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METRO TV. WE'LL GET STARTED. ONE MINUTE, PLEASE.[00:11:37]
I'D LIKE TO CALL TO ORDER OUR BUDGET COMMITTEE FOR TODAY, WE'RE AUGUST 1ST AND ARE AT 432, WITH ME TODAY. MY COACH, MY VICE CHAIR, COUNCILMAN KRAMER, HAS AN EXCUSED ABSENCE WITH ME IN THE CHAMBER. IS COUNCILMAN ANTHONY PIAGENTINI. COUNCILWOMAN CINDY FOWLER, AND ONLINE COUNCILMAN PAUL MCCRANIE. COUNCILMAN HUDSON, COUNCILMAN ARTHUR. COUNCILMAN OWEN. COUNCILWOMAN PARISH, RIGHT. SEE IF I'M MISSING MY COUNCILWOMAN. PARKER IS. THERE SHE IS. I'M GONNA SAY HE'S TRYING TO JOIN US VIRTUALLY. SHE IS NOW HERE, SO WE HAVE JUST ONE ITEM TODAY. THE RESOLUTION TO PULL THAT. RIGHT HERE, A RESOLUTION OF OFFICIAL INTENT OF THE LOUISVILLE JEFFERSON COUNTY MET GOVERNMENT TO FINANCE THE ACISION, CONSTRUCTION, RENOVATION, IMPROVEMENT OF CERTAIN CAPITAL PROJECTS FOR LOUISVILLE, JEFFERSON COUNTY METRO GOVERNMENT AND ITS AGENCIES AND DEPARTMENTS FROM THE PROCEEDS OF ONE OR MORE PROPOSED ISSUES OF GENERAL OBLIGATION, BONDS AND GENERAL OBLIGATION. NOTES. MOTION MOTION. MOTION AND SECOND IS NOW BEFORE US AND AARON, YOU STEPPED UP. SO I'M ASSUMING YOU'RE GOING TO SPEAK TO THIS ONE. I AM, I AM. GOOD AFTERNOON, AARON JACKSON WITH WITH ME, THIS IS A RELATIVELY COMMON RESOLUTION THAT IS FILED AFTER THE ANNUAL BUDGET HAS PASSED, IT IS A MULTI STEP PROCESS THAT ACKNOWLEDGES METRO'S INTENT TO ISSUE BONDS FOR PROJECTS ASSOCIATED WITH THE FY 25 CAPITAL PROJECTS, THE PROCESS ITSELF BEGINS, OBVIOUSLY, WITH THE ADOPTION OF THE ANNUAL BUDGET APPROVAL OF THE REIMBURSEMENT RESOLUTION, WHICH IS WHAT YOU HAVE BEFORE YOU. AND THEN, ISSUANCE OF THE BONDS, WHICH WILL LIKELY, TAKE PLACE, IN THE FALL OF NEXT YEAR IN ACCORDANCE WITH, ISSUING TAX EXEMPT DEBT, THE IRS REQUIRES METRO COUNCIL TO ADOPT A REIMBURSEMENT RESOLUTION SO THAT WE CAN EFFECTIVELY FUND THOSE PROJECTS, IN THE FY 25 BUDGET, WITHOUT WAITING UNTIL THE BOND ISSUANCE. AND THEN ONCE WE ISSUE THE ISSUED, THE DEBT, WE WILL REIMBURSE WHATEVER WE HAVE EXPERIENCED OR INCURRED AS AN EXPENSE AFTER THE DATE OF THAT ADOPTION, AND WITH THAT, I'D BE HAPPY TO ANSWER ANY QUESTIONS YOU MIGHT HAVE. I HAVE ONE, JUST A QUICK ONE, SO DID WE ACTUALLY, ISSUE BONDS FOR LAST YEAR'S BUDGET IN THE FALL AS WELL? THAT WILL TAKE PLACE, WE'RE ACTUALLY WORKING THROUGH THAT PROCESS NOW. WILL LIKELY ISSUE THOSE BONDS IN SEPTEMBER, OCTOBER TIME FRAME FOR THE FY 24 PROJECTS. GOTCHA OKAY. ALL RIGHT. LET'S SEE IF WE HAVE I HAVE A SPEAKER HERE, COUNCILMAN PIACENTINI. THANK YOU, MR. CHAIR, JUST A QUICK QUESTION, AND I THINK THE FED MADE AN ANNOUNCEMENT RECENTLY. THEY'RE AT LEAST ENTERTAINING, RATE DECREASES. I KNOW IN THE PAST, OMB HAS BEEN VERY, CREATIVE. AND I MEAN THAT IN A POSITIVE WAY, TO, REDUCE THE RISK OF INTEREST RATE FLUCTUATIONS AND ALL THIS. IF WE THINK THEY MAY BE COMING DOWN. ARE THERE DIFFERENT WAYS THAT OMB IS LOOKING AT, FLOATING THESE BONDS, MAYBE DOING A SERIES OF SHORT TERM OR OTHER THINGS THAT MAY REDUCE LONG TERM RISK IN LOCKING IN RATES AT A TIME WHEN, UNFORTUNATELY, WE JUST HAVE VERY HIGH INTEREST[00:15:02]
RATES. ANY THOUGHTS, AS OMB, GIVEN ANY THOUGHT TO THAT? SO WE, WE HAVE BEEN WORKING WITH OUR FINANCIAL ADVISOR, BAIRD, T, TO WORK THROUGH WHAT THE IMPLICATIONS OF THE, THE, INTEREST RATES MIGHT LOOK LIKE. AND WE ACTUALLY HAVE SOME TIME SCHEDULED HERE, IN THE NEXT FEW WEEKS TO REALLY THINK THROUGH WHAT THAT MIGHT LOOK LIKE AND HOW TO KIND OF SMOOTH OUT THE IMPACT IN THE UPCOMING BUDGET AND FUTURE BUDGETS. SO THEY HAVE THE CRYSTAL BALL, I'M NOT SURE THEY HAVE THE CRYSTAL BALL, BUT WE WORK VERY CLOSELY WITH THEM. SURE DOES ANYONE ELSE QUESTIONS? LET'S SEE. ANYONE ELSE IN THE QUEUE. ANYONE ONLINE HAVE A QUESTION? I DIDN'T HAVE A QUESTION. WHEN I LOOK BACK AT THESE DECISIONS, THEY LOOK LIKE THEY WERE UNANIMOUS IN THE PAST, I APPRECIATE COUNCILMAN PIAGENTINI BRINGING UP THE RATE CHANGES, BUT, I DON'T SEE WHERE THERE'S ANY OTHER THING THAT WE AT COUNCIL COULD REALLY QUESTION AT THIS POINT. JUST REALLY APPRECIATE YOU KEEPING US ABREAST OF WHAT'S GOING ON. YEAH. THANK YOU, COUNCILWOMAN.AND YES, SO THESE ARE ITEMS THAT WE THAT HAVE ALREADY BEEN BEFORE US IN THE PAST. SO WE'VE ALREADY APPROVED THE PROJECTS THEMSELVES. THIS IS JUST AN APPROVAL OF HOW THEY'RE GOING TO PAY FOR THEM. THAT'S CORRECT. YEAH ALL RIGHT. SEEING NO ONE ELSE IN THE QUEUE. THIS IS A RESOLUTION CALL FOR ROLL CALL. VOTE, PLEASE, CALL FOR I'M SORRY. VOICE VOTE. ALL THOSE IN FAVOR SAY AYE. AYE. ANY OPPOSED? YES. HAVING ITEM PASSES. THANK YOU SO MUCH. THAT'S IT. THAT'S YES. LET'S SAY SEND IT TO THE CONSENT CALENDAR. UNLESS ANYONE HAS ANY ISSUES ON THURSDAY, WE CAN ALWAYS PULL IT OFF. ALL RIGHT. THAT'S THE LAST THING. THANK YOU ALL FOR COMING. AND WE'LL SEE YOU. SEE YOU IN TWO WEEKS. OKAY. THANK YOU.
* This transcript was compiled from uncorrected Closed Captioning.