1 00:00:17,980 --> 00:00:22,940 Okay, great. We'll do a roll call and for East Bay, and then Lisa, do you want to do a roll call 2 00:00:22,940 --> 00:00:24,640 I've been for Acme. 3 00:00:25,920 --> 00:00:26,620 Yes. 4 00:00:30,400 --> 00:00:31,100 Here. 5 00:00:32,720 --> 00:00:35,320 And told us he would not be able to make it. 6 00:00:37,040 --> 00:00:38,140 Let's see. 7 00:00:38,540 --> 00:00:40,340 It's probably won't be an alphabetical order. 8 00:00:41,340 --> 00:00:41,760 Genima. 9 00:00:42,500 --> 00:00:43,020 Hoxy. 10 00:00:43,140 --> 00:00:43,380 Yeah. 11 00:00:43,720 --> 00:00:44,300 Here. 12 00:00:44,740 --> 00:00:44,860 Here. 13 00:00:47,160 --> 00:00:47,860 Swanson. 14 00:00:49,560 --> 00:00:49,980 Wiley. 15 00:00:52,840 --> 00:00:53,360 Wiley. 16 00:00:58,100 --> 00:00:58,380 Probably. 17 00:00:58,740 --> 00:00:59,680 He's probably an Acme. 18 00:01:09,980 --> 00:01:15,060 Okay, you're good? 19 00:01:15,760 --> 00:01:16,020 Okay. 20 00:01:16,420 --> 00:01:16,660 All right. 21 00:01:16,940 --> 00:01:20,080 We will review the agenda for conflict of interest. 22 00:01:20,360 --> 00:01:25,480 We are here tonight talking about the forced main sewer project that we are all working on. 23 00:01:26,360 --> 00:01:31,180 So does anybody have a conflict of interest on either board? 24 00:01:32,500 --> 00:01:45,460 Okay, moving forward, then we'll approve the agenda and we'll do a motion and support for East Bay and then we'll do the same for, for Akmy, okay, good duck, okay, is there a motion? 25 00:01:49,020 --> 00:01:53,800 Okay, there is a, it is moved by Sue Quartade and supported by many, 26 00:01:53,860 --> 00:01:57,800 who will pick Walters to approve the agenda. 27 00:01:58,060 --> 00:02:01,940 All those in favor indicate by saying aye, aye, aye, aye, any opposed by now? 28 00:02:02,400 --> 00:02:02,420 Okay. 29 00:02:07,070 --> 00:02:07,710 I make a motion. 30 00:02:07,930 --> 00:02:09,710 We approve the agenda's written. 31 00:02:11,090 --> 00:02:13,370 I've been moved by high school and high students. 32 00:02:13,850 --> 00:02:15,070 All those in favor say aye. 33 00:02:15,190 --> 00:02:15,570 Aye. 34 00:02:16,150 --> 00:02:16,710 Opposed? 35 00:02:18,030 --> 00:02:18,390 Okay. 36 00:02:18,870 --> 00:02:19,450 All right. 37 00:02:19,450 --> 00:02:24,690 Now is our opportunity for public comment, I think that this is such a riveting topic that we have 38 00:02:25,450 --> 00:02:33,770 garnered a ton of public. So there is an opportunity for public comment. You're welcome to step up and tell us your 39 00:02:33,770 --> 00:02:42,550 perspective, but I don't see any. Are you good with that Doug? Okay, then we'll move forward with the subject in front of us. 40 00:02:42,890 --> 00:02:47,710 We are first going to do an engineering update and then we will talk about the financing agreement. 41 00:02:47,710 --> 00:03:00,870 We should also have met Kern through Leah is operating our Zoom call and we should have our financial management available in Zoom for questions if needed. 42 00:03:01,870 --> 00:03:06,410 In your packet, before we get started with the engineers, just kind of cover what we have here for you. 43 00:03:06,630 --> 00:03:17,450 As you'll know, the packet was updated and you are provided the most recent copy and how that changed, which was just by the little bit of a change in the amount of the cost of issuance. 44 00:03:17,450 --> 00:03:23,150 So, but you have a cover sheet that kind of explains where we're at today, tells what 45 00:03:23,150 --> 00:03:29,210 documents are in the packet, and some links we have a Wade trim update that they will 46 00:03:29,210 --> 00:03:29,610 cover. 47 00:03:30,050 --> 00:03:37,010 Then we have the agreement for consideration between Acme and East Bay Charter Townships, and 48 00:03:37,010 --> 00:03:44,450 that lines out the financial agreement and the partnership on this project, and then a resolution 49 00:03:44,450 --> 00:03:54,710 for each township to adopt those and then the very last page you show the cost and the 50 00:03:54,710 --> 00:04:01,270 allocation of the grants and and our cash contributions. Also you'll find on 51 00:04:01,270 --> 00:04:07,230 your desk the 2013 sewer system usage agreement between the two townships which 52 00:04:07,230 --> 00:04:12,790 determines how we allocate those costs. So with that, I'll turn it over to Wade 53 00:04:12,790 --> 00:04:21,190 trim and Gosling Zubek, which is Acme Townships Engineering team is also here today, Mark. 54 00:04:22,930 --> 00:04:24,950 Why am I blanking on your last name? 55 00:04:25,470 --> 00:04:25,810 I heardly. 56 00:04:26,650 --> 00:04:26,950 That's right. 57 00:04:26,970 --> 00:04:31,990 I know it when I put it in email, but so he's here as well, so take it away, Garth. 58 00:04:32,150 --> 00:04:32,690 Thanks, Beth. 59 00:04:32,850 --> 00:04:34,530 I am Garth with Wade trim. 60 00:04:35,050 --> 00:04:40,070 Here to provide you all with an update on what we've done since the last joint meeting. 61 00:04:41,390 --> 00:04:48,030 After the last meeting, we raced back to the office and the big push was to get an eagle 62 00:04:48,030 --> 00:04:56,530 permit application submitted because they've been notoriously lengthy in review time lately. 63 00:04:57,250 --> 00:05:04,350 Thankfully, as of just a couple weeks ago, that has been issued after a number of back and forth 64 00:05:04,350 --> 00:05:10,670 reviews with them. They're happy with where we have the plans at and so are we. 65 00:05:12,030 --> 00:05:18,030 In addition to that, we've also had a lot of stakeholder involvement in meetings. 66 00:05:19,190 --> 00:05:26,670 We've met a lot with Mark and collected input from him. He's got several details on those plans 67 00:05:26,670 --> 00:05:32,350 that I'll be reminiscing from his early engineering career because he shared him with us. 68 00:05:34,350 --> 00:05:43,790 as well as Garfield Township's engineer, the DPW, the Grand Traverse County Road Commission, 69 00:05:44,910 --> 00:05:51,230 Tart, the City of Traverse City, and I'm sure I'm missing a few others in there. 70 00:05:52,210 --> 00:05:53,650 Oh, I'm not real too. 71 00:05:53,950 --> 00:05:58,570 They're pretty heavily involved in this because we're laying pipe along much of their 72 00:05:58,570 --> 00:05:59,210 right away. 73 00:06:01,070 --> 00:06:10,170 Having taken all of their input, we amended and massaged the plans as we could, and that 74 00:06:10,170 --> 00:06:17,150 lands us to where we're at with the current plans today, which are ready for bidding. 75 00:06:17,450 --> 00:06:23,850 They have not yet been released, but they're on our desk ready for a final stamp and seal. 76 00:06:23,850 --> 00:06:32,930 And those, along with the specs, we'll go out for Bids next Monday, that'll be a four week 77 00:06:32,930 --> 00:06:39,130 bid period with the bid opening date being on September 4th. 78 00:06:39,810 --> 00:06:45,510 There'll be a non-mandatory pre-bid meeting about midway through that. 79 00:06:46,050 --> 00:06:53,310 We like to have those meetings because it often brings a lot of questions to light that some people may not necessarily want to put in writing. 80 00:06:54,730 --> 00:06:58,610 And it also gives us an idea of who's looking at the project. 81 00:07:00,310 --> 00:07:04,810 As of today, the project's been advertised in the record eagle. 82 00:07:06,090 --> 00:07:10,310 That will get advertised for the following three Sundays to 83 00:07:10,950 --> 00:07:13,510 Gardner for their attention to this. 84 00:07:14,150 --> 00:07:23,290 We are sticking with the original two contract approach that we 85 00:07:23,290 --> 00:07:29,970 Not only for getting a good pool of contractors that are actually able to bond the size of the product. 86 00:07:30,000 --> 00:07:37,760 Objects locally, but it also benefits both townships and that we can put all of the federal dollars 87 00:07:37,760 --> 00:07:45,100 in one contract and then do all of the bond funded work in a separate contract so that Davis 88 00:07:45,100 --> 00:07:52,020 bacon wage rates won't apply to one of the two contracts and hopefully save some money that 89 00:07:52,020 --> 00:07:58,980 way. Contract 1 is the contract that will have the federal dollars and wage rates associated 90 00:07:58,980 --> 00:08:05,080 it with it. That is from the Traverse City wastewater treatment plant to Garfield Road. 91 00:08:07,920 --> 00:08:13,900 In terms of length, it's quite a bit shorter than contract two, which is Garfield to 92 00:08:14,660 --> 00:08:19,560 the left station on the east end of Parsons Road. However, given the complexity, 93 00:08:20,720 --> 00:08:28,900 we felt that the shorter length still would meet the $4 million plus or minus funding goal 94 00:08:28,980 --> 00:08:35,100 for that contract. We also have provisions in the specs to adjust 95 00:08:35,100 --> 00:08:43,080 quantities as needed. So if we get Vids back and contract one is higher 96 00:08:43,080 --> 00:08:49,160 than that $4 million target that we had, we've still got the opportunity to 97 00:08:49,160 --> 00:08:54,280 pull quantity from one contract, put it in the other contract, without 98 00:08:54,280 --> 00:09:00,960 they're being any penalty to the unit prices submitted by the contractor, so we do have that 99 00:09:00,960 --> 00:09:08,320 in our back pocket. In addition to that, we thought it was worth despite believing that 100 00:09:08,320 --> 00:09:15,000 this is a prime project for directional drilling. We wanted to keep things as competitive as 101 00:09:15,000 --> 00:09:24,260 possible in order to get the best pricing possible, so we have bid alternates for both on both 102 00:09:24,960 --> 00:09:34,760 if a local contractor were to really want to pursue this project and sharpen their pencils and see if they can compete with the directional drill numbers. 103 00:09:36,320 --> 00:09:42,700 We also feel that's going to keep the directional drill numbers a little bit more honest because it's not just a slam dunk for them either. 104 00:09:44,780 --> 00:09:48,100 Let's see, I'll refer back to the memo to make sure I'm not missing anything. 105 00:09:49,700 --> 00:09:58,320 The EPA has reviewed the federal contract one and they were happy with it in terms of meeting the federal requirements. 106 00:09:59,760 --> 00:10:01,880 So, we are good to move forward with that. 107 00:10:02,500 --> 00:10:08,120 The project plan associated with the federal funding is currently in the works. 108 00:10:08,580 --> 00:10:16,180 That does not need to be done before the start of construction, but it is our goal to get it submitted prior to. 109 00:10:17,880 --> 00:10:19,940 Let's see here, 110 00:10:24,140 --> 00:10:30,720 once Bids are received and a contract is awarded, at that point we'll move on to further permitting. 111 00:10:31,040 --> 00:10:37,880 That'll involve County MDOT rail and city right away permits to work within the right away. 112 00:10:40,610 --> 00:10:42,530 Brian, do you know of anything I might be missing? 113 00:10:44,550 --> 00:10:45,570 All right, any questions? 114 00:10:45,570 --> 00:10:54,620 I appreciate the work that Wade Charms done and the collaboration with Gosling Zubek. 115 00:10:54,720 --> 00:11:01,940 I think it's been really well done and also as they mentioned they worked with Garfield 116 00:11:01,940 --> 00:11:08,020 Township too and determined because there was a patch at the end where Garfield there was 117 00:11:08,020 --> 00:11:14,860 a thousand feet and we weren't sure if they were doing their mark and Brian when we were 118 00:11:14,860 --> 00:11:21,840 DMT conference, hashed out what their three options were, and put that to Garfield Township 119 00:11:21,840 --> 00:11:27,760 and writing. They had a good joint meeting, and Garfield Township understood and got back 120 00:11:27,760 --> 00:11:31,900 to us in writing with what their preference was, which was at this point right now not to 121 00:11:31,900 --> 00:11:37,800 be involved, which is absolutely fine. So we do have that taken care of from the last meeting, 122 00:11:38,180 --> 00:11:43,860 and then I remember Matt Cook had asked some specific questions about an alternate route and I 123 00:11:43,860 --> 00:11:48,860 You know, Brian shortly after that, meaning it's so long ago, I don't quite recall exactly what it was, 124 00:11:49,000 --> 00:11:54,180 but I know that they had addressed Matt's questions with that too. 125 00:11:54,880 --> 00:11:56,760 So, really appreciate the work you guys have done. 126 00:11:57,300 --> 00:12:00,200 Yeah, I'm just to elaborate on the Garfield Township Connection. 127 00:12:00,740 --> 00:12:09,260 They will remain connected to the existing force main that comes in on the north side of the railroad tracks. 128 00:12:09,260 --> 00:12:16,680 Crosses over at woodmear and then goes into the plant. They will remain connected at that location for the time being 129 00:12:17,200 --> 00:12:23,880 Under the agreement that they will be installing an insertion valve on the East Bay Act beside of that connection 130 00:12:23,880 --> 00:12:29,340 So that if they being that they are continuing to use that line 131 00:12:29,340 --> 00:12:34,820 It will prevent back flow into the East Bay Act me portion of the line 132 00:12:36,060 --> 00:12:37,460 That's better for everybody 133 00:12:37,460 --> 00:12:45,680 And then, in terms of the new pipeline going in, there will be a why connection that is 134 00:12:45,680 --> 00:12:50,680 capped facing the direction that they would potentially connect in the future. 135 00:12:51,360 --> 00:12:51,940 Okay. 136 00:13:00,940 --> 00:13:01,300 Yes. 137 00:13:01,900 --> 00:13:02,220 Yep. 138 00:13:02,220 --> 00:13:04,380 Do they not need to review contract, too? 139 00:13:04,540 --> 00:13:04,920 No. 140 00:13:04,920 --> 00:13:08,280 Being that there's no federal funding associated with contract, too. 141 00:13:08,280 --> 00:13:16,540 we are the townships are free to word those contracts as they wish and fund them as they wish. 142 00:13:17,820 --> 00:13:24,260 And yep, that's solely for the million dollars that we have from the feds through Congress 143 00:13:24,260 --> 00:13:29,320 Member Markman's office. Yep. Great. Any other questions comments? 144 00:13:35,320 --> 00:13:37,280 And did you ring my shirt, go ahead. 145 00:13:37,680 --> 00:13:41,180 So I know that, and this is because it's East-based project, 146 00:13:41,400 --> 00:13:44,020 and we're here to help fund our portion of it, 147 00:13:44,180 --> 00:13:45,860 but Mark works on our behalf. 148 00:13:46,760 --> 00:13:49,360 So I want to hear from him that you've reviewed everything, 149 00:13:49,620 --> 00:13:52,460 you agree that everything complies with the specs 150 00:13:52,460 --> 00:13:55,340 and everything that is needed for the growth that you're seeing 151 00:13:55,340 --> 00:13:57,800 for AFME, and along with East-Bay obviously, 152 00:13:58,840 --> 00:13:59,840 but you looked at all that. 153 00:13:59,840 --> 00:14:23,320 Come on up so that they can get you on camera, but Amy, I will mention one thing, as they're going through this, I know that Wade trim was in touch with all the townships, even including Garfield and Blair on their numbers for flow and included with that is some growth parameters that they apply to it too, but sure, go ahead and. 154 00:14:23,320 --> 00:14:24,980 I think it's more of your best to us. 155 00:14:25,100 --> 00:14:33,420 Yeah, we met with Brian and Garth and Joe multiple times. 156 00:14:33,700 --> 00:14:38,760 I actually talked to Joe about an hour ago about some 157 00:14:38,760 --> 00:14:41,840 additional comments I had on the plans today. 158 00:14:42,280 --> 00:14:46,200 So yeah, we've reviewed him. 159 00:14:46,460 --> 00:14:47,640 We've done modeling. 160 00:14:48,700 --> 00:14:52,300 We verified all of Damian's models. 161 00:14:52,300 --> 00:14:55,220 So, yeah, we've gone through it through a pretty thoroughly. 162 00:14:58,380 --> 00:14:59,660 Can you put your seal on it too? 163 00:15:02,880 --> 00:15:14,160 I'm not allowed to actually, but I did tell Joe, I did tell Joe all bidding questions that 164 00:15:14,160 --> 00:15:19,800 did may come to me. I will have a message that refers to Joe's number. 165 00:15:19,800 --> 00:15:19,980 Yes, 166 00:15:23,320 --> 00:15:31,200 I'm honestly having, having sat through many of their joint meetings with both engineering 167 00:15:31,200 --> 00:15:41,600 firms. They've done a really good job analyzing and challenging each other and coming up with the best thing for both 168 00:15:41,600 --> 00:15:44,860 townships on this line. So I think it's been a really good collaboration. 169 00:15:46,880 --> 00:15:53,460 OK, if there's no more questions or comments, then we'll move forward to the agreement that we have 170 00:15:53,460 --> 00:15:58,360 in front of us, and we do have Mark Nettleton here with Mike Amir's, who is working on the 171 00:15:58,360 --> 00:16:05,400 townships behalf, and has a resolution in front of us. You will know, if I could, just a little 172 00:16:05,400 --> 00:16:10,780 bit, I just want to mention, I did change up date the numbers as everybody's seen. There was 173 00:16:10,780 --> 00:16:15,200 a small adjustment based on a cost of issuance, wasn't a big thing, but I did want to make 174 00:16:15,200 --> 00:16:23,440 sure that it followed through all of the numbers through the document. So the basis of the 175 00:16:23,440 --> 00:16:25,540 calculation based on that. 176 00:16:25,900 --> 00:16:26,600 So, thanks, Mark. 177 00:16:27,360 --> 00:16:27,700 How are you? 178 00:16:27,960 --> 00:16:28,320 Doing well. 179 00:16:28,420 --> 00:16:28,720 Thanks. 180 00:16:29,000 --> 00:16:29,780 Good to be here. 181 00:16:30,420 --> 00:16:33,220 I like the weather today better than in November when I was out here. 182 00:16:34,900 --> 00:16:35,920 So, good to be back. 183 00:16:36,440 --> 00:16:42,240 So, the good news is, and I think we talked about this in November, is that you guys, 184 00:16:42,440 --> 00:16:47,320 your predecessors on the board, in that 2013 agreement, provided the road map, 185 00:16:48,240 --> 00:16:52,140 provided the guide posts for proceeding on a project like this. 186 00:16:52,140 --> 00:17:00,360 So this agreement that's presented to you tonight for your consideration, hopeful adoption is dictated 187 00:17:00,360 --> 00:17:06,480 and accordance with your 2013 agreement. So we're just kind of implementing that and putting into words 188 00:17:06,700 --> 00:17:15,280 that which was contemplated under that 2013 agreement. So the big ask today is to after we discuss. 189 00:17:15,780 --> 00:17:21,140 And you ask your questions and get your answers. Have both township boards consider your respective resolutions 190 00:17:21,140 --> 00:17:27,080 to approve the agreement, and then that puts into place the step necessary to allow East 191 00:17:27,080 --> 00:17:33,860 Bay at that point in time to finance that project, that contract to project through the 192 00:17:33,860 --> 00:17:39,760 issuance of East Bay's capital improvement bonds. So the agreement that before you tonight 193 00:17:39,760 --> 00:17:45,820 provides for East Bay to do that, and then provides for the townships to share in that cost 194 00:17:45,820 --> 00:17:52,600 of that financing, and again, that's all set forth in your 2013 agreement, and this is just 195 00:17:52,600 --> 00:17:53,460 implementing that. 196 00:17:53,860 --> 00:18:01,320 So, kind of a brief overview of the actual agreement, goes through the estimated, pre-bid 197 00:18:01,320 --> 00:18:07,600 estimated cost of the project, the 11 million foreign change, talks about the dollars that 198 00:18:07,600 --> 00:18:13,220 have been allocated, grant funds, the township's respective $1 million cash contributions, 199 00:18:13,220 --> 00:18:21,560 And that gets us down to the amount to be financed by East Bay of about $6.4 million in change. 200 00:18:22,540 --> 00:18:26,520 And then those bonds are proposed to be outstanding for a period of 10 years. 201 00:18:27,460 --> 00:18:31,300 And so then the meat and heart of the agreement is on page 3, 202 00:18:31,720 --> 00:18:33,740 paragraph 3 about the cost share for the project, 203 00:18:34,380 --> 00:18:40,820 and that percentage breakdown, basically, for the debt service of East Bay's bond, 204 00:18:40,820 --> 00:18:46,980 is, as I've mentioned, determined according to your 2013 agreement and your most recent 205 00:18:46,980 --> 00:18:50,840 January 1, 2025 contribution percentages. 206 00:18:53,020 --> 00:18:57,040 The agreement has a couple of back-up contingencies, what ifs? 207 00:18:57,160 --> 00:19:03,480 One of the project costs comes in higher, and the answer there is that East Bay would 208 00:19:03,480 --> 00:19:08,300 be authorized to issue additional bonds to pay for those project costs. 209 00:19:08,300 --> 00:19:12,380 But before East Bay can do that, 210 00:19:12,580 --> 00:19:15,860 we've got to have acne sign off on that increase cost of the project. 211 00:19:16,920 --> 00:19:21,160 If there's any money left over at the end of completion of that project, 212 00:19:21,620 --> 00:19:24,800 that money is going to go back to the respective townships 213 00:19:24,800 --> 00:19:28,460 in proportion to the amount of your contribution percentage, 214 00:19:28,780 --> 00:19:29,840 and it's stated in this agreement. 215 00:19:31,140 --> 00:19:36,320 If you get additional cash or federal funding or grant funding, 216 00:19:36,320 --> 00:19:37,620 money falls out of the sky. 217 00:19:38,740 --> 00:19:40,360 That can be allocated to the project. 218 00:19:40,800 --> 00:19:43,920 That can reduce the amount of bonds that 219 00:19:43,920 --> 00:19:45,000 he's pay has to issue. 220 00:19:45,460 --> 00:19:48,500 We'd have to know that before the bonds are issued. 221 00:19:49,700 --> 00:19:51,760 Once the bonds are issued, we're kind of locked in. 222 00:19:51,920 --> 00:19:54,640 At a ten-year repayment period, it's highly unlikely 223 00:19:54,640 --> 00:19:57,320 that we'd have the ability to call the bonds prior to maturity. 224 00:19:59,080 --> 00:20:00,620 And Andy Campbell, 225 00:20:05,320 --> 00:20:06,300 with Vincent's 226 00:20:06,300 --> 00:20:12,220 in terms of, you know, the likelihood that the bond market would allow that to, would purchase 227 00:20:12,220 --> 00:20:16,420 the bonds for a 10-year maturity with a call provision like that. 228 00:20:16,440 --> 00:20:19,380 Excuse me, I want to get the HOA meeting, is that what you're here for? 229 00:20:19,480 --> 00:20:26,920 Oh, no, you're here with that, me, township. I'm sorry. I'm sorry. Erin, I'm sorry. I was thinking 230 00:20:26,920 --> 00:20:30,200 you were an HOA member for the other, the other conference room. 231 00:20:32,080 --> 00:20:35,200 Nice to have. Nice to have you. Sorry, Mark. Go ahead. 232 00:20:35,200 --> 00:20:36,180 the words, 233 00:20:39,000 --> 00:20:44,460 pursuant to the 2000 agreement, and because East Bay will be issuing the bonds, 234 00:20:44,960 --> 00:20:50,420 while the bonds are outstanding, the project technically will be owned by East Bay, but 235 00:20:50,420 --> 00:20:56,320 all the costs for operation maintenance repair replacement, again dictated by your 2013 agreement, 236 00:20:56,460 --> 00:20:59,740 you'll follow that agreement for those costs and cost allocation. 237 00:21:02,550 --> 00:21:08,530 I provided in this agreement on page 7, we're not modifying the 2013 agreement. 238 00:21:08,850 --> 00:21:11,450 This is not an amendment to the 2013 agreement. 239 00:21:12,110 --> 00:21:17,810 This supplements that, and again, is in furtherance of section 5 of the 2013 agreement 240 00:21:17,810 --> 00:21:20,350 for when there needs to be capital improvements to the system. 241 00:21:23,670 --> 00:21:25,250 That's my brief overview of that agreement. 242 00:21:25,410 --> 00:21:26,370 Happy to answer any questions. 243 00:21:26,370 --> 00:21:41,430 Yeah, and appreciate Mark and the past couple of months, we really challenged him with, okay, exactly, what is that breakout, what numbers do we use, what are the data sets available to make sure we were pulling the right information? 244 00:21:41,430 --> 00:21:48,810 Noah and his team at the DPW have been very helpful with that, so I also want to mention 245 00:21:48,810 --> 00:21:53,990 we do have some exhibits here attached and one would be the project description. 246 00:21:54,890 --> 00:22:01,770 The other is the estimated costs and again those were updated to tie into that change 247 00:22:01,770 --> 00:22:08,290 that I mentioned to you and then the exhibit C is the two pages from or three pages from 248 00:22:08,290 --> 00:22:17,070 and Zensky that has the cost of issuance and then the schedule for the debt and no one 249 00:22:17,070 --> 00:22:22,170 thing is we're going through this and we're not sure exactly on the timing if they'll do the 250 00:22:22,170 --> 00:22:29,930 contracts at the same time if they'll do one contract after the other will depend on when we issue the 251 00:22:29,930 --> 00:22:29,970 bond. 252 00:22:30,000 --> 00:22:37,720 But when they want to do, is get everything done so that we have the ability to issue the bonds when needed. 253 00:22:38,620 --> 00:22:41,740 So there's, as you mentioned, if you want to talk about that. 254 00:22:41,880 --> 00:22:47,860 So assuming that the townships approve this agreement tonight, then that puts in place a set 255 00:22:47,860 --> 00:22:53,020 to up so that East Bay can take the next step in the financing. And I mentioned that these would be capital 256 00:22:53,020 --> 00:22:59,120 improvement bonds issued pursuant to state law act 34 of 2001 and under that statute that 257 00:22:59,120 --> 00:23:03,880 authorizes these big issues these capital improvement bonds it says that before East Bay can 258 00:23:03,880 --> 00:23:08,680 issue the bonds it has to publish a notice of intent in the newspaper setting forth its intent 259 00:23:08,680 --> 00:23:12,780 issue these bonds they're not to exceed principle amount which by the way will likely be about 260 00:23:12,780 --> 00:23:19,400 6.5 million dollars even though we've got a you know estimated bond finance amount of 261 00:23:19,400 --> 00:23:24,220 of $6,405,000, usually put in a little bit of a buffer. 262 00:23:24,840 --> 00:23:28,340 But we put the notice in the newspaper, it describes the project says that East Bay 263 00:23:28,340 --> 00:23:33,340 intends to issue bonds in this not to exceed principal amount, and that then triggers a 264 00:23:33,340 --> 00:23:39,280 45 day right of a referendum period, which would allow electors in East Bay 265 00:23:39,280 --> 00:23:43,060 Township to circulate petition saying, wait, before East Bay can issue these bonds, 266 00:23:43,260 --> 00:23:47,560 we want to hold a special election or put a question on the ballot at the general election. 267 00:23:47,560 --> 00:23:50,800 on whether or not East space should be authorized to issue those 268 00:23:50,800 --> 00:23:51,220 ponds. 269 00:23:52,100 --> 00:23:54,700 Those petitions, if signed by the requisite number, 270 00:23:54,780 --> 00:23:57,260 my recollection is 10% of the registered electors. 271 00:23:57,580 --> 00:24:00,700 If those petitions are filed, submitted, and verified, 272 00:24:01,340 --> 00:24:04,620 then East space would have to put it on the ballot, 273 00:24:04,840 --> 00:24:05,900 question of issue and so the ponds. 274 00:24:06,260 --> 00:24:07,920 If it was approved of the ballot, 275 00:24:09,280 --> 00:24:10,960 I believe it's 10%. 276 00:24:10,960 --> 00:24:11,480 I can verify. 277 00:24:15,290 --> 00:24:17,110 If sufficient petitions are filed, 278 00:24:17,270 --> 00:24:18,570 then you have to put it on the ballot. 279 00:24:18,570 --> 00:24:21,090 If insufficient petitions or no petitions are filed, 280 00:24:21,570 --> 00:24:24,530 he space free to go and issue the bonds, 281 00:24:24,970 --> 00:24:26,870 go through that process to issue the bonds. 282 00:24:27,770 --> 00:24:31,070 And as Beth mentioned, we don't have the exact precise timing 283 00:24:31,070 --> 00:24:32,610 worked out as to when that happened, 284 00:24:32,670 --> 00:24:36,790 but we want to get it teed up so that East Bay is ready to do it. 285 00:24:37,230 --> 00:24:41,450 So we expect that assuming this is approved tonight 286 00:24:41,450 --> 00:24:43,750 that East Bay on the very new near future, 287 00:24:43,930 --> 00:24:46,510 it could be even as soon as your August meeting, 288 00:24:46,510 --> 00:24:54,090 We'll consider a resolution of intent to issue those capital improvement bonds, authorize that notice of intent to be published in the newspaper. 289 00:24:54,670 --> 00:25:02,290 Start that 45 day right, read a referendum period. Once that period passes and again insufficient or no petitions are filed, 290 00:25:02,750 --> 00:25:07,050 then we can work on the timing when actually East Bay would go and sell those bonds. 291 00:25:07,390 --> 00:25:13,690 That gets us into the fall. That gets us into when we know exactly what the contracts the proposals are. 292 00:25:13,690 --> 00:25:28,370 And so we confirm up the numbers, we also have enough cash to float things, so which that means we can tailor when we pull, when we do the bond so that we get closest to the actual amount that is needed, which is nice. 293 00:25:28,470 --> 00:25:32,590 This is your interest curing cost and overall cost of townships. 294 00:25:32,590 --> 00:25:34,170 Very good questions here too. 295 00:25:34,170 --> 00:25:35,470 We'll be lucky in perspective. 296 00:25:37,270 --> 00:25:39,850 We have an intelligent, honest, 297 00:25:40,470 --> 00:25:42,570 for a special election that we've been confident of. 298 00:25:42,750 --> 00:25:42,930 Right. 299 00:25:43,310 --> 00:25:45,130 Then there wouldn't be an opportunity to 300 00:25:45,130 --> 00:25:46,670 have done so. 301 00:25:47,130 --> 00:25:47,430 Correct. 302 00:25:48,310 --> 00:25:49,130 That's correct. 303 00:25:49,310 --> 00:25:49,930 So that right. 304 00:25:49,930 --> 00:25:50,370 Hold on. 305 00:25:52,010 --> 00:25:52,910 But hopefully, 306 00:25:53,370 --> 00:25:56,190 complete by December 26th. 307 00:25:57,590 --> 00:25:58,210 No petitions. 308 00:25:58,330 --> 00:25:58,870 No petitions. 309 00:25:59,110 --> 00:25:59,690 No petitions. 310 00:26:00,030 --> 00:26:00,370 Yeah. 311 00:26:00,530 --> 00:26:00,950 Sure. 312 00:26:00,950 --> 00:26:01,810 Sure. 313 00:26:03,030 --> 00:26:03,210 Yep. 314 00:26:03,210 --> 00:26:03,830 That's correct. 315 00:26:04,430 --> 00:26:04,670 Yep. 316 00:26:05,970 --> 00:26:06,730 And I think too. 317 00:26:06,890 --> 00:26:12,610 I mean, while that is always an option and should be an option, also I think people 318 00:26:12,610 --> 00:26:17,190 recognize like all of us have that what value this project is doing. 319 00:26:17,630 --> 00:26:19,130 We've had that break. 320 00:26:19,710 --> 00:26:26,370 We were able to mitigate that break or I should say DPW was able to and we trim and we 321 00:26:26,370 --> 00:26:26,850 were lucky. 322 00:26:26,850 --> 00:26:29,350 And Doug and I have talked about that a lot. 323 00:26:29,830 --> 00:26:33,110 We're just so glad that a larger break has an happened 324 00:26:33,670 --> 00:26:36,210 one where we couldn't mitigate it. 325 00:26:36,750 --> 00:26:40,310 So we have no other options if we have a break on this. 326 00:26:40,330 --> 00:26:42,470 There's no redundancy in this line. 327 00:26:43,190 --> 00:26:46,670 And honestly, we are upshipped creek every pun intended 328 00:26:46,670 --> 00:26:47,710 if something happened. 329 00:26:48,450 --> 00:26:51,910 So I kind of think, hopefully the chances are small, 330 00:26:52,050 --> 00:26:55,050 that that would happen, particularly because the timing 331 00:26:55,050 --> 00:27:02,290 important on this project but I think we can we can manage that time. Time. Well, 332 00:27:02,530 --> 00:27:06,810 why did you have a question? Oh, okay. Other questions? Amy. 333 00:27:08,720 --> 00:27:13,060 It's a goes out. You have the 45 day window. Are we now under a window of when you 334 00:27:13,060 --> 00:27:19,200 have to go for a bond and you have to read public size? No, no, once it's done, check it 335 00:27:19,200 --> 00:27:25,840 off. We're done. Because we may not issue until early 2026, first quarter. 336 00:27:36,540 --> 00:27:56,440 So we're going to take a look at the very last page of your packet, and you can see 337 00:27:57,340 --> 00:28:03,560 The $1 million is taken off, whichever way you calculate it, it comes out to the same. 338 00:28:04,140 --> 00:28:10,980 But the $1 million, you'll see Acme's is taken right off of their commitment, and also from East-Base. 339 00:28:12,460 --> 00:28:13,660 Very, very less dangerous. 340 00:28:15,460 --> 00:28:15,460 And 341 00:28:22,310 --> 00:28:30,350 so the bonding amount is the required amounts together. 342 00:28:30,350 --> 00:28:31,330 So, 343 00:28:33,950 --> 00:28:35,810 it's literally the cost of the program, 344 00:28:35,810 --> 00:28:38,010 I'm sorry, the cost of the project, 345 00:28:39,090 --> 00:28:41,690 less the grants, the $3 million, 346 00:28:41,850 --> 00:28:43,650 and less the $2 million allocation. 347 00:28:44,430 --> 00:28:47,450 And Fair question was asked this week of me, 348 00:28:47,550 --> 00:28:50,970 which is, well, is that million dollars each staying 349 00:28:50,970 --> 00:28:52,550 with that township, right? 350 00:28:52,590 --> 00:28:55,870 So, like, we're not, you know, 351 00:28:55,930 --> 00:29:00,090 acne for example, isn't, is getting their $4 million 352 00:29:00,090 --> 00:29:01,550 e-space, getting their $4 million 353 00:29:01,550 --> 00:29:04,150 dollars and you can see that they are. 354 00:29:07,640 --> 00:29:08,620 You have to. 355 00:29:11,130 --> 00:29:13,210 I didn't act backwards to here. 356 00:29:13,470 --> 00:29:14,430 You can see it on there. 357 00:29:14,810 --> 00:29:15,830 You look it off to the right. 358 00:29:17,730 --> 00:29:18,610 We'll see 359 00:29:20,630 --> 00:29:21,370 it off to the right. 360 00:29:23,930 --> 00:29:25,290 So why they're doing that, Mark? 361 00:29:25,650 --> 00:29:28,450 Did you say that can we pay the minds off early? 362 00:29:30,930 --> 00:29:34,550 If they're outstanding, if the maturity is 10 years. 363 00:29:36,910 --> 00:29:41,870 I think the registered municipal advisor would tell you that it is unlikely that we'll be able to 364 00:29:41,870 --> 00:29:45,370 go for a competitive sale and tell the market, 365 00:29:45,490 --> 00:29:47,010 oh, we want to be able to pay these off. 366 00:29:48,530 --> 00:29:50,950 They'll want the market will want 367 00:29:50,950 --> 00:29:52,330 or demand to call protection, 368 00:29:52,470 --> 00:29:53,850 to know that they're going to get the return 369 00:29:53,850 --> 00:29:56,470 on their investment for a bond issue of 10 years. 370 00:29:58,010 --> 00:29:59,970 But that'll be a market kind of. 371 00:30:02,040 --> 00:30:07,800 Condition decision, though we've made a consultation with the Red Serum Municipal Advisor. 372 00:30:12,200 --> 00:30:25,200 For example, I'll say, like for a 20-year bond, you'll also often have, you know, you can call the bonds for exemption early after 12 years, 13 years, something like that. 373 00:30:27,020 --> 00:30:30,160 Did that answer your question, your good? 374 00:30:30,160 --> 00:30:34,720 I'm good in these, I saw our numbers and I understand it and answers my question. 375 00:30:34,840 --> 00:30:38,040 Okay, perfect, perfect, okay. Other questions? 376 00:30:39,880 --> 00:30:47,000 Yeah, my thank you, but I was just really, really mentioned before there's been a new 377 00:30:47,000 --> 00:30:55,390 modification to 2013, which was very good. How did there have been a supplement? Where is 378 00:30:55,390 --> 00:31:01,270 that supplement? No, so my point was, this agreement doesn't amend. 379 00:31:01,270 --> 00:31:03,930 It's the 2013 agreement. 380 00:31:04,930 --> 00:31:14,470 It supplements in the sense that it is putting into practice paragraph 5 with the 2013 381 00:31:15,170 --> 00:31:20,670 putting more of meat on the bones and what was set for from the 2013 agreement in section 382 00:31:20,670 --> 00:31:22,050 5 of that agreement. 383 00:31:23,290 --> 00:31:23,350 Okay. 384 00:31:23,590 --> 00:31:25,070 Now I ask another question. 385 00:31:25,070 --> 00:31:29,070 And I don't want to open a camera once that is not on the set. 386 00:31:29,370 --> 00:31:33,150 But we've opened a lot with Mark over the past two minutes. 387 00:31:33,930 --> 00:31:35,270 I'm just a huge ruler. 388 00:31:36,570 --> 00:31:39,810 I'm kind of a human nation just to look at the African soil. 389 00:31:40,590 --> 00:31:43,370 When I look at, in the 2013 slavery century, 390 00:31:43,630 --> 00:31:44,670 it was truly great. 391 00:31:45,550 --> 00:31:49,210 However, I'm just asking the question I'm not going to make. 392 00:31:49,850 --> 00:31:54,030 How about there is 12 people around? 393 00:31:55,110 --> 00:31:59,610 And in there's some kind of misunderstanding that the state, 394 00:32:04,510 --> 00:32:06,590 And I think you can answer this question. 395 00:32:06,750 --> 00:32:07,550 I'm not a TV fan. 396 00:32:07,770 --> 00:32:08,510 Are you being here? 397 00:32:08,650 --> 00:32:10,290 He's being here. 398 00:32:10,930 --> 00:32:12,130 He's here at this. 399 00:32:12,430 --> 00:32:14,650 At the same time, he says, 90s and 50s and 80s. 400 00:32:16,010 --> 00:32:19,250 Whereas these big township frequencies, gravity centers, 401 00:32:19,610 --> 00:32:22,570 so it's four meters about a lot of old federal results. 402 00:32:24,270 --> 00:32:25,550 That wasn't 2000. 403 00:32:27,110 --> 00:32:30,650 You know, I know it's a lot of time now, if you just change. 404 00:32:32,130 --> 00:32:32,350 Okay. 405 00:32:33,290 --> 00:32:38,190 And I know the R&U's are, there's a year's passed. 406 00:32:38,410 --> 00:32:41,730 You're probably probably probably going to be there. 407 00:32:42,190 --> 00:32:49,550 But with a new technology, I'm this agreement only talks about measuring the R&U's. 408 00:32:49,550 --> 00:32:58,930 And with the flow analysis, and now the DBW is running from a high mental, 80-90% accuracy 409 00:32:58,930 --> 00:33:06,750 under flow reads in 2025, which is far better than the war in 2013, what it makes sense 410 00:33:06,750 --> 00:33:15,870 is a question to you, is your question on us, to not now, and not affecting what we're talking 411 00:33:15,870 --> 00:33:22,190 up with this capital project right now, but in the future, isn't time to start re-looking 412 00:33:23,290 --> 00:33:29,940 at that 2013 agreement the same, and then we've got new technology here, that is 413 00:33:29,940 --> 00:33:40,980 80, 90, 95% efficient, would it be smart to include both and rely mainly on our years? 414 00:33:41,980 --> 00:33:48,560 But, our use have the problems to, for example, vacation or all of the business. 415 00:33:50,020 --> 00:33:55,140 You know, we're doing the best we can that our use system has in it, for instance, too. 416 00:33:55,140 --> 00:33:57,820 So what would it be smart for us in the future? 417 00:33:58,480 --> 00:34:02,440 We look at the sewer system user view usage area. 418 00:34:03,200 --> 00:34:05,140 And say, OK, we can continue to have views, 419 00:34:05,580 --> 00:34:10,180 but as a, I come from the engineer in the world. 420 00:34:10,820 --> 00:34:12,960 And it's always good to have a task. 421 00:34:13,200 --> 00:34:16,260 It would be what we call the task of, you know, 422 00:34:16,800 --> 00:34:17,120 reasons. 423 00:34:18,500 --> 00:34:20,380 So that, you're going through all these calculations. 424 00:34:20,720 --> 00:34:22,200 You've got this other task when you're done. 425 00:34:22,200 --> 00:34:25,500 You look at it, and you go ahead, let's do a test for this and we'll have another way 426 00:34:25,500 --> 00:34:26,720 in this that I'll make sense. 427 00:34:27,960 --> 00:34:36,600 What makes sense in the future to add a test of resilience into this process, because this 428 00:34:36,600 --> 00:34:43,280 sewage uses you to remember states that we are supposed to be monitoring flows on a annual basis. 429 00:34:44,160 --> 00:34:50,180 If we were to make sense, during that annual process of measuring flows on annual basis, 430 00:34:50,180 --> 00:34:59,460 to also be comparing actually flowed in and being able to monitor that and know where we are before, 431 00:35:00,060 --> 00:35:09,880 a capital care campaign comes along for the next board and they're trying to figure out how to do it. 432 00:35:10,460 --> 00:35:18,020 You work with a lot of different times, there's a lot of different municipalities, so it seems like you would be a good guy to ask this question. 433 00:35:18,020 --> 00:35:24,600 I am not trying to, is, anyway, upset the apple cart, this apple cart. 434 00:35:27,610 --> 00:35:28,830 How to start the answer? 435 00:35:32,240 --> 00:35:37,880 So one, and not to be a lawyer in science debt, but it would be a lawyer in science debt. 436 00:35:40,420 --> 00:35:46,710 The scope of what I've been asked to do somewhat limited. 437 00:35:47,050 --> 00:35:49,290 I have reviewed the 2013 agreement. 438 00:35:49,290 --> 00:36:04,830 I've reviewed that 2013 agreement with an eye towards allowing the townships to be able to finance this project and put into place, as I said at the beginning, using the roadmap in the 2013 agreement, a financing agreement for this project. 439 00:36:04,830 --> 00:36:07,530 So, that can't be honest, okay? 440 00:36:09,370 --> 00:36:12,850 It can't recite chapter and verse all the provisions in the 2013 agreement, 441 00:36:14,610 --> 00:36:19,890 because of, if you will, that limited scope of representation in the work that I've been asked to do. 442 00:36:20,650 --> 00:36:27,110 That being said, I think it's always appropriate for parties to agreement, long-term agreement, 443 00:36:27,770 --> 00:36:34,810 even if it's going great, and the parties get along and know the rights and responsibilities and obligations under the agreement. 444 00:36:34,810 --> 00:36:41,610 It's always you a check-in and make sure, all right, is this working, seems to be working, is it working? 445 00:36:42,050 --> 00:36:44,270 So I don't think what you suggest is unreasonable. 446 00:36:45,850 --> 00:36:59,930 That there is a periodic review and to your point, if there's new technology or updated technology, that can provide better, more reliable information that the party should consider that. 447 00:36:59,930 --> 00:37:03,830 and that wouldn't necessitate obviously then in an amendment to your agreement. 448 00:37:05,510 --> 00:37:10,910 Not that it's a reason not to do what you're suggesting, 449 00:37:12,630 --> 00:37:14,870 but go back to that can of worms, right? 450 00:37:15,550 --> 00:37:17,570 When you got an agreement that's working, 451 00:37:18,270 --> 00:37:22,030 if you start pulling it little pieces here and there, 452 00:37:22,390 --> 00:37:26,970 you know, does that unravel the agreement and cause more issues? 453 00:37:27,870 --> 00:37:29,110 Yeah, I have to create an issue. 454 00:37:34,280 --> 00:37:59,720 So, long lawyer answer. And to summarize, I'd say, yeah, not a bad idea to take a look at it. You know, in terms, I would, I'd be deferring to engineers as to whether or not it's appropriate to switch from either REU to flow or, as you suggest, to put in some sort of a frequent test that you would do to see if your flow is, is, 455 00:37:59,720 --> 00:38:02,340 and can measure it with your RAUs. 456 00:38:02,380 --> 00:38:04,340 I would defer to engineers on that. 457 00:38:04,660 --> 00:38:07,600 Dale, I think that's a great comment and suggestion. 458 00:38:07,960 --> 00:38:10,420 And I really appreciate your answer. 459 00:38:11,160 --> 00:38:17,560 I believe one thing that we can do is we do have a new director 460 00:38:17,560 --> 00:38:24,720 with the VPW and I think that over the next year, 461 00:38:24,900 --> 00:38:26,200 I want to put too much on his plate, 462 00:38:26,500 --> 00:38:28,900 and he's been with us for two months, right? 463 00:38:30,120 --> 00:38:41,200 We've had six months with an interim director, but you know what I'm saying, so he's got a lot on his plate, so I don't want to put too much in his first quarter of being here. 464 00:38:41,460 --> 00:38:45,100 But I do think that this wouldn't be a tough analysis to compare. 465 00:38:45,600 --> 00:38:55,660 Like what results we would get under the current agreement that we don't have a huge issue with, but we want to see, okay, what other data might they have? 466 00:38:55,660 --> 00:39:02,020 And how that data compares and does the result change significantly? 467 00:39:11,170 --> 00:39:12,130 We could, absolutely. 468 00:39:12,630 --> 00:39:18,270 I think we would do that in concurrence with the DPW and with our engineers. 469 00:39:19,250 --> 00:39:24,590 And then when we find that information out and we say, does this look significant or not? 470 00:39:26,410 --> 00:39:27,850 And you know what I mean by significant? 471 00:39:28,050 --> 00:39:31,770 Obviously there's a difference that makes the difference to a touch of its significant. 472 00:39:31,770 --> 00:39:49,830 But if we're talking miniscule, you know, 0.001, then clearly, you know, at the answers, but if there is a difference that we would want to implement, then we can pull in legal counsel to kind of redraft that and bring that back. 473 00:40:20,460 --> 00:40:27,680 So, this is our board's change, and then these thoughts and these ideas just get lost. 474 00:40:28,420 --> 00:40:31,840 And then 20 years down the road, we have another capital improvement. 475 00:40:34,180 --> 00:40:39,460 And we haven't done that, or even explored that. 476 00:40:40,260 --> 00:40:42,920 So, my question is, well, we're all here. 477 00:40:43,620 --> 00:40:45,900 You know, man, do you be doubting director? 478 00:40:46,200 --> 00:40:51,580 Would it be reasonable for us as a two combined boards to say, okay, we're going to give 479 00:40:51,580 --> 00:40:56,340 me here in September of 2020, 6th. 480 00:40:56,340 --> 00:40:57,700 We'll be organ-aged sports. 481 00:40:58,860 --> 00:40:59,560 I'm asking. 482 00:41:00,060 --> 00:41:00,940 I'm not suggesting. 483 00:41:02,000 --> 00:41:02,700 I'm asking. 484 00:41:03,120 --> 00:41:03,220 I'm asking. 485 00:41:03,220 --> 00:41:04,580 What are the thoughts on that? 486 00:41:04,920 --> 00:41:09,840 To actually make it a part of the record that this is something we're going to do. 487 00:41:10,320 --> 00:41:11,220 Okay, give it time. 488 00:41:11,220 --> 00:41:23,220 Yeah, I think, well, sure, as far as we're going to be meeting again, this project is a huge project for East Bay and Acme Townships. 489 00:41:24,480 --> 00:41:31,680 We have further steps. We are, I can foresee as at least meeting once, if not twice more, together as a joint township. 490 00:41:31,680 --> 00:41:44,380 And let Doug and I and working with Noah in our engineering consultants see what information we come up with in that interim period of time. 491 00:41:45,180 --> 00:41:50,840 And we can revisit that as we'll show in the minutes that this was discussed. 492 00:41:50,840 --> 00:41:52,280 Okay, can 493 00:41:55,830 --> 00:41:57,070 recently that are 494 00:42:00,970 --> 00:42:05,150 more, can we leave it as pending to discussion on the 2013 495 00:42:05,150 --> 00:42:09,290 agreement so that it reminds us all to continue this discussion? 496 00:42:10,270 --> 00:42:13,970 You absolutely can on your minutes because we're going to have two sets of minutes for each 497 00:42:13,970 --> 00:42:14,370 board. 498 00:42:14,730 --> 00:42:19,470 So if that's your strategy or your process with Acme Township, go for it. 499 00:42:20,030 --> 00:42:25,150 We typically just have it in the minutes and we've said that what we'll do that and the board 500 00:42:25,150 --> 00:42:26,670 will hold me accountable to that. 501 00:42:26,670 --> 00:42:29,710 But yeah, I think that that's possible, sure. 502 00:42:32,450 --> 00:42:34,270 Yeah, absolutely, absolutely. 503 00:42:35,150 --> 00:42:36,850 I would love to pin you down, no. 504 00:42:36,930 --> 00:42:39,510 I two months into the job and say, come on, I lost. 505 00:42:40,370 --> 00:42:44,950 But we'll kind of work with everybody and the information. 506 00:42:45,290 --> 00:42:49,150 And I have to say, Doug has been fantastic to work with with this project, 507 00:42:49,850 --> 00:42:55,170 and really truly mean it, appreciate the joint meetings that we've had 508 00:42:55,170 --> 00:43:03,470 and also the involvement of the engineers together, and Doug as well, it's just been good collaboration. 509 00:43:05,330 --> 00:43:11,790 So hopefully we're looking at a successful sewer project. But with that, are there more questions or 510 00:43:11,790 --> 00:43:17,990 discussion? And if there's not, then we could look at consideration of the two resolutions that are 511 00:43:17,990 --> 00:43:22,570 in front of us. Do you want to have, and happy to have that happen? I didn't know if Andy was available 512 00:43:22,570 --> 00:43:32,070 I don't see on there any any one and I know Matt is doing this remotely let me see 513 00:43:32,070 --> 00:43:39,070 I don't have any texts from anybody does anybody have any specific questions for Andy we could yes 514 00:43:54,620 --> 00:44:02,340 down the pipe plants, but is there a way to utilize so much that not from each base perspective 515 00:44:02,340 --> 00:44:04,740 to reduce probably part of the product? 516 00:44:05,640 --> 00:44:10,580 Sure, I think with this document and Mark will correct me if I'm wrong, but with this document 517 00:44:10,580 --> 00:44:17,020 does this sets us up to be able to finance what we need to, if we follow this plan. 518 00:44:17,540 --> 00:44:19,640 Now, could we finance less? 519 00:44:19,640 --> 00:44:31,740 Yes, I think we could and we could identify that as the part that we take out less on an East Bay would then just lower our commitment that that would go into that bond. 520 00:44:31,740 --> 00:44:39,860 and my statement isn't saying that Agnes should bring more to the table, not all, but my 521 00:44:39,860 --> 00:44:48,640 own saying is we are pretty helpful. Right. And it's a changing conversation too because you 522 00:44:48,640 --> 00:44:55,320 remember when we started this project really it was that break happened during COVID and it was 523 00:44:55,320 --> 00:44:59,880 towards the tail end of COVID. So then by the time we got around to talking about the engineering 524 00:45:00,000 --> 00:45:13,160 I think we did an initial like $11,000 project with the engineers to take a look at the scope of it, and our cash balance and fund balance has changed since that time. 525 00:45:14,600 --> 00:45:28,960 So, even in the past 24 months, it's changed because of some of the development. So, that is something that we can take a look at, and as we move forward, and we definitively decide how much the bond will be. 526 00:45:28,960 --> 00:45:35,460 So, this sets us up to have the flexibility if we need to go to the full amount for this 527 00:45:35,460 --> 00:45:37,380 part, or if we want to do less. 528 00:45:48,610 --> 00:45:48,850 Correct. 529 00:45:49,010 --> 00:45:51,310 Once the bonds are issued, right? 530 00:45:51,310 --> 00:45:52,450 They don't change. 531 00:45:52,710 --> 00:45:54,230 You don't say ventures like an oil. 532 00:45:54,750 --> 00:45:55,570 The ventures can decrease. 533 00:45:56,750 --> 00:46:02,570 Though we can decide to take 2 million in cash and put that towards our portion or something 534 00:46:02,570 --> 00:46:03,270 like that. 535 00:46:05,090 --> 00:46:05,610 Yes. 536 00:46:05,610 --> 00:46:10,510 I just want to put it out there that at the point that the line is drawn in the sand. 537 00:46:10,870 --> 00:46:15,850 Make sure we have an opportunity to look at our numbers to say, okay, we're going to put in 1.5. 538 00:46:16,450 --> 00:46:18,270 So I just don't want that to pass. 539 00:46:19,010 --> 00:46:23,410 By us, and then all of a sudden it's going out to bond, and we want it to go more and now it's too late. 540 00:46:23,690 --> 00:46:24,330 So just... 541 00:46:24,330 --> 00:46:26,430 We're not going to be having a week with this. 542 00:46:26,750 --> 00:46:27,390 Just make sure. 543 00:46:27,530 --> 00:46:28,070 We won't. 544 00:46:28,790 --> 00:46:30,570 But we will be in touch. 545 00:46:30,790 --> 00:46:31,810 We're being touched. 546 00:46:31,810 --> 00:46:38,210 The other thing, too, that we didn't mention is this is all assuming that the bids come in 547 00:46:38,210 --> 00:46:44,430 that the estimated engineer's price. So again, we want to have that flexibility there as well, 548 00:46:44,890 --> 00:46:52,450 and maybe that's where we utilize some of our cash that we have available to. 549 00:46:53,170 --> 00:46:59,850 There will be a couple of points, right? We're proceeding down the path, but we're not at the end. 550 00:47:02,110 --> 00:47:09,330 That's your correct that when the bids come in so next step resolution of intent right doesn't mean you're obligated 551 00:47:09,330 --> 00:47:16,730 That he stays obligated to issue bonds just because we've done the resolution of intent but once we cross that check check that box that we've done it 552 00:47:16,730 --> 00:47:20,570 Then we can go on to the next step. Then we get the bids. We get a better idea 553 00:47:20,570 --> 00:47:27,270 You have a check-in point with both townships to say do we want to change in terms of any of our cash contribution and 554 00:47:28,130 --> 00:47:31,150 Then at that time when we're getting ready to sell the bonds 555 00:47:32,150 --> 00:47:38,730 We're going to put out and say, OK, we're going for 6.4 million or whatever that number is. 556 00:47:40,290 --> 00:47:43,170 But we reserve the right to reduce it. 557 00:47:43,210 --> 00:47:45,970 Reduce the amount that we're going to do for a number of reasons. 558 00:47:46,630 --> 00:47:48,990 And one might be just the way the market conditions are. 559 00:47:49,130 --> 00:47:55,610 The bonds are sold with the premium and that means you get extra cash more than what you've asked for. 560 00:47:55,670 --> 00:47:56,670 You've got to pay for it. 561 00:47:57,930 --> 00:48:00,910 So, then there's another opportunity right there, okay? 562 00:48:02,810 --> 00:48:03,410 Yes. 563 00:48:03,410 --> 00:48:08,130 One of the providers being trapped in that legal notice. 564 00:48:08,810 --> 00:48:11,090 And we'll make arrangements to have it published in the newspaper. 565 00:48:11,390 --> 00:48:12,310 So, then it complies. 566 00:48:14,050 --> 00:48:14,190 Right. 567 00:48:14,970 --> 00:48:16,550 My job as bond counsel. 568 00:48:16,690 --> 00:48:18,350 I prepare that resolution of intent. 569 00:48:18,730 --> 00:48:19,510 I prepare the notice. 570 00:48:19,530 --> 00:48:20,930 I get that notice published. 571 00:48:21,510 --> 00:48:26,130 I will prepare the bond authorizing resolution that will be presented to the, 572 00:48:26,130 --> 00:48:28,630 He's paid township board at the appropriate time. 573 00:48:28,830 --> 00:48:30,310 I'll prepare all of the closing documents 574 00:48:30,310 --> 00:48:32,590 and I'll work with Vincent's skin company 575 00:48:32,590 --> 00:48:35,190 with respect to the sale and all the requisites 576 00:48:35,190 --> 00:48:38,690 that you need to have validly issued bonds. 577 00:48:39,610 --> 00:48:40,930 And now, you know, I marked Nettleton 578 00:48:40,930 --> 00:48:42,930 was chosen to help us with this project. 579 00:48:45,110 --> 00:48:47,990 With that, does anyone have any further questions? 580 00:48:48,570 --> 00:48:48,610 Sure. 581 00:48:48,850 --> 00:48:54,410 I have two questions for two of our Acme board members. 582 00:48:55,710 --> 00:48:59,690 With this caveat, when, first of all, I'm so sorry. 583 00:48:59,810 --> 00:49:00,830 I was like, it's this meeting. 584 00:49:01,390 --> 00:49:02,950 Like, founders said seven, so I showed up early. 585 00:49:03,750 --> 00:49:06,910 But clearly, I am wrong with that. 586 00:49:07,190 --> 00:49:07,750 So I apologize. 587 00:49:10,610 --> 00:49:14,410 When I knew about this meeting, I thought this was going to be more discussion, 588 00:49:14,510 --> 00:49:19,550 fact-finding, and we're moving towards a voting and making decisions on spending money. 589 00:49:19,550 --> 00:49:39,030 So with that being said, I kind of need to hear from Amy from a money standpoint, is this a go just in the world of academia and budgeting, and then I would also like to hear from our lawyer, is there not information here to make sure that what we're voting on is what it used to be. 590 00:49:39,190 --> 00:49:45,710 I just felt like a lot of stuff came to me. I'm not, I would be uncomfortable with voting yet. 591 00:49:45,710 --> 00:49:56,630 Can I do just two quick caveats before they answer and one is, well, I forget the second so I'll do the first one. 592 00:49:57,250 --> 00:50:07,130 But that is, Mike Myers is retained for the benefit of the townships and in working with the townships on this project. 593 00:50:07,470 --> 00:50:12,850 We're both part of this project. That's the way I see it. That's the way we've worked towards it. 594 00:50:12,850 --> 00:50:14,690 I don't know if technically that's true or not, 595 00:50:14,830 --> 00:50:17,250 but I can tell you about the high level of collaboration. 596 00:50:18,750 --> 00:50:22,450 The second thing is we've had all documents, 597 00:50:23,210 --> 00:50:25,350 not only reviewed from engineering standpoint, 598 00:50:25,530 --> 00:50:29,590 but also the legal documents and over for review as well. 599 00:50:29,850 --> 00:50:31,270 And Jeff Jax can speak to that, 600 00:50:31,290 --> 00:50:33,130 but I think he's had a chance to take a look at him. 601 00:50:33,190 --> 00:50:34,250 Thank you for letting me interject. 602 00:50:37,140 --> 00:50:37,780 Amy first. 603 00:50:37,800 --> 00:50:38,720 You want me to go first? 604 00:50:39,040 --> 00:50:40,380 Okay, so all along, 605 00:50:40,560 --> 00:50:41,780 I've been putting in a million dollars. 606 00:50:41,940 --> 00:50:43,100 I mean, there's silver funds pretty good. 607 00:50:43,100 --> 00:50:46,380 are fund balance right now for restricted improvements 608 00:50:46,380 --> 00:50:51,440 that we have always done when we get our benefit fees, right? 609 00:50:52,280 --> 00:50:54,160 So this includes the million dollars. 610 00:50:54,280 --> 00:50:56,680 We have like $2.5 million in there right now. 611 00:50:56,960 --> 00:50:58,940 And then in replacement, we have $5 million 612 00:50:58,940 --> 00:51:04,160 and then in operational maintenance is 666,000. 613 00:51:04,760 --> 00:51:08,240 Basically five hundred and eleven thousand and 666,000. 614 00:51:08,520 --> 00:51:12,100 That's outside, that's just our fund balance, okay? 615 00:51:12,100 --> 00:51:16,900 not our operational that we're doing and the coming in and the coming out. 616 00:51:17,260 --> 00:51:23,500 We typically, if you look back a few years, we'll typically carry over and allocate and 617 00:51:23,500 --> 00:51:28,000 spread it through that about 250 to 300,000 dollars. 618 00:51:28,320 --> 00:51:33,140 Is what we typically get in the year that we're not spending. 619 00:51:33,680 --> 00:51:37,840 Typically, now there's years that Mark's been coming out on meetings a lot lately. 620 00:51:37,840 --> 00:51:41,640 I'm not going to say that's going to be true in the future. 621 00:51:42,120 --> 00:51:45,720 Because I know we have some monitoring that's going on. 622 00:51:45,840 --> 00:51:47,880 You just had a bunch of work done down on the road. 623 00:51:48,420 --> 00:51:49,260 So that may change. 624 00:51:49,260 --> 00:51:51,200 I can just tell you historically what it's about. 625 00:51:52,000 --> 00:51:55,060 So we could easily put in 1.5 million and be okay. 626 00:51:55,460 --> 00:51:56,520 They spend these numbers. 627 00:51:57,340 --> 00:52:00,540 But being conservative because we don't know what the future is. 628 00:52:01,020 --> 00:52:05,540 Some of the growth and some of the failures being that it's a big project. 629 00:52:05,540 --> 00:52:08,300 It might be easier to hold back the cash funds. 630 00:52:08,500 --> 00:52:11,000 We have that for reserves when we're already in the process fund. 631 00:52:11,220 --> 00:52:11,980 So that's a discussion. 632 00:52:12,300 --> 00:52:14,800 Once we get closer to it, but are the funds there? 633 00:52:15,100 --> 00:52:17,200 I mean, they're sure? 634 00:52:18,940 --> 00:52:20,380 I do one million dollars a winter. 635 00:52:20,660 --> 00:52:21,880 Oh, yeah, yeah, yeah, yeah, yeah. 636 00:52:21,880 --> 00:52:23,280 I'm going to be glad to do it. 637 00:52:23,300 --> 00:52:25,400 We're already talking about bond in the process and that's yeah. 638 00:52:25,900 --> 00:52:28,100 So in that sense, I would say yes. 639 00:52:28,340 --> 00:52:29,320 It's there in the basin. 640 00:52:29,820 --> 00:52:29,880 Thank you. 641 00:52:30,210 --> 00:52:50,870 Just what we all know, we had multiple little fractures. That one was one that all of our stuff comes through. We have to do this line somehow and we are going to have some type of disaster in that line. With the roads that East Bay is having, the roads that acne is having, we are just being that line. 642 00:52:50,870 --> 00:52:55,370 So age of one, age of one, right, absolutely. 643 00:52:56,670 --> 00:52:58,090 So hold this 60? 644 00:52:58,410 --> 00:52:59,550 Oh, there's the year's old. 645 00:53:01,350 --> 00:53:03,430 So I would say yes, and that's why we do this. 646 00:53:03,450 --> 00:53:06,130 And that's why we've set it up that way to have some funding right now. 647 00:53:06,290 --> 00:53:10,950 We won't have to go anywhere else with the assumption it comes in line with the estimates. 648 00:53:12,750 --> 00:53:13,370 Let me show you. 649 00:53:13,770 --> 00:53:14,050 Okay. 650 00:53:14,850 --> 00:53:15,630 Thank you. 651 00:53:17,210 --> 00:53:23,010 But again, I didn't hear Mr. Nettleton saying the thing that I took issue with it, it's 652 00:53:23,010 --> 00:53:29,210 agreed with. So all that you've heard from him say, you've been know that I concur with that. 653 00:53:29,770 --> 00:53:35,710 I reviewed all the documents. The only thing that I didn't have until recently were the numbers, 654 00:53:36,250 --> 00:53:40,770 which I didn't review the numbers. I've had any data that I've not been presented to ask to me, 655 00:53:40,790 --> 00:53:44,030 but the documents themselves, I have no issue with there. 656 00:53:44,030 --> 00:53:49,990 It's just an agreement, you have a point, there are two agreements, yeah, I'm kind of comfortable with that. 657 00:53:51,110 --> 00:54:00,390 I did do the math, and it did bounce up. Based on the numbers we're talking about, so I didn't, I'm just scratching, whatever spreadsheet we got from a while ago. 658 00:54:01,010 --> 00:54:01,950 So, I didn't think the math. 659 00:54:04,030 --> 00:54:07,390 Other questions from either board? Mark? 660 00:54:07,390 --> 00:54:14,310 I just kind of won last point, Andy Campbell, it been since we've worked with Vincent's 661 00:54:14,310 --> 00:54:18,970 Game Company and I've worked with Andy for many, many years and it's very easy to work 662 00:54:18,970 --> 00:54:19,310 with. 663 00:54:19,570 --> 00:54:27,310 And so he did prepare the documents that show up as exhibit C. Again, those are estimates. 664 00:54:28,210 --> 00:54:34,550 This is a proposed repayment schedule for a 6.4 million dollar bond. 665 00:54:34,550 --> 00:54:43,150 This is a projected, you know, when you see coupon, that's the projected interest rate that a purchaser of the bonds would pay for these various securities. 666 00:54:44,550 --> 00:54:51,150 That interest rate in the final principle amount and kind of the final repayment schedule. 667 00:54:53,370 --> 00:54:58,710 That's all going to be set by a competitive sale of bonds yet to come. 668 00:54:58,710 --> 00:55:05,950 So, specifically in the back, there's a sheet that looks like this, it's a set of dead service animal. 669 00:55:09,300 --> 00:55:10,960 So, if you have it, that's there, right? 670 00:55:14,450 --> 00:55:17,090 So, again, that coupon is the interest rate. 671 00:55:17,290 --> 00:55:22,410 That's going to be determined by the market on the sale date, when they set submit a bid. 672 00:55:23,390 --> 00:55:28,490 We sell the bonds based on the lowest true interest cost to the township. 673 00:55:29,130 --> 00:55:30,570 Over the time period. 674 00:55:31,870 --> 00:55:45,250 And, like I mentioned, we'll be able to, at the time of sale, if necessary, reduce the principle amount that's borrowed and modify these materials as necessary. 675 00:55:48,800 --> 00:55:49,680 Yes, ma'am. 676 00:55:49,820 --> 00:55:50,460 Can you see this? 677 00:55:50,900 --> 00:55:52,340 It's all right, and interest. 678 00:55:53,280 --> 00:55:54,580 It's not when they be fixed. 679 00:55:55,000 --> 00:55:55,260 Interest? 680 00:55:56,140 --> 00:55:57,340 The usually, aren't. 681 00:55:57,460 --> 00:56:00,800 So it may or may not be. 682 00:56:00,800 --> 00:56:03,620 It's going to depend on market conditions at the time of the sale. 683 00:56:04,440 --> 00:56:10,800 Oftentimes on a shorter term bond issue, you'll see different 684 00:56:10,800 --> 00:56:12,380 interest rates, depending on the maturity. 685 00:56:13,440 --> 00:56:19,300 And as you get later, farther out in time, to protect the 686 00:56:19,300 --> 00:56:23,220 purchaser and their interest rate risk exposure, the interest rates, 687 00:56:23,460 --> 00:56:24,400 often times are higher. 688 00:56:29,870 --> 00:56:41,050 Okay, if there is no further discussion, East Bay Township's resolution would be 2025-16 and 689 00:56:41,050 --> 00:56:48,610 our resolution is the second resolution, are there further questions or is there a motion 690 00:56:48,610 --> 00:56:49,690 on the resolution? 691 00:56:49,690 --> 00:56:50,810 Okay, 692 00:57:04,120 --> 00:57:15,040 that's quartet has moved and Bartlett has supported the adoption of Resolution 2025-16. 693 00:57:16,420 --> 00:57:25,020 The resolution to approve the agreement regarding financing of sewer improvement. 694 00:57:25,640 --> 00:57:28,140 It's right here. One more page on. 695 00:57:32,090 --> 00:57:35,750 It's stuck together. There you go. Sorry, this pages were stuck together. 696 00:57:36,590 --> 00:57:37,730 Yes, thank you. 697 00:57:38,930 --> 00:57:40,390 So with that further discussion? 698 00:57:41,230 --> 00:57:42,430 Yes, just one question. 699 00:57:44,210 --> 00:57:46,750 I've always been thinking we should be self-funded in this. 700 00:57:47,050 --> 00:57:50,290 But if we enter into this agreement, is that kind of off the table? 701 00:57:51,670 --> 00:57:54,570 No, it's kind of going back to our prior discussion earlier. 702 00:57:56,190 --> 00:58:00,450 You can always increase your contribution and decrease the amount that you have to borrow. 703 00:58:00,610 --> 00:58:02,910 I'll just move forward if we can. 704 00:58:04,230 --> 00:58:04,890 Thank you. 705 00:58:05,490 --> 00:58:07,110 Would you do a roll call vote, please? 706 00:58:09,210 --> 00:58:10,250 Okay, yes. 707 00:58:10,250 --> 00:58:10,650 Are you left? 708 00:58:10,970 --> 00:58:11,270 Yes. 709 00:58:12,070 --> 00:58:12,150 Yes. 710 00:58:13,390 --> 00:58:13,610 Yes. 711 00:58:14,170 --> 00:58:14,450 Yes. 712 00:58:16,450 --> 00:58:16,650 Yes. 713 00:58:17,710 --> 00:58:17,910 All right. 714 00:58:17,970 --> 00:58:19,410 Thank you very much. 715 00:58:20,450 --> 00:58:24,230 But turn that over to Acme Township to see if they would entertain a motion on the resolution. 716 00:58:36,940 --> 00:58:37,500 You 717 00:58:45,690 --> 00:58:49,970 know we had that happen before and what we do is we usually put in the motion that 718 00:58:49,970 --> 00:58:55,170 it be numbered in the next sequential number and no one's ever fought us on that. 719 00:58:58,650 --> 00:59:08,250 I'll make a motion for resolution 25 or 2025 dash differential number once we confirm it. 720 00:59:08,250 --> 00:59:13,190 the agreement regarding the financing of the source systems in person project 721 00:59:27,170 --> 00:59:44,850 between the 722 00:59:44,850 --> 00:59:46,830 Steven? Yes. 723 00:59:47,550 --> 00:59:48,550 Swanson, yes. 724 00:59:49,730 --> 00:59:49,950 Wiley? 725 00:59:50,270 --> 00:59:50,610 Yes. 726 00:59:50,830 --> 00:59:51,090 White. 727 00:59:51,470 --> 00:59:51,790 Yes. 728 00:59:54,390 --> 00:59:55,430 Okay, very good. 729 00:59:56,390 --> 00:59:59,970 Well, we have, we are set up now too. 730 01:00:01,560 --> 01:00:08,720 And I just want to thank you, Mark, for driving up here from Grand Rapids, really appreciate it. 731 01:00:08,720 --> 01:00:19,840 I want to thank again Wade Trim, Gosling Zubek, and the DPW for being here and for all of the many meetings and emails that go into bringing this to the two boards. 732 01:00:20,080 --> 01:00:21,160 So really appreciate that. 733 01:00:21,980 --> 01:00:25,780 We do have additional public commenter. Second opportunity for public comment. 734 01:00:26,280 --> 01:00:34,380 We've drawn a lot of public. I thought Aaron was the public, but Aaron's not the public, so if there's any one who wants to make public comment 735 01:00:35,100 --> 01:00:38,460 I do a housekeeping item. You may. I can ask if there's a specific 736 01:00:38,460 --> 01:00:44,600 click for a sign copy of the resolution and then Beth and Doug I'll be in touch in terms of we get a final 737 01:00:44,600 --> 01:00:50,720 execution copy and you guys can sign it and I'll want a copy of that once it's done. Absolutely 738 01:00:57,280 --> 01:01:16,500 Great. Thank you. Thanks so much for seeing everybody. Thank you. All right, with that, and seeing no public comment, we each have our regular monthly meetings coming up in August, and is there if there's no objection, then we stand adjourned. No objection. Did you object? 739 01:01:25,680 --> 01:01:38,880 Well, it's been a team effort, absolutely, from us driving to Lansing in a snow storm, which didn't produce any funding, but the Fed rolled it and the county did, so that's a good thing. 740 01:01:39,240 --> 01:01:43,760 But anyway, thank you. Again, if no one objects to stand adjourned, thank you for being here.