Five local officials plan to go to New York to secure a favorable bond rating for a water utility purchase.
By WILL VAN SANT
Published August 29, 2003
BROOKSVILLE - Maybe it will be the Waldorf-Astoria on Park Avenue, or the Plaza on 5th Avenue at Central Park South.
On Thursday, Hernando County officials still didn't know where they'll be staying Sept. 9-12 while visiting the Big Apple. Even though the county is paying, that decision is being made by Banc of America finance specialists. They're helping to organize the trip designed to secure a favorable bond rating for Hernando's purchase of Florida Water's Spring Hill utility.
Those officials who could be troughin' it at the Waldorf include County Attorney Garth Coller, Assistant County Attorney Kurt Hitzemann, Utilities Department Director Kay Adams, Finance Department director Amy Gillis and Regulatory and Franchise Administration director Chuck Lewis.
The county is looking to issue $42-million in bonds to buy the utility, perform repairs and cover closing costs. The five-member delegation will be making presentations to bond rating agencies at a Banc of America conference center near Central Park.
The posh Waldorf and Plaza are among the hotels Banc of America is considering. Both are just blocks from the conference center, and Legal Department staff have been told the price tag will be around $200 per person per night. At that price, three nights' lodging for five will cost $3,000.
Add round trip airfares on JetBlue at $161.50 each, and the total climbs to $3,807.50 - not including expenses (perhaps a post-presentation round at the Waldorf's famed Bull and Bear or the Plaza's Oak Bar).
Commissioners gave county Attorney Coller permission to arrange the trip during Tuesday's board meeting with no discussion, and, according to legal staff, flight arrangements were made hours later.
There's been talk of paying the tab from the county's utility fund, but finance director Gillis said no decision has been made on which pot of public money will pay for the trip.
Asked why five people need to go, Coller said, "It's based on the advice of our expert. I'm not going to comment on anything else."
Coller then produced an e-mail from the expert, county financial adviser Bill Reagan. The e-mail reads that it is "absolutely imperative that certain key public officials" go to New York and make their case before the rating agencies. Reagan goes on to specifically recommend Coller, Hitzemann, Adams, Lewis and Gillis attend.
After assigning each an area of familiarity - Adams with the county's utility system, Gillis with the county's finances, etc. - Reagan suggests a theme for their presentation: "Hernando County is a top-flight, well-managed growth county ... ."
Several members of the delegation said they did not look forward to the trip. Like others, Gillis is wary of being in the city on the second anniversary of the Sept. 11 attacks. She even jokingly asked whether a Times reporter would go in her place and tell the rating agencies about the county's finances, while she wrote newspaper stories.
For others, while the idea of being in New York City was attractive, the company was less than ideal.
"Would I like to be going to New York, yes," said Kurt Hitzemann. "But I would much rather be going with my wife."
- Will Van Sant can be reached at 754-6127. Send e-mail to vansant@sptimes.com
