2026.05.11 Special Meeting of the Cuyahoga County Investment Advisory Committee

Cuyahoga County, OH · 2026-05-11 · More Cuyahoga County, OH meetings · More Ohio meetings

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[0:01] [music]

[1:59] » Mhm.

[2:00] >> [music]

[3:54] >> Mhm.

[4:06] » [music]

[5:49] » Mhm.

[5:53] » [music]

[7:26] » All right, ladies and gentlemen, it is

[7:28] now 1:09 p.m. I'm going to call the

[7:30] special meeting of the Cuyahoga County

[7:32] Investment Advisory Committee to order.

[7:34] Present with us are uh myself, Brad

[7:36] Cromes, County Treasurer, County

[7:37] Executive Chris Ronayne, and County

[7:38] Council President Dale Miller. Uh we

[7:40] also have various staff in the room to

[7:42] support our conversation and the purpose

[7:44] of today's meeting is to contemplate the

[7:47] purchase of manuscript debt um, in the

[7:52] par amount of 25,690,000.

[7:56] Um, it would be a limited tax general

[7:58] obligation bond of the county with a

[8:00] date of June 3rd, 2026 and a maturity

[8:03] date of June 3rd, 2027 with prepayment

[8:07] available at any time. It would be

[8:09] federally taxable and the recommended

[8:10] rate from bond council is 3.95%.

[8:15] Um, so that is the item on the table for

[8:17] discussion today. We also have Eileen

[8:18] Stanek with us here from Meter. Um,

[8:21] Eileen is Meter's resident expert on all

[8:24] things manuscript debt and so Eileen,

[8:27] um, if you're able, I would like you to

[8:28] weigh in on, um, whether or not in your

[8:31] view this is a market rate for this bond

[8:33] and if there are any considerations we

[8:34] should be thinking about prior to taking

[8:36] a vote to move forward.

[8:39] Um, thank you, Brad. Um, yes, I did have

[8:41] the opportunity to review, um, the note

[8:44] and uh, the various emails that, um, I

[8:46] was included on the email chain, uh,

[8:48] from bond council and, um,

[8:51] and the like and I will say that, yes,

[8:53] the rate is a market rate, um, and

[8:56] certainly reflective of the fact that

[8:58] this is a, um, a non-liquid investment

[9:02] uh, that of course would be permissible

[9:03] under the county's investments, um,

[9:06] policy.

[9:09] Okay. Thank you very much. Any any

[9:11] questions for Eileen?

[9:14] No.

[9:15] Okay. Seeing none, is there any

[9:16] discussion on the issue on the table?

[9:19] Any further conversation we need to have

[9:21] about that prior to taking a vote?

[9:26] Okay, you microphone deal. Yeah.

[9:35] So, what is contemplated to when the

[9:37] year is done?

[9:39] Um I just believe that would be a

[9:40] maturity date, so the county would owe

[9:42] us um the interest at that point. Um I

[9:45] think it's a one-time obligation

[9:48] of 3.95% again payable at any point

[9:50] during the course of that year should we

[9:52] um find that we can refinance or um wish

[9:55] to pay off early.

[9:57] We, the county, to me, the county.

[9:59] Right. Okay. Thank you.

[10:02] Yep. Okay.

[10:03] Any further conversation?

[10:07] Okay. Hearing none, I will call the

[10:08] question then. All in favor

[10:10] of the obligation I'm sorry.

[10:14] That's a great point, Dale. I was trying

[10:16] to make a call the motion and I started

[10:17] to call a vote instead. So, may I have a

[10:19] motion to approve the purchase of that

[10:21] manuscript debt?

[10:22] I so move.

[10:23] >> Thank you very much.

[10:24] >> second it.

[10:25] >> All right. Moved and seconded. Um seeing

[10:27] no further conversation, all in favor

[10:29] please signify by saying I. I.

[10:31] >> I. All opposition or abstentions, there

[10:33] are none. Um so, let the record reflect

[10:35] that that has passed. So, um that was

[10:37] the business to come before the

[10:39] Investment Advisory Committee for the

[10:40] day. I believe at this point then we are

[10:42] going to take this to County Council for

[10:44] additional final approval, which will

[10:46] happen, I think, tomorrow. That's the

[10:48] plan. Right. And then the bond will be

[10:49] delivered and held uh at the County

[10:52] Treasury as part of our investment

[10:53] portfolio. So, um there's no further

[10:55] discussion on the topic, um would

[10:57] entertain a motion to adjourn the

[10:59] meeting. So moved. All right. Moved and

[11:01] seconded, and without objection we are

[11:03] adjourned. Thank you for your time.