Finance Committee

City of Annapolis 160 Duke Of Gloucester Street Annapolis, MD 21401 Standing Committee Minutes Tuesday, November 17, 2015 5:00 PM Mayor John T. Chambers, Jr. City Council Chambers Finance Committee Finance Committee Standing Committee Minutes November 17, 2015 1. Call To Order Chairman Pfeiffer called the meeting to order at 5:02 p.m. Roll Call Present: 3- Alderman Pfeiffer, Alderman Arnett and Alderman Paone 2. Legislation before Committee O-51-15 Issuance of Water and Sewer Revenue Bonds - For the purpose of authorizing and empowering the City of Annapolis (the “City”) to issue and sell two or more series of its water and sewer revenue bonds in the aggregate principal amount not to exceed Forty-Four Million Five Hundred Thousand Dollars ($44,500,000) (the “Bonds”), pursuant to Article VII, Section 12 of the Charter of the City of Annapolis, as amended; providing that the Bonds shall be limited obligations of the City payable solely from revenues of the City’s water system and sewer system and shall not be general obligations of the City; providing that the Bonds shall be issued and sold for the public purposes of (a) financing costs of certain water and sewer capital projects of the City as provided in this Ordinance, (b) refinancing portions of certain outstanding general obligation bonds of the City which were issued to finance or refinance existing water and sewer facilities of the City, as provided in this Ordinance, (c) providing working capital for the City’s water and sewer systems, (d) funding a debt service reserve fund or other reserve fund for the Bonds, (e) paying the costs of any bond insurance or other credit enhancement, and (f) paying costs of issuance of the Bonds and other related costs; providing that for the general obligation bonds of the City which were issued to finance costs of water and sewer projects which will not be refinanced with proceeds of the Bonds shall be secured by the revenues of the City’s water system and sewer system, but that the lien on such revenues securing such remaining-outstanding general obligation bonds (which are secured by the full faith and credit of the City) shall be subordinate to the lien securing the Bonds and other revenue bonds issued in the future on parity with the Bonds; generally describing the public purposes to be served and the financing transaction to be accomplished; specifying and determining various matters in connection therewith; authorizing the Mayor of the City by executive order to specify, prescribe, determine, provide for or approve certain matters, details, forms, documents or procedures appropriate to the authorization, sale, security, issuance, delivery, or payment of or for the Bonds; and generally providing for and determining various matters relating to the issuance, sale and delivery of the Bonds. City of Annapolis Page 1 Finance Committee Standing Committee Minutes November 17, 2015 Attachments: O-51-15 Revenue Bonds.docx O-51-15 Exhibits.docx O-51-15 Staff Report.docx O-51-15 Fiscal Impact.doc O-51-15 FAC Recommendations.doc O-51-15 Signed.pdf Finance Director Miller gave an overview of the legislation and answered questions from the committee. Joseph D. Mason, One James Center, Suite 1100, 901 East Cary Street, Richmond, Virginia 23219 Senior Vice President, representing Davenport & Company gave a presentation on the legislation and answered questions from the committee. Alderman Arnett moved to recommend favorably. Seconded. CARRIED on voice vote. Aye: 3- Alderman Pfeiffer, Alderman Arnett and Alderman Paone 3. Business before Committee a. Approval of Minutes FC110317 Approval of Minutes for the Regular Meeting Attachments: FC11.03.15 Alderman Arnett moved to approve. Seconded. CARRIED on voice vote. Aye: 3- Alderman Pfeiffer, Alderman Arnett and Alderman Paone b. Budget Revision Requests GT-08-16 Public Works/ Wastewater Collection Transfer From R&M Salaries To Salaries and Benefits- Sewer Collection Attachments: GT-08-16 Public Works Director Jarrell gave a presentation of the legislation and answered questions from the committee. Finance Director Miller was also present and answered questions from the committee. Alderman Arnett moved to approve. Seconded. CARRIED on voice vote. Aye: 3- Alderman Pfeiffer, Alderman Arnett and Alderman Paone Legislation before Committee II R-25-15 Waiving Certain Residential Parking Fees - For the purpose of waiving parking fees in Special Residential Parking Districts for residents of housing owned by the Housing Authority of the City of Annapolis and residents of Section 8 Housing. City of Annapolis Page 2 Finance Committee Standing Committee Minutes November 17, 2015 Attachments: R-25-15 Waiving Certain Residential Parking Fees.pdf R-25-15 Staff Report.doc R-25-15 Fiscal Impact.pdf R-25-15 Revised Fiscal Impact.pdf R-25-15 Parking District 4 Public Housing Map.pdf R-25-15 Budge Amendment.docx Alderman Budge gave a presentation of the legislation and answered questions from the committee. Alderman Arnett moved to postpone. Seconded. CARRIED on voice vote. Aye: 3- Alderman Pfeiffer, Alderman Arnett and Alderman Paone O-36-15 Adequate Public Facilities - For the purpose of adding review criteria and certification for adequate school facilities to Title 22 of the Code of the City of Annapolis; and matters generally relating to the adequacy of school facilities. Attachments: O-36-15 APF Schools ZTA.doc O-36-15 Staff Report.docx O-36-15 Fiscal Impact.pdf O-36-15 Planning Commission Findings and Staff Report to PC.pdf O-36-15 Littmann Arnett Amendments.docx Alderman Arnett moved to postpone. Seconded. CARRIED on voice vote. Aye: 3- Alderman Pfeiffer, Alderman Arnett and Alderman Paone O-48-15 Agreement of Purchase and Sale - For the purpose of approving the purchase and sale of property located at 9 St. Mary’s Street, Annapolis, Maryland 21401; and matters generally relating to said sale. Attachments: O-48-15 Ordinance and Agreement.docx O-48-15 Exhibit A-1.pdf O-48-15 Exhibit A-2.pdf O-48-15 Exhibit C.pdf O-48-15 Staff Report.docx O-48-15 Fiscal Impact.pdf O-48-15 Signed.pdf City Attorney Leahy was present and answered questions from the committee. Phillip Dales, 200 Westgate Circle, Suite 500, Annapolis, Maryland 21401 representing Hyatt and Weber P.A. spoke on the legislation and answered questions from the committee. Jim O'Hara, 141 Lafayette Avenue, Annapolis, Maryland 21401 representing O2 Lafayette spoke on the legislation and answered questions from the committee. Leo Wilson, 109 Chesapeake Avenue, Annapolis, Maryland 21403 representing Hammond Wilson Architects spoke regarding the legislation and answered questions from the committee. City of Annapolis Page 3 Finance Committee Standing Committee Minutes November 17, 2015 This Legislation was returned without recommendation. Aye: 3- Alderman Pfeiffer, Alderman Arnett and Alderman Paone O-49-15 The Conveyance of the Right of Way Containing Cobblestone Court - For the purpose of conveying by deed the right, title, and interest of the City of Annapolis in the right of way containing Cobblestone Court to Annapolis Overlook Condominiums Association, Inc., and matters generally relating to said conveyance. Attachments: O-49-15 Cobblestone Court.doc O-49-15 Exhibit 1.pdf O-49-15 Staff Report.docx O-49-15 Fiscal Impact.pdf O-49-15 Littmann Proposed Amendment.docx Alderman Paone moved to postpone. Seconded. CARRIED on voice vote. Aye: 3- Alderman Pfeiffer, Alderman Arnett and Alderman Paone 4. Adjournment Upon motion duly made, seconded and adopted, the meeting was adjourned at 6:20 p.m. Cyndi Gaines City Council Associate City of Annapolis Page 4