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[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.