE OR LESS KIND OF CALL THAT DEBT.
YOU, YOU, YOU DON'T, YOU, YOU, YOU GET RID OF THAT DEBT AND THEN YOU, YOU TAKE ON THIS, UM, THIS REPLACEMENT DEBT, BUT AT, AT BETTER TERMS. ALRIGHT.
AND IT GOES THE, AS YOU SAID, A TESTAMENT TO THE OVERALL HEALTH OF THE HARPER COUNTY ECONOMY.
MR. GUTHRIE, THIS IS A QUESTION.
DOES THE, THE CURRENT MARKET HAS GONE THROUGH THE ROOF AND IT BROKE ALL KIND OF RECORDS HERE IN THE LAST WEEK.
UH, DOES THAT AFFECT, UH, THESE NEGOTIATIONS AND DISCUSSIONS?
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I I'M SURE THEY MUST HAVE SOME EFFECT.WELL, I MEAN, I THINK THE, THE, THE, ALL OF THESE INDIVIDUAL FINANCIAL PLAYERS AND, AND, AND, AND, UH, DAVENPORT CAN CERTAINLY SPEAK TO THIS, TO THIS AS WELL.
UM, I MEAN, THEY'RE LOOKING AT A WHOLE HOST OF DIFFERENT, YOU KNOW, FEATURES, YOU KNOW, PARTICULARLY HOW INTEREST RATES ARE, ARE WORKING AT THE, YOU KNOW, AT THE, AT THE GLOBAL, AT THE GLOBAL LEVEL.
UM, AND, AND TAKING ALL OF THAT INTO CONSIDERATION, YOU KNOW, WHETHER OR NOT THE FEDERAL RESERVE IS GONNA LOWER RATES OR, OR NOT.
SO, UM, YOU KNOW, AGAIN, YOU WE'RE NOT WHERE, YOU KNOW, YOU'RE NOT IN THAT, UH, IN THAT ENVIRONMENT THAT YOU WERE YEARS AGO WHERE, WHERE THE, YOU KNOW, THE INTEREST RATES WERE ZERO.
UM, BUT WE LOOK AT HOW, HOW HIGH, UM, MORTGAGE RATES ARE OR EVEN, OR EVEN, UM, TREASURY BILLS.
UM, AND THEN YOU LOOK AT THAT, HOW WE'RE ABLE TO DO IT AT 3%.
YOU KNOW, AGAIN, I THINK THAT'S A STRONG TESTAMENT TO HOW, HOW STRONG OUR DEBT IS.
UM, AND, AND ALSO THE FACT THAT, THAT WHEN YOU DO PURCHASE HARTFORD COUNTY, UM, DEBT, IT'S TAX EXEMPT DEBT.
UM, SO WE GET A LOWER RATE THAN YOU WOULD OTHERWISE GET IN THE MARKET BECAUSE THOSE INVESTORS, UM, ARE ABLE TO STAY WHEN THEY, YOU KNOW, THAT THE INCOME THAT WOULD, THAT THEY WOULD'VE TO PAY TAXES ON, UM, YOU KNOW, WHEN, WHEN THEY, WHEN THEY EARN THESE COUPONS, YOU KNOW, IT'S, IT'S TAX FREE.
MY NAME IS JENNIFER DERICKSON WITH DAVENPORT.
UM, YOU KNOW, THE RATES THAT THE COUNTY GOT TODAY WERE EXTREMELY COMPETITIVE.
IF YOU LOOK AT WHAT'S HAPPENED OVER THE LAST YEAR AS THE FED HAS RAISED INTEREST RATES, UM, FOR THE MOST PART, UM, YOU KNOW, A LOT OF OUR MARYLAND COUNTIES THAT CAME TO MARKET LAST YEAR GOT IN THE VERY HIGH THREES OR EVEN 4% RANGE.
UM, YOU KNOW, OVER THE LAST FEW MONTHS WE'VE SEEN RATES TICK DOWN, UM, AS THE EXPECTATION IS THAT FED THE FED MIGHT ACTUALLY LOWER RATES THIS YEAR.
AND SO THE TIMING OF THE COUNTY'S BOND SALE IS REALLY, UM, A TESTAMENT TO THE AAA AND, AND GOOD TIMING OF THE MARKET IN GENERAL IN TERMS OF RATES.
AND SO, UM, YOU'VE, UM, WITH THE 3.26% PUTS THE COUNTY IN A VERY GOOD POSITION, UM, BUDGETARILY IN TERMS OF DEBT SERVICE.
ANYONE ELSE? UM, DO YOU WANNA MOVE TO THE SECOND ONE? YEAH.
WE'LL MOVE ON TO RESOLUTION NUMBER TWO DASH 2024.
UM, THIS IS THE REFUNDING RESOLUTION FOR 35,545,000, UH, OF ORIGINAL PRINCIPAL AMOUNT OF SERIAL MATURITY BONDS DESIGNATED SERIES 2024 B.
UM, SO JUST GOING THROUGH THE TERMS BRIEFLY, IT'S, IT'S VERY SIMILAR.
SECTION ONE CONFIRMS THE NOTICE OF SALE THAT WAS PUBLISHED IN THE, IN THE HARFORD COUNTY AGES WAS PUBLISHED TWICE.
UH, THE BID OF UBS FINANCIAL SERVICES, UH, IS CONFIRMED FOR 35,545,000 AT A TRUE INTEREST COST OF 2.559737% AN AGGREGATE INTEREST COST OF $9,603,315 AND 97 CENTS AN ORIGINAL ISSUE PREMIUM OF $4,337,204 AND 15 CENTS.
AGAIN, SECTION THREE CONFIRMS THAT THE SERIES 2024 REFUNDING BONDS ARE AWARDED TO UBS FINANCIAL SERVICES.
UH, SERIES OR SECTION FOUR SETS FORTH THE, UH, THE YEARS OF MATURITY AND THE PRINCIPAL AMOUNT FOR EACH OF THE SERIES OF BONDS.
UH, SECTION FIVE SETS FOR THE INTEREST SETS FORTH THE INTEREST RATE FOR EACH YEAR OF MATURITY OF THE BONDS.
SECTION SIX FIXES THE BOND RATE AND ADOPTS THEM AS THE INTEREST, UH, RATE PARABLE FOR EACH OF THE SERIES.
UM, SECTION SEVEN AGAIN AUTHORIZES THE COUNTY EXECUTIVE TO E TO EXECUTE EACH OF THE BONDS AND THE FORM SUBSTANTIALLY ATTACHED AS EXHIBIT C TO THE RESOLUTION.
UH, SECTION EIGHT, AGAIN AUTHORIZE THE COUNTY EXECUTIVE TO ENTER INTO ITS CONTINUING DISCLOSURE AGREEMENT SUBSTANTIALLY IN THE FORM, UH, AS EXHIBIT D TO THE RESOLUTION, THIS IS TO ASSIST THE UNDERWRITERS IN COMPLYING WITH SEC RULES.
UH, SECTION NINE AGAIN AUTHORIZES THE COUNTY EXECUTIVE EXECUTE A PAYING AGENT AND BOND REGISTRAR AGREEMENT M AND T TRUST COMPANY, UH, WHO WILL SERVE AS PAYING AGENT AND BOND REGISTRAR ARE FOR BOTH SERIES OF BONDS.
THEN FINALLY, SECTION 10, SECTION 11.
SECTION 12 SETS FORTH THE, UH, THE TAX PLEDGES, WHICH WILL REPAY THE BONDS OVER THE COURSE OF THE, THE LIFE OF THE BONDS.
UH, EXHIBIT A GOES THROUGH EACH OF THE BIDS RECEIVED, AND YOU CAN SEE THAT UBS FINANCIAL SERVICES WAS THE, THE LOW BID, AND, AND YOU CAN GO THROUGH EACH OF THE BIDS IN THEIR INDIVIDUAL CAPACITY IF YOU WISH TO DO SO.
UM, SO, AND AS I SAID, EXHIBIT C IS THE, UH, FORM OF BOND EXHIBITS D IS THE FORM OF CONTINUING DISCLOSURE AGREEMENT IF YOU WANT TO SEE THOSE AND WHAT WILL EVENTUALLY BE SIGNED BEFORE CLOSING.
SO IF THERE'S ANY OTHER QUESTIONS ON SECTION, UH, RESOLUTION, UH, EXCUSE ME, RESOLUTION NUMBER 2 20 24.
ANY QUESTIONS? UH, SEEING NO QUESTIONS? WE DO HAVE SOME UNFINISHED BUSINESS THOUGH.
UH, MR. GER, COUNCIL PRESIDENT, I MOVE TO APPROVE RESOLUTION
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0 0 2 DASH 24 AS AMENDED.IT'S BEEN MOVED AND SECONDED TO APPROVE, UH, RESOLUTION 0 0 2 24 AS AMENDED.
IS THERE ANY DISCUSSION MR. DIXON? MR. PRESIDENT? AYE.
THERE BEING SIX IN FAVOR AND ONE ABSENT? UH, THE RESOLUTION AS AMENDED IS APPROVED, UM, AND WITH NO OTHER QUESTIONS, UM, I WANT TO THANK, UH, MR. DIRKSON, UM, MR. SENATE, UM, ROBBIE, EVERYONE WANT? YEAH.
OKAY, BUT I'M JUST SAYING MOVING FORWARD ON THAT, I JUST WANT THANK YOU, UH, FOR ALL OF YOUR INPUT IN HELPING US, UH, TO, UM, ACHIEVE A MUCH BETTER RATE, UM, DURING THESE TIMES.
UM, I HAVE MOTION ON RESOLUTION 0 0 1 24.
COUNCIL PRESIDENT, I MOVE TO APPROVE RESOLUTION 0 0 1 DASH 24.
IT'S BEEN MOVED AND SECONDED TO APPROVE RESOLUTION 0 0 0 1 DASH 24.
IS THERE ANY DISCUSSION MR. DIXON? MR. PRESIDENT? AYE.
MRS. BOLS, AYE, BEING SIX VOTES IN AFFIRMATIVE AND ONE ABSENT RESOLUTION, 0 0 1 DASH 24 IS HEREBY APPROVED.
AND AGAIN, THANK YOU FOR ALL OF YOUR, UH, EFFORTS, UH, WITH THIS RESOLUTION AS WELL.
AND, UM, MR. CASSIE, IS THERE ANYTHING YOU WANNA SAY IN CLOSING? NO, I JUST APPRECIATE THE COUNCIL MEMBERS.
I REALIZE THIS IS COMING IN THE MIDDLE OF YOUR DAY OF EXACTLY, TOO CONVENIENT.
SO THANK YOU ALL FOR COMING IN AND I TOO WANNA THANK THE ENTIRE TEAM HERE FOR ALL THE WORK THEY DID OVER THE PAST MONTHS.
UH, THIS IS, UH, FANTASTIC ALL AND OBVIOUSLY A LOT OF HARD WORK, ASHLEY.
UM, WITH THAT WE'LL GO AHEAD AND ADJOURN.