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TAMPA CITY COUNCIL

Special Called Meeting

Thursday, August 18, 2011

9:00 a.m. session

DISCLAIMER:

This file represents an unedited version of realtime
captioning which should neither be relied upon for complete
accuracy nor used as a verbatim transcript.
The original of this file was produced in all capital
letters and any variation thereto may be a result of third
party edits and software compatibility issues.
Any person who needs a verbatim transcript of the
proceedings may need to hire a court reporter.


09:06:47 >>MARY MULHERN: Tampa City Council.

09:06:48 Meeting is called to order.

09:06:49 I yield to Councilman Reddick to introduce the invocation.

09:06:56 >> Thank you, Madam Chair.

09:06:59 If he can stop talking back there.

09:07:03 [ Laughter ]

09:07:10 It's my honor to have a very close friend who is pastor of

09:07:14 St. Matthew Missionary Baptist church, Reverend W.A. Sams to

09:07:20 lead us in the invocation this morning.

09:07:21 >> Shall we pray?

09:07:22 Eternal God, of all things and everything, thou O God who

09:07:30 has created everything, without you, nothing that was made

09:07:35 was made, scooped out evaluation that were low, lakes,

09:07:44 streams and ocean, raise every high mountain, thou art God.

09:07:49 We pause at this juncture of time to say thank you for your

09:07:52 grace and for your mercy.

09:07:55 We pray, O God, for the leadership of our great City of

09:07:59 Tampa.

09:08:00 We pray for the mayor.

09:08:02 We pray for this governing body of counselors, pray that you

09:08:09 would enrich them for thoughts for governing the people, the

09:08:12 care and concern before the people, and that compassion be

09:08:17 for the people, and that they that are governing will be

09:08:21 people themselves.

09:08:24 Bless now, father, that the journey of this session today be

09:08:28 done pleasing in your sight.

09:08:30 We thank you.

09:08:30 We praise, adore and magnify you.

09:08:34 I recognize without any means of being disruptive, any means

09:08:41 of not recognizing, but you who saved me, Jesus Christ,

09:08:47 amen.

09:08:53 (Pledge of Allegiance)

09:09:01 >>MARY MULHERN: At this time, this is a special called

09:09:15 meeting just for two consent items under --

09:09:20 >>THE CLERK: Would you like to take roll call?

09:09:22 >>MARY MULHERN: Oh, I'm sorry.

09:09:23 Roll call, please.




09:09:24 >>MIKE SUAREZ: Here.

09:09:26 >>FRANK REDDICK: Here.

09:09:28 >>HARRY COHEN: Here.

09:09:29 >>LISA MONTELIONE: Here.

09:09:30 >>MARY MULHERN: Here.

09:09:34 I have a memo from Councilwoman Capin who will not be here

09:09:38 for this morning's council or CRA meeting due to a funeral

09:09:43 she's attending.

09:09:45 And she may also be absent tonight.

09:09:54 And we will ask for any public comment at this time, but

09:10:01 these comments, as this is a special called meeting relating

09:10:04 to only two consent agenda items, relating to bond

09:10:09 refunding.

09:10:11 If anyone wishes to speak, your comments need to be relating

09:10:15 only to the two items on the special called agenda.

09:10:25 And our CRA meeting, we'll have our public comment for that

09:10:31 separately.

09:10:31 This is just for the special called for the two.

09:10:35 Mr. Davis, did you want to speak on the bonds? Refunding?

09:10:40 Thank you.

09:10:40 >> Al Davis: Members of the City Council, as you consider

09:10:46 this bonding I would support it because I know we are not

09:10:49 borrowing money just to throw down the tubes.

09:10:51 We are borrowing money to enhance the quality of life for

09:10:55 the citizens of Tampa.




09:10:58 And it's a good thing.

09:10:59 I'm so glad that we are in the position that someone would

09:11:07 trust in us in terms of lending us a little money.

09:11:10 But I do have one question, Madam Chairman.

09:11:15 What is the interest rate on those?

09:11:18 I know initially it may have been something, but now that we

09:11:23 are extending, do you recall what the interest rate would

09:11:26 be?

09:11:31 >>MARY MULHERN: Councilman Suarez?

09:11:33 >>MIKE SUAREZ: I was just going to suggest, Mr. Davis, we

09:11:36 can ask our CFO Ms. Little to answer that question during

09:11:39 her comments about the two agenda items.

09:11:54 >>SAL TERRITO: The interest rate isn't set yet.

09:11:56 What we are doing is asking you today to approve two

09:11:58 resolutions, one that will amend the earlier resolution to

09:12:01 get rid of some onerous positions that are no longer

09:12:05 required.

09:12:05 The other is to fund the 2001 A-B funds for short-term debt

09:12:11 and also $Z 14 million left over to pay for other water

09:12:15 projects.

09:12:16 We will be pricing these things probably in the next two

09:12:18 weeks.

09:12:18 At that time, the interest rate will be set.

09:12:20 We don't know at this point in time what the interest rate

09:12:22 will be.




09:12:23 If we don't get at least a 3% benefit on refunding from what

09:12:27 we are paying now, then we will not go forward with the bond

09:12:30 sale.

09:12:31 That's basically a short version of what we are doing.

09:12:34 >>MARY MULHERN: Thank you.

09:12:39 Ms. Little, did you want FOB speak on this?

09:12:42 >>SONYA LITTLE: Thank you, Madam Chair, council members.

09:12:46 Sonya little, revenue and finance.

09:12:51 I would only add that our timing is such that upon your

09:12:56 approval we will send out our official statement to the

09:12:58 market so these bonds could be marketed.

09:13:02 We are in a very, very promising interest rate environment

09:13:05 right now, so we are monitoring it very closely and getting

09:13:10 our sales team all lined up for that to be effectively

09:13:15 market our bond.

09:13:16 We will come back to you after the market being with a full

09:13:18 report on the interest rate, the level of savings that we

09:13:22 were able to achieve as a result of the refunding, and all

09:13:25 the salient features of the financing.

09:13:27 >>MARY MULHERN: Thank you.

09:13:33 Councilman Reddick?

09:13:35 >>FRANK REDDICK: Are we going to take each one of these

09:13:37 items separately?

09:13:39 >>MARY MULHERN: Yes.

09:13:40 We need to vote on them separately.




09:13:41 >>HARRY COHEN: I would like to move agenda item 1 then.

09:13:48 >> Second.

09:13:50 >>MARY MULHERN: All in favor?

09:13:51 Anyone opposed?

09:13:57 >>FRANK REDDICK: I would like to move item number 2.

09:13:59 >>HARRY COHEN: Second.

09:14:02 >>MARY MULHERN: All in favor?

09:14:04 Anyone opposed?

09:14:08 Thank you.

09:14:08 If we can have a motion to receive and file.

09:14:10 >> So moved.

09:14:13 >> Second.

09:14:13 >>MARY MULHERN: All in favor?

09:14:17 Anyone opposed?

09:14:18 And that will end our special called City Council meeting.

09:14:24 >>FRANK REDDICK: Before we adjourn on the special called,

09:14:28 since we are in a council role at this time, I would just

09:14:34 like to bring up -- I think we all received a letter from

09:14:43 the Ybor City development coordination and asking that we

09:14:50 send a letter as a council to the Sports Authority board.

09:14:55 >>MARY MULHERN: I believe since this is special called just

09:14:58 devoted to those two issues that we should bring this up

09:15:00 tonight at our council meeting tonight.

09:15:02 >>FRANK REDDICK: Okay.

09:15:06 Then I'll withdraw that.




09:15:08 >>MARY MULHERN: And we'll take new business at that time,

09:15:10 too.

09:15:11 We want to be able to give you time for your CRA meeting.

09:15:14 >>FRANK REDDICK: Thank you.

09:15:17 >>MARY MULHERN: City Council is adjourned until 5:01.

09:15:25 (City Council meeting adjourned until 5:01)



DISCLAIMER:

This file represents an unedited version of realtime
captioning which should neither be relied upon for complete
accuracy nor used as a verbatim transcript.
The original of this file was produced in all capital
letters and any variation thereto may be a result of third
party edits and software compatibility issues.
Any person who needs a verbatim transcript of the
proceedings may need to hire a court reporter.