OpenPublica

Accountability starts with access.

© 2026 · Filed for the public record

Use casesAboutAPIPrivacyTermsLinkedIn
Home/Pleasantville, New York/Village Board of Trustees & Boards
OPENPUBLICA · PUBLIC MEETING RECORD
Record of Proceedings

Pleasantville Village Board Work Session and Regular Meeting – September 9, 2025

Village Board of Trustees & Boards — Tuesday, September 9, 2025
BodyPleasantville, New York
SessionVillage Board of Trustees & Boards
DateTuesday, September 9, 2025
StatusFILED
Video Record
0:00 / 47:06

Original source
Transcript — VerbatimClick a timed line to jump · ⧉ to share it

Speaker numbers apply only to this recording.

Speaker 1

0:07

All right, good evening and welcome.

0:08

Today is Monday, August 25, and uh we're beginning the work session for the Village of Pleasantville.

0:14

Uh, the primary subject of the first half hour of our uh session is to consider our long term debt and the question of what we want to do with the six million dollar bond anticipation note that we took

Unassigned speaker

0:30

out

Speaker 1

0:30

uh to fund the new pool, which can now be rolled into permanent financing or into another bond anticipation note.

0:38

So there are a bunch of variables to consider along the way.

0:41

So 706, we plan about 730 to depart into executive session uh on matters of real estate and personnel, and then to return a date for our regular

Unassigned speaker

0:51

meeting.

Speaker 1

0:53

So um

Unassigned speaker

0:55

let

Speaker 1

0:56

me just share my story here.

1:19

Okay, I've achieved that.

1:24

I think I can see that a guy of your age needs to sit closer, Mr.

1:30

Cunningham.

1:31

I have good vision, but Jesus.

1:33

All right, hold on.

1:33

What can I do about that?

1:34

Can I improve the size of that?

Speaker 2

1:38

Can't make

Speaker 1

1:39

the window bigger for some reason.

1:44

Is that the size of the zoom window that you established?

1:48

No, Eric.

1:50

No, you can't make that go full screen.

Speaker 3

1:52

No.

Unassigned speaker

1:53

So

Speaker 1

1:53

if I go full screen.

1:58

Nothing is achieved.

Unassigned speaker

2:03

And

Speaker 4

2:04

then you're not sharing any.

2:05

So

Speaker 5

2:05

he's saying he's saying there's a quarter of a point savings by doing a 15-year bond

Speaker 3

2:09

with seven years of call protection versus yeah, that's very simple.

2:14

Based on what they've gone out recently with.

Speaker 6

2:18

20

Speaker 3

2:19

base points in

Speaker 6

2:20

on the agenda.

2:23

That's a

Speaker 5

2:25

it was a substantive gap.

2:31

Did you say that you they did

Speaker 6

2:32

a

Speaker 5

2:32

20-year zone?

2:34

4%

Speaker 1

2:34

or all final.

2:35

Okay, 4.03 by a week ago.

2:38

Okay.

2:38

All right.

2:39

Sorry for that's a little bit hard to read, but um, here's the short-term breeding.

2:43

So um our uh bond council has prepared a number of projections showing us the very various options.

2:52

So if you make the assumption that we're seeking to refinance a six million dollar bond anticipation note that we currently have, which comes due in October, end of October, right?

3:04

Um, he showed us uh three options.

3:08

Uh a six million dollar nineteen year bond, a six million dollar fifteen-year bond, or a six million dollar bond anticipation note.

3:20

In other words, rolling over the temporary financing into another year of temporary financing.

3:26

So uh, based on the current rates, he reports that the 15-year bonds he's estimating 4.05%, 19 euro bonds 4.25% to the extent that one can read any tea leaves in the muddled world in which we live.

3:45

Uh, there is some suggestion at least that the Fed might modestly reduce interest rates at the end of the quarter.

3:53

Is that what you're hearing?

3:54

Jonathan coming in.

3:55

Yeah, right.

3:56

I mean, that's um who knows.

3:59

So one tweet away from being that's the opposite.

4:02

But that um six million dollar 15-year bond would cost us $544,000 a year in debt service.

Discussion Breakdown — Share of Meeting
Fiscal Sustainability█████████████████████████████████████████████65%
Procedural██████████████20%
Public Engagement███████10%
Transportation Safety███5%
Summary of Proceedings

Pleasantville Village Board Work Session and Regular Meeting – September 9, 2025

The Village of Pleasantville Board of Trustees convened on September 9, 2025, for a work session beginning at 7:00 PM followed by a regular meeting at 8:00 PM. The work session focused on refinancing the $6 million bond anticipation note (BAN) for the new pool project. The regular meeting agenda included multiple resolutions; however, the transcript concludes shortly after the regular session opened, so no votes on those resolutions were recorded. Note: The agenda and transcript are dated August 25, 2025, conflicting with the supplied meeting date of September 9, 2025.

Discussion Items

  • Long-Term Debt and Pool BAN Refinancing: The board considered three options for the $6 million BAN coming due in October: a 15-year bond, a 20-year bond, or rolling the BAN over for another year. Bond counsel estimated rates of 4.05% for 15 years and 4.25% for 20 years. Annual debt service would be about $544,000 for 15 years and $461,000 for 20 years. Total interest would be roughly $2.4 million (15-year) versus $3 million (20-year). The bonds would have seven-year call protection. Rolling the BAN would cost about $175,000 in interest plus a $285,000 principal payment, with a net cost of 2.91% due to the premium sale.
  • Trustee and Former Trustee Perspectives: Former Trustee Jonathan (identified as "Jonathan" in the transcript) advocated for locking in a 15-year bond, noting historically low rates and asymmetric risk of rate increases. The mayor and trustees appeared to favor a 15-year bond, potentially supplementing it with $80,000 in cash annually to offset the higher payment relative to a 20-year bond. A one-year BAN rollover was seen as risky unless rates dropped significantly.
  • Fund Balance and Rating Agency Considerations: Discussion included the village's fund balance levels, potential conversations with Moody's and S&P, and the use of cash for pool change orders (totaling nearly $1 million paid in cash already).

Announcements

  • The contractor for the pedestrian corridor will begin punch list work, including removal of old pedestrian signal bases and sidewalk panel replacements over the next few weeks.
  • Crosswalk refreshing on Manville Road requires a third-party vendor to meet DOT requirements.
  • Red light camera legislation is awaiting the governor's signature.

Key Outcomes

  • The board reached a consensus to pursue a 15-year bond for the $6 million BAN, with the possibility of using $80,000 in cash per year to mitigate the budget impact, though no formal vote was recorded in the transcript.
  • No action was recorded on the remaining resolutions (2025-276 through 2025-287), as the transcript ends at the start of the regular meeting.

Meeting Transcript

All right, good evening and welcome. Today is Monday, August 25, and uh we're beginning the work session for the Village of Pleasantville. Uh, the primary subject of the first half hour of our uh session is to consider our long term debt and the question of what we want to do with the six million dollar bond anticipation note that we took out uh to fund the new pool, which can now be rolled into permanent financing or into another bond anticipation note. So there are a bunch of variables to consider along the way. So 706, we plan about 730 to depart into executive session uh on matters of real estate and personnel, and then to return a date for our regular meeting. So um let me just share my story here. Okay, I've achieved that. I think I can see that a guy of your age needs to sit closer, Mr. Cunningham. I have good vision, but Jesus. All right, hold on. What can I do about that? Can I improve the size of that? Can't make the window bigger for some reason. Is that the size of the zoom window that you established? No, Eric. No, you can't make that go full screen. No. So if I go full screen. Nothing is achieved. And then you're not sharing any. So he's saying he's saying there's a quarter of a point savings by doing a 15-year bond with seven years of call protection versus yeah, that's very simple. Based on what they've gone out recently with. 20 base points in on the agenda. That's a it was a substantive gap. Did you say that you they did a 20-year zone? 4% or all final. Okay, 4.03 by a week ago. Okay. All right. Sorry for that's a little bit hard to read, but um, here's the short-term breeding. So um our uh bond council has prepared a number of projections showing us the very various options. So if you make the assumption that we're seeking to refinance a six million dollar bond anticipation note that we currently have, which comes due in October, end of October, right? Um, he showed us uh three options.

SUMMARIZED BY OPENPUBLICA AI
TRANSCRIPT VIA PUBLIC VIDEO
openpublica.com