1 00:00:01,309 --> 00:01:59,910 [music] 2 00:01:59,920 --> 00:02:00,521 » Mhm. 3 00:02:00,521 --> 00:03:54,760 >> [music] 4 00:03:54,760 --> 00:04:06,272 >> Mhm. 5 00:04:06,282 --> 00:05:49,750 » [music] 6 00:05:49,760 --> 00:05:53,038 » Mhm. 7 00:05:53,048 --> 00:07:25,990 » [music] 8 00:07:26,000 --> 00:07:28,080 » All right, ladies and gentlemen, it is 9 00:07:28,080 --> 00:07:30,400 now 1:09 p.m. I'm going to call the 10 00:07:30,400 --> 00:07:32,400 special meeting of the Cuyahoga County 11 00:07:32,400 --> 00:07:34,000 Investment Advisory Committee to order. 12 00:07:34,000 --> 00:07:36,240 Present with us are uh myself, Brad 13 00:07:36,240 --> 00:07:37,440 Cromes, County Treasurer, County 14 00:07:37,440 --> 00:07:38,960 Executive Chris Ronayne, and County 15 00:07:38,960 --> 00:07:40,880 Council President Dale Miller. Uh we 16 00:07:40,880 --> 00:07:42,480 also have various staff in the room to 17 00:07:42,480 --> 00:07:44,240 support our conversation and the purpose 18 00:07:44,240 --> 00:07:47,440 of today's meeting is to contemplate the 19 00:07:47,440 --> 00:07:52,400 purchase of manuscript debt um, in the 20 00:07:52,400 --> 00:07:56,160 par amount of 25,690,000. 21 00:07:56,160 --> 00:07:58,080 Um, it would be a limited tax general 22 00:07:58,080 --> 00:08:00,200 obligation bond of the county with a 23 00:08:00,200 --> 00:08:03,600 date of June 3rd, 2026 and a maturity 24 00:08:03,600 --> 00:08:07,040 date of June 3rd, 2027 with prepayment 25 00:08:07,040 --> 00:08:09,040 available at any time. It would be 26 00:08:09,040 --> 00:08:10,920 federally taxable and the recommended 27 00:08:10,920 --> 00:08:15,040 rate from bond council is 3.95%. 28 00:08:15,040 --> 00:08:17,040 Um, so that is the item on the table for 29 00:08:17,040 --> 00:08:18,840 discussion today. We also have Eileen 30 00:08:18,840 --> 00:08:21,760 Stanek with us here from Meter. Um, 31 00:08:21,760 --> 00:08:24,400 Eileen is Meter's resident expert on all 32 00:08:24,400 --> 00:08:27,080 things manuscript debt and so Eileen, 33 00:08:27,080 --> 00:08:28,760 um, if you're able, I would like you to 34 00:08:28,760 --> 00:08:31,640 weigh in on, um, whether or not in your 35 00:08:31,640 --> 00:08:33,560 view this is a market rate for this bond 36 00:08:33,560 --> 00:08:34,919 and if there are any considerations we 37 00:08:34,919 --> 00:08:36,520 should be thinking about prior to taking 38 00:08:36,520 --> 00:08:39,800 a vote to move forward. 39 00:08:39,800 --> 00:08:41,800 Um, thank you, Brad. Um, yes, I did have 40 00:08:41,800 --> 00:08:44,560 the opportunity to review, um, the note 41 00:08:44,560 --> 00:08:46,839 and uh, the various emails that, um, I 42 00:08:46,839 --> 00:08:48,839 was included on the email chain, uh, 43 00:08:48,839 --> 00:08:51,760 from bond council and, um, 44 00:08:51,760 --> 00:08:53,960 and the like and I will say that, yes, 45 00:08:53,960 --> 00:08:56,640 the rate is a market rate, um, and 46 00:08:56,640 --> 00:08:58,680 certainly reflective of the fact that 47 00:08:58,680 --> 00:09:02,000 this is a, um, a non-liquid investment 48 00:09:02,000 --> 00:09:03,920 uh, that of course would be permissible 49 00:09:03,920 --> 00:09:06,839 under the county's investments, um, 50 00:09:06,839 --> 00:09:09,510 policy. 51 00:09:09,520 --> 00:09:11,160 Okay. Thank you very much. Any any 52 00:09:11,160 --> 00:09:14,400 questions for Eileen? 53 00:09:14,400 --> 00:09:15,240 No. 54 00:09:15,240 --> 00:09:16,480 Okay. Seeing none, is there any 55 00:09:16,480 --> 00:09:19,839 discussion on the issue on the table? 56 00:09:19,839 --> 00:09:21,320 Any further conversation we need to have 57 00:09:21,320 --> 00:09:26,950 about that prior to taking a vote? 58 00:09:26,960 --> 00:09:35,230 Okay, you microphone deal. Yeah. 59 00:09:35,240 --> 00:09:37,640 So, what is contemplated to when the 60 00:09:37,640 --> 00:09:39,960 year is done? 61 00:09:39,960 --> 00:09:40,960 Um I just believe that would be a 62 00:09:40,960 --> 00:09:42,840 maturity date, so the county would owe 63 00:09:42,840 --> 00:09:45,400 us um the interest at that point. Um I 64 00:09:45,400 --> 00:09:48,440 think it's a one-time obligation 65 00:09:48,440 --> 00:09:50,720 of 3.95% again payable at any point 66 00:09:50,720 --> 00:09:52,760 during the course of that year should we 67 00:09:52,760 --> 00:09:55,800 um find that we can refinance or um wish 68 00:09:55,800 --> 00:09:57,360 to pay off early. 69 00:09:57,360 --> 00:09:59,160 We, the county, to me, the county. 70 00:09:59,160 --> 00:10:02,080 Right. Okay. Thank you. 71 00:10:02,080 --> 00:10:03,880 Yep. Okay. 72 00:10:03,880 --> 00:10:07,200 Any further conversation? 73 00:10:07,200 --> 00:10:08,880 Okay. Hearing none, I will call the 74 00:10:08,880 --> 00:10:10,840 question then. All in favor 75 00:10:10,840 --> 00:10:14,870 of the obligation I'm sorry. 76 00:10:14,880 --> 00:10:16,360 That's a great point, Dale. I was trying 77 00:10:16,360 --> 00:10:17,880 to make a call the motion and I started 78 00:10:17,880 --> 00:10:19,640 to call a vote instead. So, may I have a 79 00:10:19,640 --> 00:10:21,360 motion to approve the purchase of that 80 00:10:21,360 --> 00:10:22,960 manuscript debt? 81 00:10:22,960 --> 00:10:23,760 I so move. 82 00:10:23,760 --> 00:10:24,440 >> Thank you very much. 83 00:10:24,440 --> 00:10:25,120 >> second it. 84 00:10:25,120 --> 00:10:27,320 >> All right. Moved and seconded. Um seeing 85 00:10:27,320 --> 00:10:29,400 no further conversation, all in favor 86 00:10:29,400 --> 00:10:31,360 please signify by saying I. I. 87 00:10:31,360 --> 00:10:33,680 >> I. All opposition or abstentions, there 88 00:10:33,680 --> 00:10:35,640 are none. Um so, let the record reflect 89 00:10:35,640 --> 00:10:37,840 that that has passed. So, um that was 90 00:10:37,840 --> 00:10:39,000 the business to come before the 91 00:10:39,000 --> 00:10:40,560 Investment Advisory Committee for the 92 00:10:40,560 --> 00:10:42,760 day. I believe at this point then we are 93 00:10:42,760 --> 00:10:44,880 going to take this to County Council for 94 00:10:44,880 --> 00:10:46,440 additional final approval, which will 95 00:10:46,440 --> 00:10:48,440 happen, I think, tomorrow. That's the 96 00:10:48,440 --> 00:10:49,880 plan. Right. And then the bond will be 97 00:10:49,880 --> 00:10:52,000 delivered and held uh at the County 98 00:10:52,000 --> 00:10:53,480 Treasury as part of our investment 99 00:10:53,480 --> 00:10:55,560 portfolio. So, um there's no further 100 00:10:55,560 --> 00:10:57,880 discussion on the topic, um would 101 00:10:57,880 --> 00:10:59,320 entertain a motion to adjourn the 102 00:10:59,320 --> 00:11:01,640 meeting. So moved. All right. Moved and 103 00:11:01,640 --> 00:11:03,200 seconded, and without objection we are 104 00:11:03,200 --> 00:11:06,680 adjourned. Thank you for your time.