Special Meeting of the Bond Oversight Commission June 12, 2020 at 10:00 a.m. Bond Oversight Commission to be held June 12, 2020 with Social Distancing Modifications. Public comment will be allowed via telephone; no in-person input will be allowed. All speakers must register in advance (June 11, 2020 by Noon). All public comment will occur at the beginning of the meeting. To speak remotely at the June 12, 2020 Bond Oversight Commission Meeting, residents must: •Call or email the board liaison at: Megan Bell (512) 974-2532 or megan.bell@austintexas.gov no later than noon, (the day before the meeting). The information required is the speaker name, item number(s) they wish to speak on, whether they are for/against/neutral, and a telephone number or email address. •Once a request to speak has been called in or emailed to the board liaison, residents will receive either an email or phone call providing the telephone number to call on the day of the scheduled meeting. •Speakers must call in at least 15 minutes prior to meeting start in order to speak, late callers will not be accepted and will not be able to speak. •Speakers will be placed in a queue until their time to speak. •Handouts or other information may be emailed to megan.bell@austintexas.gov by Noon the day before the scheduled meeting. This information will be provided to Board and Commission members in advance of the meeting. •If this meeting is broadcast live, residents may watch the meeting here: http://www.austintexas.gov/page/watch-atxn-live SPECIAL MEETING OF THE BOND OVERSIGHT COMMISSION JUNE 12, 2020, 10:00 A.M. to 11:30 A.M. VIA VIDEOCONFERENCING CURRENT BOARD MEMBERS: Santiago Rodriguez, Chair Sumit DasGupta, Vice Chair Sarah Cook Brennan Griffin John Mcnabb Wolfgang Niedert CALL TO ORDER Claire O’Neal Jay Sands Reedy Spigner III Roy Waley CJ Zhao AGENDA 1. APPROVAL OF MINUTES a. Approval of the minutes from the February 19, 2020 Bond Oversight Commission Meeting. 2. STAFF BRIEFINGS a. Staff update on the FY 2021 General Obligation Bonds Sale. 3. DISCUSSION AND POSSIBLE ACTION a. Discussion and possible action on the establishment of a working group to review General Obligation Bonds program data and draft the FY 2020 Annual Report. 4. FUTURE AGENDA ITEMS ADJOURNMENT The City of Austin is committed to compliance with the American with Disabilities Act. Reasonable modifications and equal access to communications will be provided upon request. Meeting locations are planned with wheelchair access. If requiring Sign Language …
Treasury Department Update on September General Obligation Bond Sale Schedule Bond Oversight Commission June 12, 2020 Presented By: Bryan Rivera Deputy Treasurer Forecast Agenda – April 18 General Obligation Debt • Property Tax Rate has 2 components Tax Rate Operating & Maintenance (O&M) (General Fund) Debt (Debt Service Fund) • Debt Service tax rate set each year at level needed to fund principal and interest payments on debt issued and pledged with property tax • Pays both existing debt service and debt service associated with upcoming General Obligation bond sale 2 Forecast Agenda – April 18 General Obligation (GO) Debt • GO Debt = Public Improvement Bonds, Certificates of Obligation, and Contractual Obligations – $1.5 billion in outstanding General Obligation debt currently – Issued once per year prior to setting the tax rate – Backed by property (ad valorem) taxes and “full faith and credit” of the City Types of GO Debt Purpose Voter Approval City Term Public Improvement Bonds (PIBs) Capital Improvement projects and capital assets Yes 20 years Certificates of Obligation (COs) Real property: land, buildings, right of way, construction of a public work No 20 years Contractual Obligations (KOs) Personal property: equipment, machinery, vehicles, information technology No 7 years 3 Forecast Agenda – April 18 Steps to Sell or Issue Debt Spring 2019 September 2019 for FY2019-20 Spring/Summer 2020 Develop CIP Plan Annual Capital Budget Appropriations Reimbursement Resolutions Develop Bond Sale Schedule Notice of Intention to Issue Certificates Preliminary Official Statement Council Action on Bond Sales Bond Sales and Closing • Work on upcoming bond sale began Spring 2019 • Debt to be sold in upcoming bond sale supports projects and appropriations (authority to spend) previously approved by City Council • Use of Reimbursement Resolution allows projects to begin now and get funded later • Consistent with IRS regulations • Consistent with Financial Policies regarding cash management • Results in lower interest costs 4 Forecast Agenda – April 18 Upcoming GO Bond Sale Total Planned September Sale: $221.575 M Public Improvement Bonds (PIBs) - $58.600 M • 2016 Bond Program (Transportation): $6.595 M • 2018 Bond Program: $52.005 M • Affordable Housing - $27.735 M • • Health – $0.550 M • Flood Mitigation/Open Space/Water Quality - $12.955 M Transportation - $10.765 M Certificates of Obligation (COs) - $135.800 M • Planning and Development Center- $122.500 M • New Fire Stations - $13.300 M Contractual Obligations (KOs) …
BOND OVERSIGHT COMMISSION JUNE 12, 2020 10:00AM VIA VIDEOCONFERENCING BOND OVERSIGHT COMMISSION MINUTES The Bond Oversight Commission convened in a special meeting on June 12, 2020 with Social Distancing Modifications. Chair Rodriguez called the meeting to order at 10:10 AM Board Members in Attendance: Santiago Rodriguez, Chair Sumit DasGupta, Vice-Chair Sarah Cook Wolfgang Niedert Claire O’Neal Jay Sands Tina Van Wie, Financial Service Staff in Attendance: Megan Bell, Financial Services Bryan Rivera, Financial Services CALL TO ORDER None. 1. CITIZEN COMMUNICATION 2. APPROVAL OF MINUTES The minutes for the regular meeting of February 19, 2020 were approved as posted with motion by Commissioner Niedert, Commissioner Cook second and all votes in favor. 3. STAFF BRIEFINGS (Discussion) a. Bryan Rivera, Financial Services, gave an update on 2020 bonds sales, including information on general obligation debt, steps to sell or issue debt, and the upcoming general obligation bond sale. After this presentation, Bryan answered questions from the Commissioners. 4. DISCUSSION AND POSSIBLE ACTION a. Chair Rodriguez introduced discussion about forming a working group within the Bond Oversight Commission. Commissioner Cook moved to develop a working group with membership to include Chair Rodriguez, Vice-Chair DasGupta, Commissioner Cook, Commissioner O’Neal, and Commissioner Niedert. Commissioner O’Neal seconded and the motion passed unanimously. 5. FUTURE AGENDA ITEMS Commission. a. Discussion was brought forth about the 2020 annual report for the Bond Oversight b. Commissioners requested to shift the order of staff updates, including moving updates on the Public Safety and Mobility programs to Summer 2020 and rescheduling some of the BOND OVERSIGHT COMMISSION MEETING MINUTES June 12, 2020 staff updates that were missed due to cancelled meetings, including updates from the Parks and Recreation Department and the Watershed Protection Department. Chair Rodriguez adjourned the meeting at 10:54 AM without objection. 6. ADJOURN The City of Austin is committed to compliance with the American with Disabilities Act. Reasonable modifications and equal access to communications will be provided upon request. Meeting locations are planned with wheelchair access. If requiring Sign Language Interpreters or alternative formats, please give notice at least 2 days (48 hours) before the meeting date. Please call Megan Bell, Financial Services Department, at 512-974-2532, for additional information; TTY users route through Relay Texas at 711. For more information on the Bond Oversight Commission, please contact Megan Bell at 512-974-2532. 2
