Board of Liquidation, City Debt (New Orleans) public meetings in 2020
5 substantive meetings from 2020, with official agendas or minutes and plain-English summaries.
Board of Liquidation, City Debt
The Board approved a reduced millage levy for 2021 and authorized the sale of $300 million in Public Improvement Bonds. It also approved several revenue bond refundings for the Sewerage and Water Board of New Orleans and selected professional service firms for 2021-2023.
- Adopted 2021 millage levy of 19.5 mills (6-0)
- Adopted 2021 Board budget with salary expense increased to $575,000 (6-0)
- Approved Bond Purchase Agreement for $64,750,000 Sewerage Service Revenue Bonds, Series 2020B (7-0)
- Preliminary approval for up to $215M Sewerage and $200M Water Revenue Refunding Bonds (7-0)
- Appointed J.P. Morgan Securities as senior manager for 2021 refunding bonds (7-0)
- Authorized advertisement and sale of up to $300M Public Improvement Bonds, Issue of 2021 (7-0)
- Selected Paciera, Gautreau and Priest, LLC and E. K. Lozano & Company as Independent Auditors (7-0)
- Selected Foley & Judell and Auzenne & Associates as Bond Counsel (6-1)
🗳️ How they voted — 1 divided vote
Board of Liquidation, City Debt
The Board approved the sale of $9.5 million in Audubon Commission Limited Tax Bonds to Robert Baird & Co., Inc. It also authorized the negotiated sale of up to $64.75 million in Sewerage Service Revenue Bonds for the Sewerage and Water Board of New Orleans. Additionally, the Board approved the cash defeasance of $11.92 million in 2014 Taxable Public Improvement Bonds.
- Approved sale of up to $9.5M Audubon Commission Limited Tax Bonds, Series 2020 to Robert Baird & Co., Inc. (6-0)
- Adopted Cooperative Endeavor Agreement between the Board and Audubon Commission regarding 6.31 Parks Millage (6-0)
- Adopted Cooperative Endeavor Agreement between the Board and the City of New Orleans regarding 6.31 Parks Millage (6-0)
- Approved issuance and negotiated sale of up to $64.75M Sewerage Service Revenue Bonds, Series 2020B (6-0)
- Added Loop Capital Markets and Ramirez & Co., Inc. as co-managers to the SSRB 2020B syndicate
- Approved cash defeasance of $11.92M Taxable Public Improvement Bonds, Issue of 2014, maturing Dec 1, 2043 (6-0)
- Adopted minutes of the May 27, 2020 special meeting
🗳️ How they voted (4 roll-call votes)
Board of Liquidation, City Debt
The Board of Liquidation, City Debt adopted a resolution to advertise the sale of Limited Tax Bonds, Series 2020, for the Audubon Commission. The proposed bonds, not to exceed $9.5 million, will be secured by revenue from the 1.95 mills of the 2019 Parks Millage.
- Adopted May 27, 2020 meeting minutes
- Ordered April 2020 auditor's letter to be filed
- Approved resolution to advertise sale of up to $9.5M Audubon Commission Limited Tax Bonds (6-0)
🗳️ How they voted (1 roll-call vote)
Board of Liquidation, City Debt
The Board of Liquidation, City Debt approved the selection of JP Morgan Chase Bank, N.A. as the private placement bank for a bond series. The Board also elected new leadership and increased the search committee budget to hire a recruitment firm.
- Adopted January 29, 2020, meeting minutes
- Elected Ms. Zervigon as President through June 30, 2021 (6-0)
- Elected Mr. O’Connor as Vice President through June 30, 2021 (8-0)
- Selected JP Morgan Chase Bank, N.A. for $10,250,000 Sewerage Service Revenue Bonds at 1.50% interest (8-0)
- Amended the Board 2020 Budget Resolution (8-0)
- Increased Search Committee budget to $50,000 to hire a recruitment firm (8-0)
🗳️ How they voted — 1 divided vote
Board of Liquidation, City Debt
The Board selected J.P. Morgan Securities, LLC to manage the issuance of Sewerage Service Revenue Bonds, Series 2020. Due to a credit rating downgrade and missing audits, the Board will split the issuance into a small private placement first and a larger public sale later in 2020.
- Approved selection of J.P. Morgan Securities, LLC as senior manager for up to $75M in Sewerage Service Revenue Bonds, Series 2020 (5-0)
- Authorized the solicitation of a private placement sale not to exceed $12.5M (5-0)
- Adopted minutes from the November 20, 2019 regular meeting
- Ordered monthly audit letters for October and November 2019 filed