Detroit FRC City Meeting Minutes 8-31-2020

Detroit Financial Review Commission

CITY REGULAR MEETING

Monday, August 31, 2020 at 1:00 p.m.

Remotely Using Microsoft Teams

MINUTES

Approved: September 28, 2020

  1. Call to Order
    1. Chairperson, Rachael Eubanks called the meeting to order 1:00 p.m.
  2. Roll Call

Members Present - 5

  • Rachael Eubanks
  • Dave Massaron
  • Chris Kolb
  • Ron Rose
  • John Walsh

Members Absent –5

  • Stacy Fox
  • Brenda Jones
  • David Nicholson
  • Iris Taylor (non-voting)
  • Nicholai Vitti (non-voting)

Let the record show that Five (5) Commission members eligible to vote were present, A quorum was present.

  1. Approval of the Proposed Minutes from the July 27, 2020 Regular City Meeting
    1. Motion made to approve the draft minutes of the Commission’s City Meeting as presented. Motion moved and supported; the Commission approved the minutes of the above City meeting as presented.
  2. Executive Director’s Report
    1. Patrick Dostine, Executive Director, informed the meeting that in reviewing the quarterly and monthly reports, both ending June 30, the city continues to implement its comprehensive plan, necessary because of the COVID 19 outbreak. On page seven of the monthly report, the Workforce Changes Report shows accumulative savings for May and June of $16.4 million. The city also continues to pay its debt obligations. The city remains in compliance and there is no reason to consider rescinding the waiver currently.
  3.  Old Business
    1. None
  4. New Business
    1. Consideration of the City’s requests to issue $80 million in UTGO Capital Bonds (FRC Resolution 2020-4)
      1. Chief Financial officer, provided a brief overview of the planned sale of $80M UTGO Bonds, noting that as identified in the Bankruptcy Plan of Adjustment, the City of Detroit must make investments in capital and blight removal to improve the City’s critical assets for providing services and quality of life in the City. 
      2. He further stated that the City of Detroit is planning an $80 million capital bond issue for fall and a $175 million neighborhood improvement Bond for winter 2020/2021 if voters approved the ballot issue in November. The meeting was also informed that the investments are affordable under the City’s strengthened debt policy and within the City’s current debt millage, 9 mills, and the City has developed processes to manage bond proceeds, ensuring they are spent timely and in tax compliance.  He further stated that the OCFO’s would return to the FRC later to make a more comprehensive presentation and seek the Commission’s approval. He addressed questions from the Commission.
      3. Motion made to approve the City’s request to issue $80 million in UTGO Capital Bonds (FRC City Resolution 2020-4) as presented.  Motion moved and approved.  The Commission approved City Resolution 2020-4 as presented.
  5. Public Comment
    1. Michelle George
  6. Next Meeting Date
    1. City Regular Meeting: Monday, September 28, 2020 at 1:00 pm, remotely via Microsoft Teams.
  7. Adjournment
    1. Motion made to adjourn. Motion moved and supported; the Commission approved the motion to adjourn.
    2. There being no further business, the meeting adjourned at 1:34 p.m.

FRC Committee Monthly Meeting

City of Detroit

Resolution Roll Call

Monday, August 31, 2020

FRC 8/31/2020

Meeting

(city of Detroit)

FRC/City of Detroit Resolution

2020-4

(Approving the City’s requests to issue $80 million in UTGO Capital Bonds)

Roll Call

Ms. Eubanks

Yes

Ms. Fox

Absent

Ms. Jones

Absent

Mr. Kolb

Yes

Mr. Massaron

Yes

Mr. Nicholson

Absent

Mr. Rose

Yes

Mr. Walsh

Yes

Signed: Beverly C. Greaves

Date:  8-31-2020