 It is five o'clock. So I will call it to order the first meeting of the finance and personnel committee of the 23 24 comic council We'll begin with the roll all their person actually All their faculty All there's flaky Panesky and Pirella are excused Mitchell is here that gives us a quorum Will you all please join me in the pledge? my nation Barring any objection even though this is our first meeting we have a small group a lot of familiar faces We'll jump over the item number four introduction of committee members and staff and Seeing no objection. We'll move on to item five, which is approval of the minutes from the April 10th meeting Any discussion on the minutes if not we'd be Motion to approve Second we have motion a second seeing no further discussion on the minutes all in favor All opposed chair votes. I the eyes have it in the motion passes That brings us to item six, which is resolution number two of 23 24 a Resolution to authorize establishing an appropriation in the 2023 budget for grant funds received under the 2023, Wisconsin Bureau of Transportation safety bicycle and pedestrian enforcement grant There anybody that would like to speak to this one motion to approve Jack it we have motion to approve and a second then if there's no discussion from committee Have a last call in favor to indicate by saying hi. Hi all opposed chair votes. I the eyes have it in the motion passes That brings us to item seven, which is resolution number six of 23 24 a Resolution authorizing the appropriate city officials to execute an engagement letter with quarrels and Brady LLP to serve as bound council Band council for the city of Sheboygan Take it if you have any questions, but it's pretty standard questions comments from the committee Yeah, I do have one your volume is off. Thank you Is it on yes now it's on okay? Maybe you'll answer we'll let you go Chuck Well, I'll answer any questions you have it's a pretty standard agreement. We do every year When we hire bond council to do this work for us, so okay, that was my question Is this we usually have for bond yes, so you may recall that I think it's now Two years ago. We did put out an RFP and and looked at various options for bond council And we chose to go with quarrels and Brady at that time since that time they poached away our former assistant city attorney, but We know he does good work. So You know at some point probably every four to five years we will probably put out an RFP, but we're not in that point yet Okay, thank you for that information Any other questions Motion to approve second all right we have motion to approve and a second We won't hold the poaching against them to seeing no further discussion then all in favor All opposed chair votes. I the eyes have it the motion passes That brings us to item eight which is resolution number five of twenty three twenty four a Resolution authorizing the issuance and establishing parameters for the sale of Not to exceed three million three hundred and twenty thousand dollars general obligation promissory notes series 2023 a I'm just going to introduce Phil Cossin from Ailers who is helping us with this bond sale He has some information that was included in your packet With the pre-sale report so thank you Caitlyn. Good evening Phil Cossin with Ellers. Nice to be back with you I came all the way from the walkie area. So you're gonna have to listen me talk for a few minutes at least We have our pre-sale report in your packet, which really kind of lays out the whole financing for the 2023 capital projects financing Along with the corresponding resolution that was prepared by bond council You just heard that from corals and Brady prepares that resolution. So in the packet I'm just gonna give a really quick overview of the financing and Talk a little bit about timing and process as well Every year the city goes through a budget process and includes in that process their capital projects We have been working with the city now a number of years of building out a longer-range Financial plan which includes a capital plan and so every year we tweak it a little bit Based on the needs of the city and and some projects will move forward and some back So this will finance a variety of projects the vast majority are street projects That are being funded with us But also as part of this a portion of it will fund city building some fire equipment and then some public works traffic improvements as well So there is a variety of projects that are being funded with this Customarily the city has issued notes, which is a financing of ten years of losses will be a ten-year note So that is important for a couple reasons Primarily, it's because it gives you the flexibility to move funds within the different projects When you issue bonds anything over ten years the money has to be spent in kind of silos Street money assistant and street projects those kind of things. So this gives you a little more flexibility As part of the financing where they take the city through the rating process with Moody's Like we have done in the past your latest current rating is double a to Goal number one is also retain that rating and that'll be the goal here as well Method of sale here is going to be a competitive bonds note sale Where we will Prepare us with a great deal of assistance from city staff What's called an official statement? It's like a prospectus on the city. I could smelled out to nowadays emailed and or PDF to out to individuals Banks underwriters including all local banks have the opportunity to bid on that as well with the idea that on a certain date time they will bid and We'll bring and compile that information and bring that forward At that time where we are talking about doing a parameter sale So if tonight moves forward, it'll go to the council next week Monday for formal action by the council to move forward the resolution as well and authorizes sale and then the parameter sale is establishes a date May 15th in this case where we would take bids. I'm sorry not May 15th one-second year We'll take bids on June 14th Compile that information again bring it back to to the council And it'll be approved at that point once we have All the bid numbers and and provided everything Related to the issue as part of that In this packet you'll see we have a couple of things we have a finance plan Which is ultimately shows what's being financed? We have a structure which shows the a breakout by purpose and I indicated we have a separate We have separate purpose here including streets. We have money for fire Public buildings and also some tid money as well. So we have a separate schedule for each of those purposes that is included in here and Ultimately, you'll see in here. What's what we call a tax implement tax impact analysis Which ultimately shows what this financing means when it comes to the debt levy and we break it down Not only bond the debt like levy, but also what the average impact is on a kind of standard property Here in the city of Sheboygan so that's included as well and then finally we've included kind of a bond chart Over the last three years and you can see the roller coaster. We've been on with interest rates rates are up We've had a lot of a lot of municipalities issuing debt every spring. It's very common To fund your capital projects and we're seeing rates have dropped a little bit from the peak that we saw about three months ago Still pretty pretty attractive rates just that what you've gotten used to the last couple of years where rates have really dropped But still very competitive. What if you look over a longer period than you know, two or three years? so again tonight we're looking for approval to move move this forward to the council for next week to Then allow us to really start the process of preparing all the documents needed for the for the general obligation note sale Thank you. Do we have questions from the committee? I'm here. I'm ready to move it forward. All right. Well, if not, we would be looking for a motion to approve and Thank you for coming today to present Motion to approve second We have a motion a second then seeing no further discussion All in favor. Aye all opposed chair votes. I the eyes have it in the motion passes. Good. Thank you That brings us to item number nine, which is resolution number seven of twenty three twenty four a Resolution authorizing the finance director to sign documents necessary to settle City invoice numbers seven three two three four seventy three thousand $921 and fifty six cents So this is just in front of you normally the city administrator has the authority to do this and Since you didn't pass the ordinance giving You know some authority to do that in the interim. It's got to come to you for you to approve Questions or comments? If not, we would be looking for a motion to approve Motion to approve second All right, we have a motion a second then seeing no further discussion all in favor Opposed chair votes. I the eyes have it in the motion passes Our next meeting Will be on May 22nd and with that we have exhausted our agenda and Are looking for a motion to adjourn? Motion to adjourn second We have a motion a second all in favor of adjournment. Please indicate by saying aye. I All opposed chair votes. I the eyes have it in the motion passes. We are adjourned Thank you everybody