Travis County Commssioners Court
February 25, 2003
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Item 7
Item number 7 regarding consider and take appropriate action on a project for funding from road and park funds and certificate of obligation be issued in fy '03.
>> so move.
>> in terms of getting that issuance moving and it's getting more interesting in the markets, especially if there's going to be a war going on, that might be with the interest rates and what advantage we may have in the market right now may vanish if we don't get this thing going.
>> I guess we can always hairt change our --
>> we can always come downtown.
>> or I guess we can go up to take final action.
>> can we go up?
>> we have to establish a ceiling and you can actually come off of the ceiling.
>> but we need now to go ahead and do the appropriate paperwork to get this done, right?
>> that's correct.
>> you could always --
>> you will have to go back in once they draft it and change the numbers. They can proceed with drafting the documents at a certain number.
>> want to take a week or two to draft it up?
>> well, what they would like for us to do is zero in on the number because we have to -- there are all types of supporting schedules that they have to put together, so --
>> what's the number?
>> there's a memo from pbo dated January 31st that had those filed. How we get to the current number of 15.685. And that number is derived from the 17.1 million that was in the adopted budget that the commissioners court approved in October. All it basically does is take the savings from the precinct 4 office building that have been realize and take that number down to 15.6 with the minor adjustment on issuance. That's all that's been done.
>> so the ceiling is 17 million.
>> the current number is 15.685 #- if there are any projects that need to be added in there, it would be 15.685 plus whatever you foresee.
>> what's that nobody for today? -- number for today?
>> well, the important thing is that it takes six weeks from the point that you take formal action in order to have the money in hand. Now, if you take action today, we'll be looking at the middle of April probably before the money comes in. Now, jessica had sent out a couple of weeks ago a memo asking that facilities and tnr, if there were any cushions on the -- getting the money in. And we have not received any type of response from either facilities --
>> from any department.
>> or tnr or anybody else that there's a big squeeze on it right now. The interest rate is obviously of concern that the anticipation in the market is that once the uncertainty of the confli engages that there could be a rise in interest rates. And that's what you're attempting to get out in front of. The latest information -- I understand that you are looking at the third and fourth week in March oz a possible window on that, which would mean that you would have time next week and if you push, making the decision until next week. You're getting close. And with the amount of issuance, it could cost some money if we're too late on that. In answer to your question about how late could the court change that number, I'm sure you can change it up until next week. But I don't know if you will have a decision on the current other issue that could possibly affect the amount in this co issuance by next week. I could get you a definite answer next week. We could have glad here, if you would like.
>> what do we need to do today?
>> nothing really.
>> it seems like we're at 15.685. My question is is there a plug figure in terms of a high number? And there may be a plug figure somewhere in between in terms of what the fiscal '03 plug figure is and it still is flex ikt that we can knock it out to zero if it turns out that our discussions over the next couple of weeks are not fruitful, while still not signaling any kind of real estate strategy.
>> so I'm hearing that we can still deal with this on Tuesday?
>> let's have that on that date. We'll do something or the other next week.
>> okay.
>> can we get ladd here. I think we really need to get ladd here.
>> we'll have this back on. Now, any other items today? All in favor that passes by unanimous vote.
Last Modified: Wednesday, April 2, 2003 10:25 AM