Board of Trustees Meeting

2025-04-08

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[0:00] It is 7:04 PM so we will get our town of Frederick Board
[0:04] of Trustees meeting going.
[0:06] Would you please take the roll for us, Trish.
[0:09] Mayor Crites, present.
[0:12] Trustee Mahan, here.
[0:14] Trustee TeVelde, here.
[0:17] Trustee March, here.
[0:20] Trustee Lamach.
[0:23] Mayor Pro Brown, present
[0:24] Trustee
[0:27] Padia, here.
[0:32] Mayor, you have quorum.
[0:32] Wonderful. Thank you.
[0:33] All right, let's stand and join each other in the Pledge
[0:35] of Allegiance, please.
[0:41] I pledge allegiance to the flag of the United States of America
[0:46] and to the Republic for which it stands.
[0:48] One nation under God, indivisible,
[0:52] with liberty and justice for all.
[0:55] Thank you.
[0:58] All right.
[0:58] Do we have any changes to our agenda tonight.
[1:01] No changes.
[1:02] Mayor no changes and no special presentations.
[1:04] Correct? Correct.
[1:05] All right.
[1:06] Thank you.
[1:06] We'll move into our public comment.
[1:08] This portion of our agenda is provided
[1:10] to allow members of our audience to provide comments
[1:12] to the Board of Trustees.
[1:14] Please sign in and you will be called.
[1:16] If your comments or concerns require
[1:18] an action on that item, or items will be moved to a later agenda.
[1:22] Please limit the time of your comments to three minutes.
[1:25] No sign-ups tonight.
[1:26] Thank you.
[1:27] So we'll move swiftly into our staff reports.
[1:30] We've got Bryan's town manager report.
[1:32] Any questions.
[1:33] Comments Bryan, would you like to share anything regarding
[1:36] your town manager report.
[1:37] Yes I'm mayor.
[1:38] Members of the board.
[1:39] Just a couple of items.
[1:43] On the report.
[1:44] The first one is, we do have for the scholarship,
[1:50] the school is putting on, and it's
[1:53] a little bit different this year.
[1:54] But it's a wonderful opportunity.
[1:56] On April 30, it's a dinner at 6 o'clock PM, I know.
[2:00] Emily sent out an email.
[2:01] Just send, if you're available to go,
[2:04] that would be great, and we'll make sure
[2:06] that you're registered for it.
[2:07] We will have town representation there,
[2:09] so we'll certainly represent Frederick in support of the kids
[2:12] for Frederick high school.
[2:13] That's on April 30 at 6PM.
[2:17] The other key item is we are in, I think
[2:21] this is the fourth round, on Thursday
[2:23] of Public Works/Engineering Director interviews.
[2:27] Certainly, I know Mayor is going to be able to help
[2:29] out a little bit with that.
[2:31] The team has vetted four strong finalists.
[2:34] We had HR Advantage do a head hunt on this.
[2:39] And so we've got four finalists that all have PEs.
[2:43] So we're pretty excited.
[2:44] And we'll run them through the gauntlet on Thursday
[2:47] as vetting it out with the organization-
[2:50] a huge step forward.
[2:51] And hopefully we have some good news in the next couple
[2:53] of weeks in regards to that.
[2:55] And then the final item is just an item
[2:57] that's in the Admin Report.
[2:59] Just some great work that was done with the Police Department
[3:02] in solving a murder case, as mentioned in communications,
[3:08] that happened,
[3:09] I think it was about 15- plus years ago, 2007.
[3:14] Yeah, so that was a really cool thing.
[3:17] We applaud the team for the great work
[3:19] that they had done on that and bringing some resolution
[3:23] to that which was powerful.
[3:25] So grateful for them.
[3:26] With that, I'm happy to take any questions.
[3:31] Questions for Bryan?
[3:36] Very helpful report.
[3:37] Thank you.
[3:38] Appreciate that.
[3:39] No other questions.
[3:41] All right.
[3:42] We'll move into our consent agenda.
[3:44] Our consent agenda items are considered to be routine
[3:46] and will be enacted by one motion and vote.
[3:48] There will be no separate discussion of our consent agenda
[3:50] items unless a board member.
[3:52] So requests, in which case that item
[3:54] will be removed from the consent agenda
[3:56] and considered at the end of the consent agenda.
[3:58] You have three items under consideration tonight.
[4:00] Would anyone like to remove any or provide some direction
[4:03] on our consent agenda, please.
[4:08] Madam Mayor, I move that we approve the consent
[4:10] agenda as presented.
[4:12] Second Motion and a second.
[4:14] Thank you, Trustee Mahan.
[4:17] Yes trustee
[4:19] TeVelde yes.
[4:20] Trustee March.
[4:21] Yes Mayor Pro Brown.
[4:23] Yes trustee.
[4:25] Padia yes.
[4:27] Motion passes 5 to 0.
[4:28] Thank you.
[4:30] All right.
[4:31] We have one action agenda item, ordinance number 1404,
[4:35] for clarity tonight.
[4:37] Is this just a reading or are you looking for direction
[4:39] from the board this evening.
[4:40] So this would be direction on first reading for the board
[4:43] this evening.
[4:44] OK thank you.
[4:47] And Mayor, to introduce this Item, for the first reading
[4:52] for the execution of the delivery of a site
[4:55] lease or lease purchase agreement, for the certificate
[4:57] purchase agreement authorizing the sale of certificate
[5:01] of participation.
[5:02] This is something that as part of the great work that the team
[5:06] has done over the last two years in
[5:08] regards to the public works facility,
[5:10] we had an update at the last,
[5:12] I think it was in last month's board meeting on the project.
[5:17] This is just the financing mechanism of how we're
[5:20] going to proceed with that.
[5:22] I want to introduce just a couple of team members.
[5:24] First, Kurtis Adams, who's our Finance Director.
[5:26] I know Anthony Bixby is here.
[5:28] They'll be key team members and helping
[5:30] us continually move this project forward from the town side.
[5:34] And then obviously we have Maddie from Hilltop Securities,
[5:38] who's a senior vice president.
[5:39] That's just going to run through a quick, short presentation.
[5:42] Just in general, from the understanding
[5:44] of what a certificate of participation is.
[5:47] And then certainly if there's any questions
[5:49] in relation to that, we're happy to answer that.
[5:52] Maddie.
[5:53] Thank you.
[6:04] Good evening.
[6:05] Thank you for having me.
[6:07] So yes, as Bryan just mentioned, I'm just going
[6:09] to I have a few slides here.
[6:11] I'm not going to read them in detail,
[6:12] but just to provide a bit of information about what a COP is,
[6:16] what we're doing here, and then a little bit of a market update.
[6:19] Although I did this like a week and a half ago.
[6:22] And as if anybody that's been paying
[6:23] attention to the market over the last week, it has changed.
[6:27] So what I am going to talk about a little bit today
[6:30] is the overview of your finance team.
[6:33] You've brought in several consultants
[6:35] to help get this across the finish line.
[6:37] A high level overview of what the legal structure is here.
[6:41] A brief description of the authorizing ordinance.
[6:43] I know it's a lot of words, but some of the key
[6:46] highlights of what we deem to be relevant
[6:49] and what you all should probably be caring about.
[6:51] And then big picture financing timeline and that market update.
[6:55] So for a financing team perspective, the town hired us,
[7:00] I think, a year or so ago.
[7:02] As you all were starting to go down this path of getting
[7:05] ready to finance this project, Hilltop Security
[7:09] serves as the town's municipal advisor.
[7:11] We have a fiduciary duty to the town
[7:12] and are required to act in your best interest.
[7:14] So we essentially help guide the transaction along
[7:17] and oversee the issuance and pricing process.
[7:22] Kutak rock is serving as Bond and disclosure counsel.
[7:24] You have a representative here this evening.
[7:26] They are the ones that got to draft those lovely documents
[7:29] that are in front of you and will obviously
[7:31] be giving legal opinions as it relates
[7:33] to the issuance of the COPs.
[7:35] Stifel was selected through a brief RFP process
[7:39] to serve as underwriter for this transaction.
[7:42] They are locally based in Denver,
[7:45] and I know I believe actually, Alan had been up here previously
[7:49] to help through thinking through some capital needs of the town.
[7:53] And then UMB bank as trustee, which is
[7:55] more so important in the legal structure of things.
[7:58] But they operate more so behind the scenes.
[8:01] So there's a lot of words on here.
[8:03] But the big picture perspective is
[8:05] that COPs are a very common financing technique or tool used
[8:09] by Colorado local governments.
[8:12] It's essentially creating a lease structure
[8:15] by which a property that you already
[8:16] own or are going to build is leased to a trustee.
[8:20] And then you are leasing it back.
[8:22] Your annual payments, which loosely are called debt service,
[8:25] but we legally would like to call them base rental payments
[8:28] are subject to annual appropriation
[8:30] that you're making as part of your budget process.
[8:34] From a TABOR perspective, it is not
[8:36] considered a multi fiscal year obligation because
[8:38] of that annual appropriation nature
[8:41] rather than a revenue pledge.
[8:44] After going through that slide a number of times
[8:46] with many different organizations,
[8:48] I decided that a picture was a little bit easier to understand
[8:51] what's happening here.
[8:52] So that building in the middle, although it looks like a school,
[8:55] it says government on it, I promise.
[8:57] So that is meant to represent your leased property.
[9:01] So in this instance that would to be constructed
[9:03] public works facility.
[9:05] You are leasing that to the trustee.
[9:08] They are giving you an upfront payment, which in this instance
[9:11] is your project fund.
[9:12] So our targeted $46 million of proceeds.
[9:15] And then you are leasing it back from them.
[9:18] And those annual base rental payments
[9:19] are then what goes to certificate holders
[9:21] to repay that obligation.
[9:23] So that's essentially what's represented
[9:25] there but described on the prior slide. Bit of the credit detail,
[9:30] So from a lease property perspective
[9:32] you're not required to use the project that you are
[9:35] building as the lease property.
[9:36] You can use an alternate project or alternate facility.
[9:40] That said, in this instance, it works very well because we'd
[9:42] like to find something that's approximately equal in value
[9:45] of what you're borrowing.
[9:46] And if it's $46 million that we're borrowing
[9:48] and that's how much it costs to build the facility.
[9:50] That's a pretty good one to one ratio,
[9:53] but we can look alternatively, and other entities
[9:56] do so from time to time from a perspective.
[10:00] These will be rated, so we expect them to have
[10:03] an investment grade rating.
[10:05] We will be using standard and Poor's or S&P for rating
[10:09] of these certificates.
[10:10] Typically, they will do their analysis
[10:13] and they'll assign you essentially an issuer credit
[10:16] rating, which is the equivalent of a general obligation bond
[10:19] rating.
[10:20] And then our COP rating is one notch below that.
[10:22] But so as an example, if your issuer
[10:25] credit rating or rating is AA, then
[10:27] your COP rating is AA minus.
[10:29] That obviously does result in a slightly higher interest rate
[10:32] than if you're at the AA and the AA rating.
[10:36] But usually we say it's about five
[10:38] basis points for every notch.
[10:39] So in the grand scheme of things, actually relatively
[10:42] immaterial your actual cost of the project.
[10:44] And obviously given what's happening currently and as far
[10:48] as tariffs or inflation, those are actually much more impactful
[10:51] to your overall repayment and borrowing costs
[10:54] than your credit rating.
[10:58] So this evening you are considering on first reading
[11:00] the authorizing ordinance, which is what actually gives
[11:03] the permission for the town to go execute
[11:06] the certificates of participation
[11:07] so long as we stay within a box.
[11:10] And that's what those parameters create is.
[11:12] So as long as we're able to meet those parameters,
[11:15] then that gives the authorization
[11:17] to the designated officials to issue the COP essentially
[11:20] on behalf of the town.
[11:22] In addition to that ordinance, you also
[11:24] have several other documents that
[11:26] are being approved as to form that again, just
[11:28] create that legal structure.
[11:30] You have several attorneys in the room that can
[11:32] speak to that in more detail.
[11:33] So I will not bore you with that,
[11:35] but you feel free to ask questions.
[11:37] And then the other piece is the preliminary official statement,
[11:39] that is the disclosure document that
[11:41] will be used by Stifel to go market these certificates
[11:44] to investors.
[11:46] And that really just has a lot of information about the town.
[11:48] So your financials, historical operations, revenues,
[11:52] fund balances, et cetera to really paint
[11:54] the rosiest picture, so to speak, of the town,
[11:57] to then be able to communicate the credit
[11:59] worthiness of the town to potential investors
[12:02] that would buy those COPs.
[12:06] And this next slide, we just have the parameters
[12:08] which are again, the important piece
[12:10] here from the box perspective.
[12:12] So we're essentially saying that the term of the COPs
[12:16] shall not be longer than it's technically 29 years as
[12:20] opposed to 30 just because of some legal requirements
[12:23] within statute.
[12:23] So essentially the final maturity potentially here
[12:27] would be in 2054 that an up front payment from the trustee
[12:32] shall not be less than $46 million.
[12:35] So that's your project fund.
[12:36] So we're making sure that you're getting exactly what
[12:38] you need to build the facility.
[12:40] Our maximum annual repayment amount
[12:42] is we're capping that at $4 million per year,
[12:46] and then our maximum principal amount of COPs that you're
[12:48] issuing is 47 million.
[12:50] The difference between the 46 and 47
[12:53] has to do with other cost of issuance
[12:54] and things, in addition to that 46 million project fund.
[12:57] We actually expect those to be far less than $1 million,
[13:00] but we'd just like to have a little bit of cushion
[13:01] depending on how market changes.
[13:05] So next steps obviously starting at the top,
[13:08] we are here in front of you all this evening for first reading.
[13:11] This will be considered your next meeting on second reading.
[13:14] And then we'll really go through the heavy lift,
[13:18] I guess I'd say of the financing process
[13:20] as far as town staff time.
[13:22] So we'll have that rating call with S&P. We'll be working
[13:26] with Stigel and Kutak to finalize that disclosure
[13:28] document, the preliminary official statement,
[13:31] and get that ready to post and allow Stifel to go market
[13:35] the transaction to investors.
[13:37] We're currently targeting a pricing date of May 28
[13:39] and closing on June 10.
[13:41] That said, this is not set in stone,
[13:43] and the same is true for the authorizing ordinance.
[13:47] It is allowing you to do so.
[13:49] It's not requiring you to do so.
[13:50] So obviously, as things change and market volatility
[13:54] depending if it calms down or continues,
[13:57] we are not obligated to stay on this timeline.
[14:00] The ordinance does allow for reimbursement.
[14:03] So if the town needed to proceed with the project,
[14:06] but we were not in a place to issue certificates yet,
[14:08] you can use available funds of the town
[14:11] and then reimburse yourself with proceeds once we actually
[14:13] go to do that issuance.
[14:17] And then sitting here where we are today.
[14:19] So I think we're still working through the actual term
[14:23] of the financing with the town.
[14:24] The parameters were built to give you flexibility to do up
[14:27] to that 29 year term, but also potentially
[14:31] as short as a 20 year term.
[14:33] Obviously, this is a long term facility
[14:35] that you're constructing that has a long, useful life.
[14:38] It really usually comes down to a budgetary perspective of what
[14:42] that annual payment needs to look like,
[14:44] so we'll continue to work through that.
[14:46] That's not something that needs to be decided today.
[14:48] We'll continue to evaluate that as the market moves forward.
[14:51] I will note that interest rates from this date
[14:55] are up about 25 basis points just given,
[14:59] rates went down last week and now are back up
[15:02] over these last two trading days and hopefully reach
[15:06] some consensus here moving forward.
[15:09] It's been a little hectic.
[15:10] So we are anticipating a rating of AA minus for these cops.
[15:15] So essentially an issuer credit rating or a rating of AA.
[15:18] The town does have sales tax bonds
[15:21] outstanding that are rated by S&P
[15:22] and are rated at that AA category.
[15:26] And then these COPs will have a call date, unlike your mortgage,
[15:31] where you can go back to a bank and refinance
[15:33] at any point in time.
[15:34] Municipal bonds are typically issued with essentially a 10
[15:38] year lock out provision where you can't refund in that period
[15:42] or refinance or prepay, but any time on or after that date
[15:45] you can do so.
[15:46] And so that will be structured into this transaction.
[15:49] So that hopefully 10 years from now interest rates
[15:51] are lower or potentially you've accumulated some cash
[15:54] to be able to pay off or refinance these COPs.
[16:01] I think that's it.
[16:02] Yes any questions.
[16:10] I mean, I have a question for Kurtis most likely,
[16:13] but just on what we're thinking on the rate on the was it
[16:18] 4.65 or 4.95.
[16:20] Is that what I saw.
[16:21] Oh the.
[16:22] Yes our current.
[16:23] Yes So yes.
[16:24] So the currently are the 20 year option here is at a 450
[16:29] basically that on the left.
[16:31] Our option on the right.
[16:33] That 465 is that 29 year term.
[16:35] So the difference of that final maturity between 2045 and 54.
[16:39] Those are not our only options.
[16:40] You really can do anything in between there.
[16:43] But obviously you can see it impacts that annual payment
[16:46] at roughly 3.5 million on the shorter term
[16:49] that a 20 year term and then a little under 3 million
[16:53] under the longer term, but obviously then costs
[16:55] you more money in the long run.
[16:57] So we have not had any conversations yet
[17:00] with the town about preference.
[17:02] We're just leaving the options open.
[17:04] But I don't know if Kurtis has anything he wants to add.
[17:08] Yeah, I would say just kind of recently being looped
[17:11] into this overall project.
[17:14] My suggestion is that with Bryan and any other senior leadership
[17:19] members, have a discussion as to what
[17:24] the current operational load of the general fund.
[17:29] I'm going to suggest more in line with the option two.
[17:33] I know that's a slightly higher interest rate,
[17:36] but in light of the general FTE growth of the town.
[17:41] That's going to be my suggestion,
[17:43] but I want to have those necessary conversations with
[17:46] Bryan and Maddie and teams.
[17:48] Yeah I appreciate that.
[17:50] Well, I think we've talked about maybe
[17:52] this is part of our retreat is just overall how
[17:57] many large financing projects we have over the next 20, 30 years.
[18:01] And we really need to have that as a more holistic conversation.
[18:05] This is an important piece.
[18:06] But I don't think we can pick option 1, 2, 3, 4, 5, 6 until we
[18:11] understand the brevity of all of the financial components
[18:14] that we're considering.
[18:15] So I think we should put that on the schedule.
[18:18] May I clarify with you on the 10 year lock out period,
[18:22] we can start.
[18:23] We just can't refi in that time.
[18:25] Can you start making early repayment.
[18:27] No, no unfortunately not.
[18:30] No so you obviously could internally,
[18:33] if you had excess funds available on an annual basis,
[18:35] you could put some funds aside.
[18:37] And obviously those would get invested
[18:40] and you'd have interest earnings and potentially,
[18:41] that would grow to then be able to create
[18:43] a surplus of funds that would be available at that 10 year mark.
[18:48] But unfortunately not.
[18:49] The one caveat I'll say is that you can refund them
[18:53] on a taxable basis early in the 2020 2021
[18:58] frame, when interest rates were at all time lows,
[19:01] we did see a lot of taxable advance refundings happen.
[19:06] Obviously, we don't know what the next 10 years hold,
[19:11] but in theory, if we entered into an environment, market rate
[19:15] environment like that, again, we would evaluate doing a refunding
[19:18] to see if it resulted in positive savings that
[19:21] were worthwhile pursuing at that time.
[19:23] And I'm not all that familiar with the purchasing
[19:29] or investment of COPs, but I'm assuming
[19:32] there's pretty heavy criteria for those
[19:35] that would invest in our COPs that you can put in place.
[19:39] Yes yeah.
[19:40] So yes, there's certain requirements that investors have
[19:43] to be able to purchase COPs.
[19:45] That said, I will note that an individual in the town, if they
[19:48] have the appropriate brokerage account
[19:50] and all those types of things, they actually can go buy these
[19:52] cops if they choose to do so.
[19:55] Unlike what we call a dirt deal, like a metro district deal,
[20:00] and some things that are a little bit more unsecure
[20:03] or a little bit riskier, these are actually these
[20:06] are investment grade rated.
[20:07] They are fairly secure from an investor perspective.
[20:10] So yes, there are certain sort of criterias and thresholds
[20:12] that they have to be able to meet to purchase the COPs.
[20:15] But there are honestly not all that limiting
[20:18] just given what the credit is.
[20:21] They don't typically then resell it to others to buy COPs.
[20:25] Some may.
[20:25] It depends on the account.
[20:27] So there are some types of investors that are buying them
[20:30] to hold in their account, and they're utilizing them to manage
[20:34] their overall portfolios.
[20:35] If you think of the Nuveens and name.
[20:37] You're kind of larger companies, corporations, they do that.
[20:41] There are some trading accounts that will buy them.
[20:43] And then with the intent of selling them, just like you
[20:45] would see in a day trade type of environment,
[20:50] if they think they can make a buck off of it, basically
[20:52] they will.
[20:53] That said, what we do is work with Stifel pretty closely
[20:55] to try and have the actual cops allocated
[20:58] or given to folks, that are going
[21:01] to buy and hold and be better from a secondary trading
[21:06] perspective.
[21:07] They don't want folks that are necessarily
[21:08] flipping the bonds immediately.
[21:11] They want to make sure that there is a viable market
[21:14] for the COPs in the long run, because that
[21:16] gives you some certainty.
[21:17] Investors that are buying them.
[21:19] Yeah great.
[21:20] Well, you just explained what I was vulnerable about, so thanks.
[21:26] Thank you.
[21:28] Any questions, Mr. finance.
[21:34] That was very helpful.
[21:35] Thank you, thank you.
[21:36] Yes do you have other team members, Bryan,
[21:39] that have other items to present on this item.
[21:41] No, the only other thing, and I might have Kurtis just
[21:44] come and mention, just generally it
[21:46] might be helpful for the current state of the town with debt.
[21:50] I know we've talked about it during the budget,
[21:52] but I think it's a good helpful reminder.
[21:54] The other piece and I just check in with Jason.
[21:57] We do need to look into this and maybe tomorrow
[22:00] in the next couple of days.
[22:01] The second reading is scheduled for April 22.
[22:05] So given whether or not just the complications of that meeting,
[22:08] if we have that meeting, let us look into it
[22:11] and see what the publishing is.
[22:12] At minimum, we can still hold a meeting if needed.
[22:14] That has it been published.
[22:17] I believe it has.
[22:18] I was just looking at that.
[22:19] OK, then.
[22:21] Yes, please.
[22:22] You can look into that and just let us know.
[22:24] OK yeah.
[22:25] It sounds like that schedule is somewhat
[22:27] flexible, so should be OK.
[22:29] OK thank you.
[22:30] I think just holistically, one thing just to note
[22:34] is so for local municipal government,
[22:38] the total debt limit for the town
[22:41] is 3% of the actual value determined
[22:46] by the County assessor.
[22:47] So that's not the assessed valuation but the actual value.
[22:51] And so 3% So the total assessed value I'm sorry.
[22:55] Actual value for the town is just over 4 billion.
[22:59] And so our legal debt limit is $122 million.
[23:04] So what's interesting, and I think this is exceptionally
[23:08] rare, is that our total bonded debt currently
[23:12] is just over $1 million.
[23:14] So our bonded debt is very low with 46 million on the table.
[23:23] The town has the capacity and still well, with
[23:27] under the 122,000,003% limit.
[23:29] So I just wanted to make note of that.
[23:33] Is it common for municipalities to have multiple projects
[23:36] with COPs then.
[23:39] Is that not common.
[23:40] I've seen it in a couple of jurisdictions I've been in.
[23:43] Some of them have been COPs that were like five or six years,
[23:46] and then they'll get another one going.
[23:48] But yeah, certainly.
[23:51] So our only remaining bonded debt are sales
[23:54] and use tax revenue bonds for intersection construction.
[24:00] And so just over $1 million it's very low.
[24:02] Yeah agreed.
[24:03] Yeah it's helpful.
[24:05] Thank you.
[24:05] Thank you Maddie.
[24:06] Appreciate your time.
[24:09] So, Madam Mayor, if I could also introduce Ryan Jardine,
[24:12] he's bond counsel.
[24:14] He was mentioned.
[24:15] One of the other things that we picked up
[24:16] on, as you saw a lot of documentation
[24:18] that was provided to you.
[24:19] One of the things that needed a slight change or Amendment
[24:23] to what was originally presented to you
[24:25] between first and second reading,
[24:26] or if we can approve it this evening, to be included
[24:29] in before next reading, is a slight change in the language
[24:33] in one of the sections that talks about the deposit
[24:37] to the project fund under indenture,
[24:39] as opposed to the way it was worded before,
[24:41] which is kind of a parenthetical.
[24:43] So it's really not a huge material change, but just
[24:47] one of the things that we highlighted,
[24:48] I don't know if you want to add anything in.
[24:53] Yeah we needed to modify a little bit of how we phrased one
[24:56] of the parameters there didn't change the parameter
[24:58] as much as just reflected that.
[25:00] The actual security for the COP is the building itself not
[25:03] a different building, right.
[25:06] Nor the O&M of the building.
[25:08] The building.
[25:09] And that's already included in this language
[25:15] that the Board would be considering in this ordinance.
[25:18] No, because this red line came in
[25:21] after we've published it to you all out in the packet originally
[25:25] a week and a half ago.
[25:25] So what I would recommend or suggest is, upon first reading
[25:29] that motion include the ability to modify that language.
[25:34] And then we will have that in the second reading as changed
[25:39] So include the ability to modify the phrasing of parameters
[25:45] for the indenture language.
[25:54] That work.
[25:57] That would be effective to be a part of the second reading.
[26:01] OK Thank you.
[26:06] Missing part of it to include the ability
[26:09] to modify the parameters for phrasing of parameters
[26:13] for the indenture.
[26:14] Phrasing the parameters for the indentured language.
[26:22] And if it's helpful for the transparency to the public,
[26:25] we can put that red line in the packet for the second reading
[26:28] and just show this is exactly the red line that was changed
[26:31] so that what you'll see on second reading
[26:33] is the final version.
[26:35] We can have a call out to this particular language,
[26:37] so please do.
[26:38] Thank you.
[26:39] Please do that.
[26:40] Thank you.
[26:44] Any other questions, comments, concerns.
[26:52] I wrote it down too.
[26:53] So it's ready.
[26:56] All right.
[26:57] What's the word before parameters.
[26:58] That's the word.
[26:59] I wrote it too tiny.
[27:00] I was dumb.
[27:02] prevailing phrase.
[27:04] Phrase OK.
[27:09] Phrasing phrasing.
[27:11] Prasing all right.
[27:13] Some directions, please, for this and see what happens.
[27:16] That's all right.
[27:17] Madam Mayor, I move that we include the ability
[27:21] to modify the phrasing.
[27:23] Sorry you'll have to approve the ordinance.
[27:26] Yeah there we go.
[27:27] Ordinance scroll up here.
[27:29] There you go.
[27:30] Wow, that went really crazy on me.
[27:33] Scroll up to high.
[27:34] It went fast and it went nuts.
[27:36] Here we go.
[27:37] I move that we approve ordinance number 1404.
[27:43] With to include the ability to modify phrase
[27:46] parameters for the indenture language
[27:50] upon the second reading.
[27:51] First reading.
[27:52] First reading.
[27:53] First reading.
[27:55] It's close.
[27:56] Second Motion.
[27:57] And a second.
[27:57] Thank you.
[27:59] I gotcha.
[28:01] Trustee Padia.
[28:01] Yes Mayor Pro Brown.
[28:05] Yes trustee.
[28:06] March yes.
[28:08] Trustee TeVelde.
[28:08] Yes trustee.
[28:10] Mahan yes.
[28:12] Motion passes 5 to 0.
[28:13] Thank you.
[28:15] I should have mentioned this while it was being considered,
[28:17] but I think communications was working on some big cues
[28:21] for this project in general.
[28:22] So maybe even having a finance component
[28:24] so that this can be shared with our community in layman's terms
[28:31] would be helpful.
[28:32] That'd be great.
[28:32] Thank you.
[28:36] Great, thanks.
[28:37] Trustee reports.
[28:37] Anyone have any items you'd like to address tonight Excuse me.
[28:44] No, just a mention again of the effort and the success
[28:49] in finding the person that ended the life of a very young mom
[28:53] in 2007 over in Prairie Greens.
[28:56] It was a really dark time for the people
[29:00] there at Prairie Greens when that happened.
[29:02] And the longer it went, the more we were sure they were never
[29:04] going to catch the person.
[29:06] And to have that come around, there
[29:08] was a lot of people that were living
[29:09] back there in Prairie Greens and even some that weren't that saw.
[29:14] So kudos to our Police Department and the CBI
[29:18] and all those that were involved.
[29:21] Great work done.
[29:22] Yeah agreed.
[29:23] Work is anyone else.
[29:30] How about you, Mayor.
[29:31] I don't have any items other than I
[29:33] always write down your names.
[29:36] And then the item that you had for trustee reports.
[29:38] And right now I just have Dan murder for my notes.
[29:41] So if anyone else can share some trustee reports for my notes
[29:45] sake, that would be great.
[29:47] I like that it's shorthand.
[29:51] That's all I have for today.
[29:52] You're going to let me leave it like that.
[29:56] Yeah all right.
[29:58] Yeah OK.
[29:59] We don't have any discussion agenda items today.
[30:02] We do have two executive sessions.
[30:05] Jason, are you comfortable with myself recommending
[30:08] a motion to go into both of those executive sessions
[30:10] at this time.
[30:11] Correct as long as if there's any objection
[30:14] to having both of those approved at the same time.
[30:16] Otherwise, you can do them as two separate motions,
[30:18] but that should be fine.
[30:19] Is there comfort with that Yes All right.
[30:21] At this time, I would like to recommend a motion to go
[30:24] into executive session 1 for conference with our town
[30:28] attorney for the purpose of receiving legal advice
[30:30] on specific legal questions under CRS section 24-6-402(4)(b)
[30:34] regarding potential litigation, as well as a second executive
[30:38] session separately for a conference with the town
[30:40] attorney for the purpose of receiving
[30:42] legal advice on specific legal questions under CRS.
[30:46] Section 24-6-402(4)(b) regarding our employee handbook update.
[30:50] So moved.
[30:51] Second Thank you for that.
[30:56] Trustee Mahan.
[30:57] Yes trustee.
[30:58] TeVelde yes.
[31:00] Trustee Padia.
[31:01] Yes mayor.
[31:02] Pro tem Brown yes.
[31:04] Trustee March.
[31:05] Yes Motion passes 5 to 0.
[31:09] Wonderful Thank you.
[31:10] Let's take a five minute recess and we'll get going.
[31:13] Thank you.
[31:16] You got him.