On the  message and order, referred on January 26, 2022, Docket #0158, for your approval an order authorizing the issuance of refunding bonds in a principal amount not to exceed Two Hundred Million Dollars ($200,000,000.00). The current conditions in the municipal bond market appears to be favorable for the City to potentially realize significant saving in debt service costs by refunding certain of its outstanding general obligation bonds, the Committee submitted a report recommending the order ought to passed.
Lucky number 0158. Message in order for your approval. In order authorizing the issuance of refunding bonds in the principal amount amount not to exceed $200 million. The current conditions in the municipal bond market appears to be favorable for the city to potentially realize significant savings in debt service costs by refunding certain of its outstanding general obligation bonds . Thank you, Mr. Clarke. At this time, the chair recognizes Counsel Fernandez Anderson, the chair of the Committee on Ways and Means. Counselor Fernandez Anderson. You have the flow. Thank you, counsel plan in case needs to be said. This is not my maiden speech. You should all have the committee report in your inbox. The Committee on Ways and Means held a public hearing on Monday, February 7th and heard testimony from the city CEO Justin Sterrett and Maureen Castle and Richard Piano from Treasury. This order requests for funding authorization of $200 million, which will cover an upcoming anticipated refunding transaction and future potential transactions. Refunding transactions are transactions in which new bonds are issued at more favorable rates than previously issued bonds similar to the refinancing of an individual's home mortgage. As of an assessment one month ago. The city has approximately $60 million in bonds that could be refunded, which would save the city 3.5 million in debt service over the next ten years. The refunding transactions will be credit neutral, credit neutral and will not push the current debt out. The council last granted refunding authorization in 2019, which has since run out. Granting additional authorization to total, allows the city the flexibility to move quickly to take advantage of refunding transaction opportunities when market conditions are most favorable. I recommend that this matter all to pass. Thank you. Thank you. Counsel Fernandez Anderson, the chair of the Committee on Ways and Means six, acceptance of the Committee Report and passage of Docket 0158. Mr. Potter, can you please call the wrong. Lucky number 0158. Councilor Royal. Yes. Councilor Roy. Yes. Councilor Baker. I know Baker. Yes. Councilor Borg. Yes. Councilor Borg. Yes. Councilor Braden. Yes. Councilor Braden. Yes. Counsel Edwards. Yes. Councilor Edwards. Yes. Councilor Fernandez Anderson. Yes. Counsel Fernandez Anderson. Yes. Counsel of Clarity. Yes. Not so clarity. Yes. Counsel of Flynn. Yes. Not so of Flynn. Yes. Counsel. Error. Yes. Not sort of. Our In-house counsel. Louisiana. Yes. Counsel Louisiana. Yes. Counsel. Let me hear. Yes. That's what I mean here. Yes. Counsel Murphy. Yes. Not sort the. Murphy. Yes. Counsel World. Yes. Counsel Oral. Yes, Mr. President. Docket number 0158, as we see the unanimous vote. Thank you, Mr. Clerk. Docket 0158 has passed in in. Counselor Fernandez Anderson is exactly right. That was not her maiden speech. We are looking forward to it in in a couple of weeks. So just want to say thank you for that reminder. Counselor Fernandez innocent. Thank you. We're on two motions, orders and resolutions. Mr. Clerk, please read docket 0259, please. Lucky Number 0259 Council on Me here in Arroyo offered the following an ordinance amending City of Boston Code Ordinances, Chapter 15, Section ten, and establishing the Boston Fair Chance.