Remarks by Stephen Gray
131 remarks on the record, newest first · Page 5 of 6
- Play at 1:17:25
“Counselor Gray, you were up first. Thank you. Just to confirm, the bond amount that was referenced in the draft of the offering statement was for $20,790,000, the request conversation pegged this at up to $31 million. So, first, I wanted to identify, are we refunding approximately $21 million in outstanding bonds plus issuance costs, et cetera, or is that the right figure and we'll just be paying off approximately $21 million in bonds and replacing it with this new instrument?”
City Council · Aug 3, 2026
- Play at 1:19:37
“No, I'm enjoying this. And thank you very much. We do expect these bonds to be issued at par.”
City Council · Aug 3, 2026
- Play at 1:20:41
“Thank you. These are great answers. The amortization schedule wasn't referenced in the document package. I assume are we just going to try and mirror the amortization schedule in existence with the reissuance of these bonds? Or particularly if there's some debt service savings, is there any consideration for accelerating the amortization schedule on those bonds?”
City Council · Aug 3, 2026
- Play at 1:21:36
“Okay, these bonds are secured. Forgive me, I must be antiquated. I can take a security interest in receivables. I've never taken a security interest in revenue. But that's fine. I assume that that's entirely appropriate. But there's other bonds outstanding, and what I'm interested in is the unused debt capacity of the sewer department. So as long as we're in compliance with the debt service coverage ratio of 105 or 110, We could issue additional bonds if it was deemed appropriate for us to do so, as long as we stay in compliance with those covenants. And then would that security interest be…”
City Council · Aug 3, 2026
- Play at 1:24:35
“No, it wasn't long-winded. You're on a roll, and I'm gratefully appreciative. So on page 21 and 22 of the preliminary official statement, which refers to the sources and uses of funds and debt service schedule. Those are blank so far for the reasons I think you've explained, as well as the final bond amount. Where do we sit in the decision process when we're prepared to actually fill in the sources and uses of debt service coverage and the final bond amount? Where does that come to this approval process?”
City Council · Aug 3, 2026
- Play at 1:26:16
“Thank you, sir. That was excellent. And the two guiding principles that make me very comfortable is we have excellent coverage ratios. This has been referenced. And the hurdle rate is a 3% MPV savings in order to move forward with this decision, correct?”
City Council · Aug 3, 2026
- Play at 1:26:38
“Excellent answers. Thank you very much. I'm done, Mr. Chairman.”
City Council · Aug 3, 2026
- Play at 1:36:43
“Point of clarification. Please, Councillor Gray. If the millage goes up 10 percent, there's I think a stair step in what the council approval numbers are for millage increases. Is it up to 10 percent over the flat number requires five councillors and if you go above 10 percent it's seven councillors? Do we want to make sure we do this correctly?”
City Council · Aug 3, 2026
- Play at 1:37:40
“I'm still seeking a little more. So millage neutral, is that a number above the 1.267?”
City Council · Aug 3, 2026
- Play at 1:37:49
“And that will require five votes of council to do that?”
City Council · Aug 3, 2026
- Play at 1:46:23
“Just a couple points of clarification, actually. Last year's millage rate did increase from the prior year. Is that correct?”
City Council · Aug 3, 2026
- Play at 1:46:37
“BUT THAT BECOME THE BASELINE THAT WE BUILT OFF OF. I JUST WANTED TO MAKE SURE THAT LAST YEAR'S MILLAGE RATE INCREASED FROM THE PRIOR YEAR, SO WE HAVE HAD SOME VERY MODEST STEP UP.”
City Council · Aug 3, 2026
- Play at 1:46:50
“OKAY. AND THEN THE SECOND QUESTION, JUST TO CONFIRM THIS, BECAUSE I KEEP HEARING THIS, THIS COUNCIL COULD DECIDE AT ITS DISCRETION to issue a $5 or a $10 million bond for capital improvements if they choose to vote for it without going for a referendum. Is that correct?”
City Council · Aug 3, 2026
- Play at 1:47:21
“So really the spending cap is our leash?”
City Council · Aug 3, 2026
- Play at 2:01:40
“My question is operational effectiveness. We had a vision to build this dock in a shared process with the sheriff. It's in the north end of the island. Right. Loading the boat up at the south end probably makes it harder to create code enforcement coverage in the north end of the island, just maybe from a commuting time. I'm trying to understand. We had a vision that this was an excellent operating model with the county sheriff to use this dock. Right. What changed?”
City Council · Aug 3, 2026
- Play at 2:02:41
“So there was really no compelling reason to move forward with the sheriff in this tank They're gonna they're going to continue to do their project.”
City Council · Aug 3, 2026
- Play at 2:05:06
Not quoted here: it may name a member of the public. Hear it at the meeting.
City Council · Aug 3, 2026
- Play at 2:07:29
“So there's no sort of patch that we could address to try and avoid this type of?”
City Council · Aug 3, 2026
- Play at 2:07:38
“I make a motion to approve, and thank you for waiting and having this conversation with me. Okay.”
City Council · Aug 3, 2026
- Play at 2:15:04
“I could add a little more color commentary.”
City Council · Aug 3, 2026
- Play at 2:16:15
“Steve, did you want to weigh in on this, or you had something to... Well, it was because the chief we had talked about, I actually met, the question was, is the data protected, and is it hands-off to any other organization? And they researched it, came back to me, and said, we're protected. So that was the peace of mind I think we were looking for here. Thank you.”
City Council · Aug 3, 2026
- Play at 2:16:42
Not quoted here: it may name a member of the public. Hear it at the meeting.
City Council · Aug 3, 2026
- Play at 2:16:50
“The rate study. We started talking about the AWT and if that rolls forward. I thought I heard you state that that was going to require a rate study at some point in that journey. Is that correct?”
City Council · Aug 3, 2026
- Play at 2:17:09
“Okay, so it's still cooking on the back burner in one direction or another. Thank you. I trust that the council all received the letter that was sent to all of us from the MICA Board of Directors. This is something that hit home for me because the MICA membership totals as many as 20,000 people on the island. I don't know if all of you digested that MICA Board of Directors meeting or letter. which was really talking about the roles and responsibilities of the Tourist Development Council. And I thought what they presented in that letter was very powerful, very straightforward, and really sort…”
City Council · Aug 3, 2026
- Play at 2:22:22
“I'm trying to sort out. So if this went forward and it was spun off in a not-for-profit footprint, than the selection? Because right now, it seems to be going towards staffing it with business people and experienced, not really resident people, or representing all aspects of the community. So is that the staffing still up for conversation?”
City Council · Aug 3, 2026