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Ogdensburg council approves tax-sale refund, hires Phoenix Advisors for disclosure services
Summary
At its Jan. 8 meeting the Ogdensburg Borough Council unanimously approved Resolution 18-2018 to refund $334.48 on a tax-sale certificate and Resolution 19-2018 to retain Phoenix Advisors LLC for continuing-disclosure services (up to $950) through Dec. 31, 2018; both measures passed on roll call.
The Ogdensburg Borough Council on Jan. 8 voted unanimously to approve a pair of routine financial measures, including a small tax-sale refund and a professional-services contract to help the borough meet bond disclosure requirements.
Resolution 18-2018 directed a refund of $334.48 for tax sale certificate #2017-012 after the Tax Collector notified the borough that payment had been received for the lien on Block 30, Lot 12. The refund is payable to US Bank Cust for PC7 Firstrust Bank in Philadelphia.
Resolution 19-2018 authorized the mayor and borough clerk to execute a contract with Phoenix Advisors LLC to provide continuing-disclosure agent services related to the borough’s previously issued bonds. The contract was awarded without competitive bidding as a professional service under state law, and is authorized in an amount not to exceed a $950 base fee for up to three outstanding issues; the term runs through Dec. 31, 2018.
Both resolutions were included on the meeting’s consent agenda and were approved on a roll-call vote. Councilman Opilla moved the consent agenda; Councilman Gunderman seconded. The vote recorded five yeas, none opposed; Councilman Astor was absent.
Why it matters: The refund closes a tax-sale matter tied to a 2016 lien; the Phoenix Advisors contract assigns a municipal advisor to help the borough meet federal Rule 15c2-12 continuing-disclosure expectations tied to outstanding debt. Though the dollar amounts are modest, the disclosure contract helps ensure the borough complies with securities-market reporting obligations.
The council handled these items as routine business; no public comment was made regarding either resolution during the meeting. The session continued to other agenda items, including infrastructure updates and a resident complaint about four-wheeler use on Center Street.
