Town Council Meeting

Town of Vienna Charles A. Robinson Jr. Town Hall 127 Center Street South Vienna VA, 22180 Meeting Minutes Town Council Meeting Tuesday, February 22, 2022 12:00 PM Charles A. Robinson, Jr. Town Hall, 127 Center Street, South Special Meeting - Bond Sale 1. Roll Call Council Member Chuck Anderson; Council Member Ray Brill Jr; Council Member Ed Somers; Council Member Howard Springsteen and Mayor Linda Colbert. Absent: Council Member Nisha Patel; Council Member Steve Potter Present: 5- Council Member Chuck Anderson, Council Member Ray Brill Jr., Council Member Ed Somers, Council Member Howard J. Springsteen and Mayor Linda Colbert Absent: 2- Council Member Nisha Patel and Council Member Steve Potter 2. Regular Business A. 22-2926 Special Meeting to Accept Bid for Bond Sale Item 2. Regular Business A. 22-2926 Special Meeting to Accept Bid for Bond Sale Mayor Colbert called on Marion Serfass, Director Finance, to present the Item for consideration. On Feb. 7, 2022, the Vienna Town Council held a public hearing regarding the issuance of $12.475 million in bonds for capital improvements, which were revised and approved at the Jan. 24, 2022 Council meeting. The bonds were offered for competitive sale at 11 a.m. Feb. 22, 2022. Jen Dirkson with Davenport and Associates explained that of the nine bidders, the winning bid came in at 2.177% and netted a premium of $1.335M. Discussion included the following: • Past Councils have accepted premium because it provided maximum flexibility; Council has latitude to accept or not accept; • Premium money is available now so allows Council to address immediate financial needs; • Premium expenditures were addressed during previous budget sessions, $900,000 pledged to paving projects; remaining $400,000 must be spent in previously identified categories; • Interest rates likely to continue to rise; acceptance of premium at current rate should be strongly considered. With no further comments or questions, Mayor Colbert called for a motion. A motion was made to accept the bid for the Town of Vienna General Obligation Public Improvement Bonds, Series 2022A, as presented. Motion, Council Member Somers; second, Council Member Anderson. Motion passed unanimously. Town of Vienna Page 1 Printed on 3/24/2022 Town Council Meeting Meeting Minutes February 22, 2022 A motion was made by Council Member Somers, seconded by Council Member Anderson, that the Action Item be approved. The motion carried by the following vote: Aye: 5- Council Member Anderson, Council Member Brill, Council Member Somers, Council Member Springsteen and Mayor Colbert Absent: 2- Council Member Patel and Council Member Potter 3. Meeting Adjournment Mayor Colbert called for a motion to adjourn. Motion, Council Member Somers; second, Council Member Springsteen. Meeting adjourned at 12:18 PM. 3. Meeting Adjournment Aye: 5- Council Member Anderson, Council Member Brill, Council Member Somers, Council Member Springsteen and Mayor Colbert Absent: 2- Council Member Patel and Council Member Potter THE TOWN OF VIENNA IS COMMITTED TO FULL COMPLIANCE WITH THE AMERICANS WITH DISABILITIES ACT STANDARDS. TRANSLATION SERVICES, ASSISTANCE OR ACCOMMODATION REQUESTS FROM PERSONS WITH DISABILITIES ARE TO BE REQUESTED NOT LESS THAN 3 WORKING DAYS BEFORE THE DAY OF THE EVENT. PLEASE CALL (703) 255-6304, OR 711 VIRGINIA RELAY SERVICE FOR THE HEARING IMPAIRED. Town of Vienna Page 2 Printed on 3/24/2022