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HomeMy WebLinkAbout_2007 12 06 City Commission Emergency Special MinutesCITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION EMERGENCY SPECIAL MEETING DECEMBER 6, 2007 CALL TO ORDER The Emergency Special Meeting of Thursday, December 6, 2007 of the City Commission was called to Order by Mayor John F. Bush at 7:41 a.m. in the Commission Chambers of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Mayor John F. Bush, present Deputy Mayor Sally McGinnis, present Commissioner Robert S. Miller, arrived at 8:08 a.m. Commissioner Rick Brown, present Commissioner Donald A. Gilmore, present Commissioner Joanne M. Krebs, present City Manager Ronald W. McLemore, arrived at 7:52 a.m. City Attorney Anthony A. Garganese, arrived at 8:43 a.m. REGULAR AGENDA REGULAR 600. Office Of The City Manager Discussion On Investments. Discussion ensued on the investments and the State Board of Administration. City Manager Ronald W. McLemore arrived at 7:52 a. m. Mr. David West, CFA, Bogdahn Consulting, LLC, 340 West Central Avenue, Suite 300, Winter Haven, Florida: via a conference call, Mr. West addressed the City Commission. Much discussion. Commissioner Robert S. Miller arrived at approximately 8: 08 a. m. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION EMERGENCY SPECIAL MEETING -DECEMBER 6, 2007 PAGE 2 OF 7 Mr. Michael S. Blake, 711 Canadice Lane, Winter Springs, Florida: addressed the City Commission on funds. Discussion continued. Commissioner Donald A. Gilmore departed the Meeting but called into the conference call at approximately 8:25 a. m. Tape l/side B Discussion with Mr. West continued. Manager McLemore said, "I would like your agreement for us to proceed with that process and meet back with you maybe the first of the week, maybe Monday and give you at least three (3) options of Treasury type instruments to get into." Mayor Bush said, "Does the Commission need to do that?" Manager McLemore said, "You need to authorize us to go forward with that and then..." Mayor Bush then said, "...Putting in U.S. Treasuries which was their recommendation." Manager McLemore said, "It is U.S. Treasuries, but there are many, many, many, many different forms that could take." Mayor Bush added, "We are relying on you and the Financial Director to tell us that, or the Consultants." Manager McLemore noted, "Well, that is what we are saying. If you are comfortable with us doing that, that's fine, otherwise, we will bring you back three (3) options and -say that you make that decision." Discussion. Manager McLemore remarked, "All we're asking for is a review of investment alternatives out there, where we would put our money on a temporary basis or idle funds until we go through a process for a permanent money manager. We're talking about a one (1) or two (2) day engagement here to do a very simple task. We're not asking to be along term money manager." Commissioner Joanne M. Krebs said to Manager McLemore, "Without being disrespectful, I want you to stay out of it as much as possible and let someone really look at what we are doing, what we need to do, and come out with a true recommendation based on what they think, not necessarily what you think." Manager McLemore commented, "I don't understand how you could come to any other conclusion. That's what we're tying to do here - is put you in a position to make an intelligent decision." Discussion. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION EMERGENCY SPECIAL MEETING -DECEMBER 6, 2007 PAGE 3 OF 7 Manager McLemore said, "The recommendations -that will come back to you, hopefully by Monday or Tuesday would be the recommendation on where you put either the 3.6 or the full twenty-six million [dollars] ($26,000,000.00). That's the decision we're going to bring back to you -some options as to where to put those funds, regardless of which decision you make -and that would be on a short term basis." Commissioner Rick Brown stated, "We have to make an emergency decision and I think it is the appropriate thing to do is to get this money parked somewhere while we make a long term decision..." Manager McLemore said, "...Right..." Commissioner Brown then added, "...Commissioner Krebs is absolutely correct. I think we need to form an independent body to do a search for a long term money manager who will take over this process and help us with the investment with the rest of the money..." Manager McLemore said, "...And that's our recommendation also..." Commissioner Brown added, "...And the anticipation is we are still going to be doing something with it other than what we have been doing- with it thus far." Deputy Mayor Sally McGinnis added, "In the short term, I fully support going forth with coming back with three (3) options." Mayor Bush commented next on the issue of "How to invest the 3.6 give or take million that hopefully we can draw down today." Mayor Bush added, "On a short term basis." "I MOVE THAT WE TAKE THE 3.6 - OR APPROXIMATELY..." MOTION BY DEPUTY MAYOR McGINNIS. DEPUTY MAYOR McGINNIS ADDED, "...OR WHATEVER THE FIGURE IS." DEPUTY MAYOR McGINNIS THEN STATED, "IT IS 4.1 I BELIEVE IS THE EXACT FIGURE. MAYOR BUSH SAID, "GIVE OR TAKE 4.1." MAYOR BUSH SAID, "THE MOTION IS TO INVEST - TAKE THE MANAGER'S RECOMMENDATION IN INVESTING THE GIVE OR TAKE 4.1 MILLION AND WORKING WITH BOGDAHN CONSULTING, LLC...." MANAGER McLEMORE SAID, "...TO BRING YOU BACK - AT LEAST THREE (3) ALTERNATIVES." COMMISSIONER BROWN NOTED, "BY TUESDAY." MANAGER McLEMORE STATED, "BY TUESDAY." SECONDED BY COMMISSIONER KREBS. DISCUSSION. VOTE: DEPUTY MAYOR McGINNIS: AYE COMMISSIONER BROWN: AYE COMMISSIONER KREBS: AYE COMMISSIONER MILLER: AYE COMMISSIONER GILMORE: AYE MOTION CARRIED. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION EMERGENCY SPECIAL MEETING -DECEMBER 6, 2007 PAGE 4 OF 7 Discussion. City Attorney Anthony A. Garganese arrived at 8:43 a. m. Further discussion ensued on funds and the withdrawal of funds. Discussion followed on whether we could find out what happened today and the Commission was advised that such could somewhat be determined after hours. Discussion continued. Mr. West said, "We stand ready to respond to the City today for any decisions or assistance that we can provide the City." "I MAKE A MOTION THAT WE LEAVE THE FUNDS IN THERE AND HAVE ANOTHER MEETING TOMORROW AFTERNOON AT FIVE O'CLOCK." MOTION BY COMMISSIONER MILLER. SECONDED BY DEPUTY MAYOR McGINNIS. DISCUSSION. MAYOR BUSH SAID, "THE MOTION IS TO LEAVE THE MONEY IN AND HAVE ANOTHER MEETING TOMORROW AT FIVE O'CLOCK." MANAGER McLEMORE SAID, "I DON'T THINK WE SHOULD MEET TOMORROW AT FIVE O'CLOCK. I THINK WE SHOULD MEET TOMORROW AT 7:30 OR EIGHT O'CLOCK -THE TRANSACTION HAS GOT TO BE IN BY ELEVEN O'CLOCK. SO, WHAT WE COULD DO IS HAVE AN UPDATE MEETING WITH YOU IN THE MORNING. IT DOESN'T MEAN ANYTHING AT FIVE O'CLOCK IN TERMS OF OUR ABILITY TO MAKE -DECISIONS." DEPUTY MAYOR McGINNIS SAID, "OKAY." COMMISSIONER MILLER THEN ADDED, "I CHANGE THE MOTION TO SEVEN O'CLOCK TOMORROW." CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION EMERGENCY SPECIAL MEETING -DECEMBER 6, 2007 PAGE 5 OF 7 COMMISSIONER MILLER STATED, "SEVEN O'CLOCK. THAT IS MY MOTION." COMMISSIONER MILLER THEN NOTED, "I AMENDED THE MOTION TO SAY SEVEN O'CLOCK, TOMORROW MORNING." MANAGER McLEMORE SAID, "THE REASON I HAD SUGGESTED SOME TIME BEFORE ELEVEN O'CLOCK, BECAUSE I THINK DURING THE NIGHT THE PEOPLE THAT WE ARE GOING TO BE TRYING TO GET INFORMATION FROM ARE GOING TO BE ABLE TO GIVE US THAT TNFORMATTnN PRnRART,Y AROTTND - R::iO TN THE MORNTNG, NOT SEVEN (7:00 A.M.) IN THE MORNING. SO, MAYBE THE BEST THING TO DO IS THINK LIKE TEN O'CLOCK; TO SEE IF WE CAN GET THE FEEDBACK FROM OTHER PEOPLE. WE'LL KNOW - MY INTENT IS TO TRY TO GET YOU THE BEST INFORMATION WE CAN GET YOU. I THINK THAT COMES AFTER PEOPLE ARE BACK IN THE OFFICE TOMORROW AND THEY'VE ASSESSED WHAT HAPPENED LAST NIGHT AND THEN YOU STILL HAVE TIME AT THAT POINT AND TIME TO MAKE A DECISION TO WITHDRAW BEFORE ELEVEN O'CLOCK." SECONDED BY DEPUTY MAYOR McGINNIS. DISCUSSION. MAYOR BUSH STATED THAT "THE AMENDED MOTION WAS TO DO IT, I BELIEVE AT ELEVEN OR TEN (O'CLOCK), AND NOW WE WANT TO DO IT EARLIER." VOTE: (ON THE AMENDMENT) COMMISSIONER MILLER: NAY COMMISSIONER KREBS: NAY DEPUTY MAYOR McGINNIS: NAY COMMISSIONER GILMORE: NAY COMMISSIONER BROWN: NAY MOTION DID NOT CARRY. "I MAKE A MOTION THAT WE MEET TOMORROW MORNING AT NINE [O'CLOCK] SHARP." MOTION BY COMMISSIONER MILLER. SECONDED BY COMMISSIONER KREBS. DISCUSSION. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION EMERGENCY SPECIAL MEETING -DECEMBER 6, 2007 PAGE 6 OF 7 VOTE: (AMENDMENT TO THE MOTION) COMMISSIONER KREBS: AYE COMMISSIONER GILMORE: AYE COMMISSIONER BROWN: AYE COMMISSIONER MILLER: AYE DEPUTY MAYOR McGINNIS: AYE MOTION CARRIED. VOTE: (ON THE MAIN MOTION, AS AMENDED) COMMISSIONER MILLER: AYE DEPUTY MAYOR McGINNIS: AYE COMMISSIONER KREBS: AYE COMMISSIONER GILMORE: AYE COMMISSIONER BROWN: AYE MOTION CARRIED. Mayor Bush asked Attorney Garganese about any possible legal recourse. Attorney Garganese suggested that if so, it would need to be collectively pursued. Commissioner Krebs asked, "We have a Meeting scheduled at five o'clock this afternoon. Do we keep that or not?" Manager McLemore said, "You have given us the authority to go ahead and start screening those Treasury options that are out there and bring you a recommendation by Tuesday, I believe was the goal." "I MAKE A MOTION TO CANCEL THE MEETING FOR FIVE O'CLOCK THIS AFTERNOON." MOTION BY COMMISSIONER KREBS. SECONDED. DISCUSSION. VOTE: COMMISSIONER BROWN: AYE DEPUTY MAYOR McGINNIS: AYE COMMISSIONER KREBS: AYE COMMISSIONER GILMORE: AYE COMMISSIONER MILLER: AYE MOTION CARRIED. Further comments. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION EMERGENCY SPECIAL MEETING -DECEMBER 6, 2007 PAGE 7 OF 7 ADJOURNMENT Mayor Bush adjourned the Emergency Special Meeting at 9:08 a.m. RESPECTFULLY SUBMITTED: JOAN L. BROWN, DEP UTY CITY CLERK AND -~. ~. AN A LORENZO-LUACES, CMC CITY CLERK APPROVED: ~~~ 7 MA R JOHN F. BiJSH NOTE: These Minutes were approved at the December 10, 2007 Regular City Commission Meeting.