[{"_1":2,"_122":-5,"_123":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,74,86,98,110],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":44,"_46":47,"_48":49,"_50":51,"_52":53,"_54":55,"_56":57,"_58":59,"_60":61,"_62":63,"_64":65,"_66":67,"_68":69,"_70":67,"_71":72,"_73":72},"mediaId",6698447,"mediaKeyId","5683961-9d7bd85f791ed0561728b86d3e5c87af","parentId",5683961,"title","Baltimore City treasury reports $1.085 billion in securities purchases, $740 million redeemed; opioid funds to be reinvested short term","audioSeconds",0,"startMs",2662000,"endMs","viewUrl","/Search/View?dp=1&key=5683961-9d7bd85f791ed0561728b86d3e5c87af&start=2662&end=2662","thumbnailUrl","https://assets.pipeline.soar.com/5683961-9d7bd85f791ed0561728b86d3e5c87af/thumbnail_2662000.jpg","articleUrl","/articles/6698447/Baltimore-City/Baltimore-County/Maryland/Baltimore-City-treasury-reports-1085-billion-in-securities-purchases-740-million-redeemed-opioid-funds-to-be-reinvested-short-term","mediaUrl","https://secure.pipeline.soar.com/6698447-0c3aa97a1533fa95dd7c6fde058a7e6b/orig.mp4?Expires=1775378374&Signature=QjxQqJugeQ-ZQe9anjPdfPWUmksEqCYFU41V4mIwh8hTokHLqSS55twmkMMf~PkzHkdhMIa6ru5qDiGXoUKrCBFYNnP2pS5RHHLMcIQZ6d7-R5nNKwOO20OSQ364dt2oucU9ctvq2BTflFUfqQ4P3-iApM1Ftvr~QT~aeId4HiVD5disckLvvLIzN75EYY1eZy6sft3ApWQRE8RGJpbqB6CcRZoOf50rIXxgPeNR3Kiq0O~SBEojam~vkr8bSULO6g3MWuI1oeu8-SBMS9SXgasRTqBYpNBdBYDlyXowRu0Hcge0T9w~L4JGixQQsYWHcw27Av0aWK2LU4o8GU8JIA__&Key-Pair-Id=KUT5TJCACFTXG","author","Baltimore City, MD","date","2025-08-25T20:46:12Z","article","Baltimore City Treasury reported to the Board of Finance that, between June 16 and Aug. 15, the city made $1,085,000,000 in securities purchases and had $740,000,000 in redemptions during the same period. Treasury staff said proceeds from maturing securities and incoming tax receipts drove the turnover.

Treasury staff member presenting the report said the city will re‑invest opioid‑settlement funds that matured after a six‑month holding period into another short‑term instrument for six months while additional opioid receipts arrive. “We had that invested for a short term for 6 months. It came due, and we're going to reinvest that for another short term for 6 months until all the rest of the, opioid money comes in,” the presenter said.

The same presentation described the city’s hedging and swap positions. Treasury staff reported the portfolio is shrinking in notional hedges and that the city has remaining swap exposure tied to parking and water revenue. The presenter reported a parking swap with a notional amount described in the report as $43,000,000 and a fair market value excerpted by staff as roughly $4,157,000; the transcript also contained a separate market‑value figure for the swap portfolio that was not clearly consistent across lines and was therefore not reconciled in the board presentation.

Treasury staff noted market conditions since May had affected valuations: “Between May and July, there was about a 40 basis point increase in the 10‑year Treasury,” the presenter said, and later referenced a 10‑year Treasury yield of 4.89% in July.

Board members had no substantive questions after the presentation, and the board voted to accept the securities report. The motion to approve the report was moved and seconded and carried with the board recording the motion as passed in the public meeting.

The presentation did not provide line‑item detail for every security purchase or full reconciled swap market values in the public transcript; staff indicated the purchases occurred as part of ordinary cash management when tax receipts arrive and when other securities matured.","mediaType","Video","parentTitle","Board of Finance Meeting; August 25, 2025","oneSentenceSummary","Treasury staff told the Board of Finance the city bought $1,085,000,000 in securities and redeemed $740,000,000 between June 16 and Aug. 15, and that opioid-settlement funds that matured will be reinvested for six months.","taxTitle","Baltimore City, Baltimore County, Maryland","taxId",4816,"location","headline","","shortSummary",{"_33":75,"_35":36,"_37":38,"_39":76,"_41":77,"_43":78,"_45":79,"_46":80,"_48":81,"_50":82,"_52":83,"_54":55,"_56":57,"_58":84,"_60":61,"_62":63,"_64":85,"_66":67,"_68":69,"_70":67,"_71":72,"_73":72},6698436,"Board approves Municap fee change; members ask for future RFP and note Municap is a Maryland firm",478,1952000,2430000,"/Search/View?dp=1&key=5683961-9d7bd85f791ed0561728b86d3e5c87af&start=1952&end=2430","https://assets.pipeline.soar.com/5683961-9d7bd85f791ed0561728b86d3e5c87af/thumbnail_1952000.jpg","/articles/6698436/Baltimore-City/Baltimore-County/Maryland/Board-approves-Municap-fee-change-members-ask-for-future-RFP-and-note-Municap-is-a-Maryland-firm","https://secure.pipeline.soar.com/6698436-590cc48828c22630c42a9b70ce768ebf/orig.mp4?Expires=1775378374&Signature=gqJK0IJfRJqg0u~02D1kTRbATQ6nrd~W-HfYs2KQxQjWWBkoXMRlxf~n~TKD4YcQ-AHgHel07cZr57S1lJdiFAZqkfWsxzN1~EwnwtZf3HPqo3K7Ev~HHKuG8X8P5p~pe6VuIR45RQpZyjK~RlwyByvHqjMrlJj1gBd~GGqk9NEJelH3s~ocEuNpQHzQ86XN9-hQzA7FiFEER220nbJxUTYDvlf3L2KKXDYkhdIilwwwUIAYG40ZKi0VoTlNnn0rce6WGDJXsf9b-HNPeaQaKcxOV28AptKx9UFSN11vUbtGAcXuxP84KNLL8BDsPsPbY58LTeTEHZjgKLwiGf0DiQ__&Key-Pair-Id=KUT5TJCACFTXG","Baltimore City’s Board of Finance approved a requested change to the fee schedule for Municap, the long‑standing advisor on tax‑increment financing (TIF) matters. The vote to approve the fee schedule was moved and seconded and carried by voice vote.

Several board members raised procurement concerns during discussion, noting that unlike the financial‑adviser and swap‑adviser procurements (which used RFPs), Municap’s work has been handled under a longstanding arrangement. One board member asked whether the city had recently sought competing bids; Treasury staff said Municap has been the city’s TIF adviser for many years and that the firm’s continuity was helpful during the implementation of the citywide affordable‑housing TIF. Treasury staff said Municap was first selected following an RFP in 2001 and that the contract currently operates as an evergreen agreement.

Joanna Levin of the Law Department responded to the procurement questions in the public meeting, saying Municap is a Maryland firm and that continuity during an active transaction could make mid‑deal replacement impractical. Members requested that Treasury and procurement staff review the arrangement and consider a competitive procurement at an appropriate time; Comptroller Henry and other members requested that the issue be placed on a future agenda for formal consideration.

The fee‑schedule change passed in the meeting; the board did not extend or alter Municap’s evergreen contract during the public session, but members asked staff to follow up on the procurement approach and timing.","The Board of Finance approved a change to the fee schedule for Municap, the city's long‑standing TIF advisor. Several members pressed Treasury to examine running a future RFP; counsel said Municap is a Maryland firm and staff said the current arrangement is an evergreen contract.",{"_33":87,"_35":36,"_37":38,"_39":88,"_41":89,"_43":90,"_45":91,"_46":92,"_48":93,"_50":94,"_52":95,"_54":55,"_56":57,"_58":96,"_60":61,"_62":63,"_64":97,"_66":67,"_68":69,"_70":67,"_71":72,"_73":72},6698440,"Board approves Greenland Risk as swap adviser as city winds down swap portfolio",298,1648000,1946000,"/Search/View?dp=1&key=5683961-9d7bd85f791ed0561728b86d3e5c87af&start=1648&end=1946","https://assets.pipeline.soar.com/5683961-9d7bd85f791ed0561728b86d3e5c87af/thumbnail_1648000.jpg","/articles/6698440/Baltimore-City/Baltimore-County/Maryland/Board-approves-Greenland-Risk-as-swap-adviser-as-city-winds-down-swap-portfolio","https://secure.pipeline.soar.com/6698440-6d1547dfdf6caa5850594ae5074f14dd/orig.mp4?Expires=1775378374&Signature=LbtMX~Ye3XWEMl035Mpsmm7verNNdOO61KgQRzDDVCguOinJA8ZqhgJfb8hM1OtPcoxo7B7DGrp0SpiLFODIzp-1jJtYizC~ZGOK3409pKYwjp-af3QzeSQ66V8igkhhoj6QVS2DKXJpIVPtQdO-qoMrGomMlFZTwEbP09kIbm6gPIEPPMUIxE7vfb1~ZiSVsrZ5OMG-8Rh6uI0bHbVJIS29T-2YM8VMxqnqwVAaBhkrJTZCeCk5lL3bZTAwcPGfVqw4Vu7HzQL0Ij01~G2-l3Zv1kmujaHXC03jcwwEooyTTY5j6s3HBQr3EcwVzEHqBo32~nSTSgkyYABfUpefHA__&Key-Pair-Id=KUT5TJCACFTXG","The Baltimore City Board of Finance approved a three‑year swap‑adviser contract with Greenland Risk after Treasury recommended Greenland in response to a July RFP.

Treasury said it solicited five firms and received two responses for the swap‑adviser role: Hilltop Securities (the incumbent) and Greenland Risk. Staff noted both firms demonstrated the qualifications required but that Greenland Risk submitted lower fees and that several individuals on Greenland had previously worked with the city while at other firms.

Treasury told the board the city’s swap portfolio is effectively down to two outstanding swaps and staff are not planning new swap transactions; staff said the advisers are used primarily for monthly mark‑to‑market reporting and year‑end accounting (GASB and FAS reporting) and to evaluate opportunities to unwind legacy swaps if market conditions permit. “At this point, we don't need extensive interactions with our advisers,” the treasury presenter said.

A motion to approve Greenland Risk as swap adviser was moved and seconded and carried by voice vote.

Board members asked who negotiates ISDA legal agreements for swaps; Treasury staff said the city negotiates the ISDA terms in coordination with its adviser and bond counsel when a deal is executed.

Treasury noted the goal remains to terminate the remaining swaps if interest‑rate conditions make unwinding feasible.","Treasury recommended Greenland Risk as the city\u000027s swap adviser on a three‑year contract; board approved. Staff said the city now has two outstanding swaps and is not planning new swap transactions.",{"_33":99,"_35":36,"_37":38,"_39":100,"_41":101,"_43":102,"_45":103,"_46":104,"_48":105,"_50":106,"_52":107,"_54":55,"_56":57,"_58":108,"_60":61,"_62":63,"_64":109,"_66":67,"_68":69,"_70":67,"_71":72,"_73":72},6698444,"Board of Finance approves three‑year contracts with PFM and PRAG as financial advisers; Moody's utility rating weakness noted",1362,279000,1641000,"/Search/View?dp=1&key=5683961-9d7bd85f791ed0561728b86d3e5c87af&start=279&end=1641","https://assets.pipeline.soar.com/5683961-9d7bd85f791ed0561728b86d3e5c87af/thumbnail_279000.jpg","/articles/6698444/Baltimore-City/Baltimore-County/Maryland/Board-of-Finance-approves-threeyear-contracts-with-PFM-and-PRAG-as-financial-advisers-Moodys-utility-rating-weakness-noted","https://secure.pipeline.soar.com/6698444-29f2c254209b96cae7a66d61745bb03f/orig.mp4?Expires=1775378374&Signature=ZFA7UiqIFdjoOFK9HzZ~CBbhbNTWm-YZ6KUQS19PqYfD6XiTrK4eRY3yEMF8dEFhvugfhvnpX2a-WDP8cvXBd9L~dsR4uSfIIuZeDWYoFA5RfaG1fFY7zzH7C3YrHc~d6bgV2cihO3hS86PDeRwmF4~ceeioB3Ixz1R3aaTu9N8UgdYewEbF5HZXfuKjrzfgoc-5aDSjwe80w~96cZAgOMlTvToFZjmkBbF1ItUv4Chfw1rC75nXwmz5B2lrXLxntooxQTCpWWFDaO3uH1KrePld~1xwcN5eTchXXt7-U5pzuWA-m6ZWPFXsalOln0W-4~H7jxPMrKaceuMVg8zwIw__&Key-Pair-Id=KUT5TJCACFTXG","The Baltimore City Board of Finance voted to approve two financial‑adviser contracts recommended by Treasury: Public Financial Management (PFM) and Public Resources Advisory Group (PRAG). Each contract is for a three‑year term with two additional one‑year extensions exercisable at the city's discretion.

Treasury staff said the city issued a request for proposals and received three responses: Davenport & Company (Towson), PFM (Philadelphia) and PRAG (New York). After a technical review of recent relevant experience—particularly work on general obligation bonds, revenue bonds and certificates of participation—Treasury recommended awarding distinct advisory roles to PFM and PRAG. Treasury told the board that PFM has advised the city for more than 15 years and has particular institutional knowledge on utility revenue bonds; PRAG was recommended for general obligation and certificate of participation matters and for its model used in the city’s affordability analyses.

“Retaining PFM’s experienced team is essential for our path to long term financial strength and stability in our debt management,” Treasury staff said. The board voted, by motion moved and seconded, to approve the awards; the motion passed by voice vote.

Board members pressed Treasury about credit ratings during the discussion. One board member noted that Moody’s in July changed the outlook on the city’s general obligation bonds to negative and downgraded water utility senior/subordinate ratings by a notch. A speaker who outlined Moody’s rationale said Moody’s cited pressure on utility fund balances—particularly the rate‑stabilization fund—as the principal negative while noting other fiscal management elements as positive. “Moody’s noted that…the fact that we right‑size[d] the rates mid‑year is a very good sign,” the speaker said, adding that city officials expect to rebuild reserves under a multi‑year rate plan.

Treasury also presented fee comparisons submitted by bidders; staff said fees varied but were within a reasonable range and that final awards reflected both experience and pricing. A board member asked for context on typical annual spend with advisers; Treasury said invoices generally arrive in connection with bond issuances and that staff would follow up with historical spending data.

The board approved the financial‑adviser awards in a recorded public motion; no abstentions or opposing votes were recorded in the meeting transcript.","Treasury recommended awarding two advisory contracts — to PFM and Public Resources Advisory Group — for three years with two one‑year options; the board approved. Members discussed Moody's recent rating actions on utility debt and the city's plan to rebuild utility reserves.",{"_33":111,"_35":36,"_37":38,"_39":112,"_41":113,"_43":114,"_45":115,"_46":116,"_48":117,"_50":118,"_52":119,"_54":55,"_56":57,"_58":120,"_60":61,"_62":63,"_64":121,"_66":67,"_68":69,"_70":67,"_71":72,"_73":72},6698431,"Baltimore City sells $100.77 million in 2025 GO bonds; city terminates 2013 forward delivery agreement",452,2784000,3236000,"/Search/View?dp=1&key=5683961-9d7bd85f791ed0561728b86d3e5c87af&start=2784&end=3236","https://assets.pipeline.soar.com/5683961-9d7bd85f791ed0561728b86d3e5c87af/thumbnail_2784000.jpg","/articles/6698431/Baltimore-City/Baltimore-County/Maryland/Baltimore-City-sells-10077-million-in-2025-GO-bonds-city-terminates-2013-forward-delivery-agreement","https://secure.pipeline.soar.com/6698431-5db27ff8a5656f16a6cad1c1b7c29784/orig.mp4?Expires=1775378374&Signature=K1AC~Yg0Ffw4JnKQTm0hXxy0AkWDOpH~wBNB9XC2LnnCGzoRTXpl9aMX56Hk1DejfEOH1GLvwRA7UmcXK3uLUSmAeqS9iW6JBJDnE2ktB~rIC-vYQLErw4GBz165kOuSO8UeBjvchkanvCdRidc5ASfsH-5TqEvIp1RnVZIeJxRZecES~WrB6cEvCaSJ2WZFQ6ufPvp5d-p6gff-8IMArrobfIpHILGgum-trhYZfbjXU2Wo2OdvDUMdsrqu4u7-XdzNe4hYoT01SZsQHZMx33K2QudRMmsxD6ou6PBWloM6mhNmnPNSoAi-EOa~l-wut~w4mAkjy~9nuHRTZrHmNQ__&Key-Pair-Id=KUT5TJCACFTXG","Baltimore City Treasury told the Board of Finance that the city competitively sold its 2025 general obligation (GO) bonds, pricing the sale on July 23 and closing on Aug. 6, 2025. Treasury reported a combined par amount of $100,770,000 across the 2025A and 2025B series; JPMorgan Securities was the winning bidder for the 2025A series and Wells Fargo for the 2025B series.

Treasury said bond proceeds will finance various public improvements and pay issuance costs; the first interest payment on the bonds is due Oct. 15, 2025. Treasury reported aggregated issuance metrics in the meeting, including the combined true interest cost and debt service estimates presented by staff. The transcript records a combined true interest cost reported as 3.67% and an aggregate debt service figure discussed by staff; supporting details such as premium and certain line items in the transcript contained wording that was not numerically consistent in the public remarks and therefore were not restated beyond the par amount and the true interest cost.

Separately, Treasury informed the board that the city terminated a forward delivery agreement associated with the partial refunding of its 2013 bonds. Treasury said the agreement — originally between Wells Fargo, M&T and the city — was terminated on Aug. 1, 2025 after the last affected maturities were paid and the escrow account no longer required funding; any residual proceeds were to be applied to the 2020B refunding bonds.

Treasury presented the bond sale and the termination as informational updates; the board did not take a new vote on either informational item during the meeting.","Treasury reported the competitive sale of 2025 general obligation bonds (par $100,770,000) priced July 23 and closed Aug. 6, 2025; proceeds will fund public improvements. Treasury also said the city terminated a forward delivery agreement tied to 2013 bonds on Aug. 1, 2025.","actionData","errors"]

Article not found

Baltimore City treasury reports $1.085 billion in securities purchases, $740 million redeemed; opioid funds to be reinvested short term

Board approves Municap fee change; members ask for future RFP and note Municap is a Maryland firm

Board approves Greenland Risk as swap adviser as city winds down swap portfolio

Board of Finance approves three‑year contracts with PFM and PRAG as financial advisers; Moody's utility rating weakness noted

Baltimore City sells $100.77 million in 2025 GO bonds; city terminates 2013 forward delivery agreement