1 00:00:03,240 --> 00:00:05,160 You ready, Steve? 2 00:00:05,160 --> 00:00:07,510 >> I am 3 00:00:07,510 --> 00:00:07,520 » I am 4 00:00:07,520 --> 00:00:08,760 ready. 5 00:00:08,760 --> 00:00:11,790 >> Okay. I will call the August 18th, 2026 6 00:00:11,790 --> 00:00:11,800 » Okay. I will call the August 18th, 2026 7 00:00:11,800 --> 00:00:13,200 meeting of the Newtown Township Board of 8 00:00:13,200 --> 00:00:16,040 Supervisors to order. I will note that 9 00:00:16,040 --> 00:00:18,040 we did not meet in executive session, so 10 00:00:18,040 --> 00:00:19,480 I'll ask Mr. Nace to please call the 11 00:00:19,480 --> 00:00:21,520 roll. 12 00:00:21,520 --> 00:00:23,350 >> Yes. Mr. Altieri. 13 00:00:23,350 --> 00:00:23,360 » Yes. Mr. Altieri. 14 00:00:23,360 --> 00:00:24,510 >> Here. 15 00:00:24,510 --> 00:00:24,520 » Here. 16 00:00:24,520 --> 00:00:26,590 >> Mr. Sanfilippo. 17 00:00:26,590 --> 00:00:26,600 » Mr. Sanfilippo. 18 00:00:26,600 --> 00:00:27,750 >> Here. 19 00:00:27,750 --> 00:00:27,760 » Here. 20 00:00:27,760 --> 00:00:29,310 >> Ms. Chandless. 21 00:00:29,310 --> 00:00:29,320 » Ms. Chandless. 22 00:00:29,320 --> 00:00:30,310 >> Here. 23 00:00:30,310 --> 00:00:30,320 » Here. 24 00:00:30,320 --> 00:00:31,630 >> Ms. Grasso. 25 00:00:31,630 --> 00:00:31,640 » Ms. Grasso. 26 00:00:31,640 --> 00:00:32,350 >> Here. 27 00:00:32,350 --> 00:00:32,360 » Here. 28 00:00:32,360 --> 00:00:34,150 >> Mr. Mr. Russo. 29 00:00:34,150 --> 00:00:34,160 » Mr. Mr. Russo. 30 00:00:34,160 --> 00:00:35,310 >> Here. 31 00:00:35,310 --> 00:00:35,320 » Here. 32 00:00:35,320 --> 00:00:37,830 >> Your solicitor and manager here. 33 00:00:37,830 --> 00:00:37,840 » Your solicitor and manager here. 34 00:00:37,840 --> 00:00:38,950 >> Thank you very much. We will now move on 35 00:00:38,950 --> 00:00:38,960 » Thank you very much. We will now move on 36 00:00:38,960 --> 00:00:40,560 to section five, which is the moment of 37 00:00:40,560 --> 00:00:45,590 silence. 38 00:00:45,600 --> 00:00:48,640 And we'll stand for the pledge. 39 00:00:48,640 --> 00:00:50,760 I pledge allegiance to the flag of the 40 00:00:50,760 --> 00:00:52,000 United States of America. 41 00:00:52,000 --> 00:00:54,750 >> States of America, to the republic for 42 00:00:54,750 --> 00:00:54,760 » States of America, to the republic for 43 00:00:54,760 --> 00:00:57,520 which it stands, one nation under God, 44 00:00:57,520 --> 00:00:59,680 indivisible, with liberty and justice 45 00:00:59,680 --> 00:01:03,190 for 46 00:01:03,200 --> 00:01:05,280 » We'll move down to section five, 5.1. 47 00:01:05,280 --> 00:01:06,840 Can I get a motion to approve the agenda 48 00:01:06,840 --> 00:01:08,600 as presented? 49 00:01:08,600 --> 00:01:09,550 >> So moved. 50 00:01:09,550 --> 00:01:09,560 » So moved. 51 00:01:09,560 --> 00:01:10,590 >> Second. 52 00:01:10,590 --> 00:01:10,600 » Second. 53 00:01:10,600 --> 00:01:12,110 >> Motion's made by Supervisor Russo, 54 00:01:12,110 --> 00:01:12,120 » Motion's made by Supervisor Russo, 55 00:01:12,120 --> 00:01:14,120 seconded by Supervisor Sanfilippo. Is 56 00:01:14,120 --> 00:01:16,720 there any board discussion? 57 00:01:16,720 --> 00:01:18,520 Seeing none, all those in favor signify 58 00:01:18,520 --> 00:01:19,680 by saying I. 59 00:01:19,680 --> 00:01:20,670 >> I. 60 00:01:20,670 --> 00:01:20,680 » I. 61 00:01:20,680 --> 00:01:21,590 >> I. 62 00:01:21,590 --> 00:01:21,600 » I. 63 00:01:21,600 --> 00:01:23,830 >> All those opposed. Motion carries. 64 00:01:23,830 --> 00:01:23,840 » All those opposed. Motion carries. 65 00:01:23,840 --> 00:01:25,560 Section six, public comment for agenda 66 00:01:25,560 --> 00:01:27,120 items only. If there's any members of 67 00:01:27,120 --> 00:01:28,520 the public that are residents or 68 00:01:28,520 --> 00:01:30,880 taxpayers, please come to the podium, 69 00:01:30,880 --> 00:01:31,880 state your name and address for the 70 00:01:31,880 --> 00:01:32,840 record, and please note that you have 71 00:01:32,840 --> 00:01:39,350 three minutes per speaker. 72 00:01:39,360 --> 00:01:40,880 » No one's coming forward. 73 00:01:40,880 --> 00:01:41,990 >> All right, perfect. We'll now move down 74 00:01:41,990 --> 00:01:42,000 » All right, perfect. We'll now move down 75 00:01:42,000 --> 00:01:45,120 to section seven, new business, 7.1. 76 00:01:45,120 --> 00:01:47,400 Uh, I guess we'll we'll put this on the 77 00:01:47,400 --> 00:01:49,840 table first. Um, 7.1 is Can I get a 78 00:01:49,840 --> 00:01:51,160 motion adopting the ordinance 79 00:01:51,160 --> 00:01:52,920 authorizing the incurrence of lease 80 00:01:52,920 --> 00:01:55,200 rental debt to secure repayment of the 81 00:01:55,200 --> 00:01:58,080 guaranteed sewer revenue notes, 2026 82 00:01:58,080 --> 00:01:59,880 series to be issued to the Newtown 83 00:01:59,880 --> 00:02:01,840 Township Municipal Authority and award 84 00:02:01,840 --> 00:02:03,240 and execute related agreements and 85 00:02:03,240 --> 00:02:06,870 documents. 86 00:02:06,880 --> 00:02:07,880 Let's get the motion made and then we 87 00:02:07,880 --> 00:02:09,360 can turn it to discussion and they can 88 00:02:09,360 --> 00:02:11,360 do their presentation, I guess. 89 00:02:11,360 --> 00:02:12,830 >> So moved. 90 00:02:12,830 --> 00:02:12,840 » So moved. 91 00:02:12,840 --> 00:02:17,350 >> Okay. Is there a second? 92 00:02:17,360 --> 00:02:18,840 » Second. 93 00:02:18,840 --> 00:02:20,630 >> Motion is made by supervisor Grosso, 94 00:02:20,630 --> 00:02:20,640 » Motion is made by supervisor Grosso, 95 00:02:20,640 --> 00:02:22,959 seconded by supervisor Chandler. 96 00:02:22,959 --> 00:02:23,800 I don't know who's there from the 97 00:02:23,800 --> 00:02:25,040 Municipal Authority, but if they want to 98 00:02:25,040 --> 00:02:26,680 do they want to explain what's going on 99 00:02:26,680 --> 00:02:28,560 here? 100 00:02:28,560 --> 00:02:30,550 >> Uh yeah, Steve uh 101 00:02:30,550 --> 00:02:30,560 » Uh yeah, Steve uh 102 00:02:30,560 --> 00:02:33,480 Mackel is Steve, I think you're going to 103 00:02:33,480 --> 00:02:34,640 need 104 00:02:34,640 --> 00:02:37,400 to come and speak over here even though 105 00:02:37,400 --> 00:02:39,480 uh and be at the No, I think you're 106 00:02:39,480 --> 00:02:42,000 going to have to be actually over here 107 00:02:42,000 --> 00:02:46,080 uh because uh the they're not picking up 108 00:02:46,080 --> 00:02:47,160 Well, they were hearing me on the 109 00:02:47,160 --> 00:02:48,600 system, but I don't know all of a sudden 110 00:02:48,600 --> 00:02:50,640 they're not. So, if you could do that, 111 00:02:50,640 --> 00:02:51,440 please. 112 00:02:51,440 --> 00:02:53,270 >> Okay. Uh thank you. Steve Mackel, vice 113 00:02:53,270 --> 00:02:53,280 » Okay. Uh thank you. Steve Mackel, vice 114 00:02:53,280 --> 00:02:55,240 chair of the Newtown Township Municipal 115 00:02:55,240 --> 00:02:57,240 Authority. Um 116 00:02:57,240 --> 00:02:58,800 we've uh 117 00:02:58,800 --> 00:03:01,320 done a lot of work to um look at 118 00:03:01,320 --> 00:03:04,959 proposals for refinancing the bonds uh 119 00:03:04,959 --> 00:03:07,800 that are uh from 2018. 120 00:03:07,800 --> 00:03:12,080 And um we have uh 121 00:03:12,080 --> 00:03:15,040 selected Delaware Valley Refinance 122 00:03:15,040 --> 00:03:17,280 Authority to uh move forward with the 123 00:03:17,280 --> 00:03:20,480 bond uh 124 00:03:20,480 --> 00:03:22,080 refinancing. 125 00:03:22,080 --> 00:03:24,200 Um if there's any questions, I know you 126 00:03:24,200 --> 00:03:25,840 have the materials. 127 00:03:25,840 --> 00:03:27,320 Um 128 00:03:27,320 --> 00:03:29,560 we can And Lucian Calhoun is here from 129 00:03:29,560 --> 00:03:31,720 DVRFA as well and can answer any 130 00:03:31,720 --> 00:03:36,270 specifics. 131 00:03:36,280 --> 00:03:37,640 » Well, I mean, I don't really know how 132 00:03:37,640 --> 00:03:39,800 much details we've kind of been left out 133 00:03:39,800 --> 00:03:41,680 in the dark on a lot of this. Um so, 134 00:03:41,680 --> 00:03:42,880 we've had to do our own independent 135 00:03:42,880 --> 00:03:45,280 analysis uh even though we requested one 136 00:03:45,280 --> 00:03:46,880 to be conducted. So, I don't know if 137 00:03:46,880 --> 00:03:48,280 Lucian wants to give an overview. I 138 00:03:48,280 --> 00:03:49,640 understand that we're already securing 139 00:03:49,640 --> 00:03:53,200 this debt and it's your debt. Um but I I 140 00:03:53,200 --> 00:03:54,520 think that there are at least I have 141 00:03:54,520 --> 00:03:56,880 some questions, so I don't know who's 142 00:03:56,880 --> 00:03:58,440 the proper person to kind of explain 143 00:03:58,440 --> 00:04:01,640 this from uh, a high-level so that at 144 00:04:01,640 --> 00:04:03,880 least I can have some comfort, uh, 145 00:04:03,880 --> 00:04:05,840 especially given the situation that we 146 00:04:05,840 --> 00:04:07,959 find ourselves in with the economy, uh, 147 00:04:07,959 --> 00:04:09,440 whether this is the proper time to move 148 00:04:09,440 --> 00:04:11,280 forward, even understanding that we have 149 00:04:11,280 --> 00:04:14,160 that lock-in uh, that is being discussed 150 00:04:14,160 --> 00:04:16,560 or being offered by Del Val. So, 151 00:04:16,560 --> 00:04:18,840 whoever wants to start explaining to why 152 00:04:18,840 --> 00:04:20,840 we should be backing this $30 million 153 00:04:20,840 --> 00:04:22,600 debt, uh, I think it's probably a good 154 00:04:22,600 --> 00:04:29,710 start. 155 00:04:29,720 --> 00:04:30,360 » I'll go. 156 00:04:30,360 --> 00:04:34,630 >> Can you all hear me? 157 00:04:34,640 --> 00:04:35,840 » Yes. 158 00:04:35,840 --> 00:04:42,470 >> Yes. Oh, okay. 159 00:04:42,480 --> 00:04:44,120 All right. Well, 160 00:04:44,120 --> 00:04:45,560 those 161 00:04:45,560 --> 00:04:47,480 that aren't familiar with Del Val, you 162 00:04:47,480 --> 00:04:49,720 know, we were finance authority created 163 00:04:49,720 --> 00:04:52,919 by four counties in 1985, 164 00:04:52,919 --> 00:04:55,680 and since then we've originated more 165 00:04:55,680 --> 00:04:57,360 than 460 166 00:04:57,360 --> 00:04:59,880 loans to more than 215 167 00:04:59,880 --> 00:05:02,880 different local government units 168 00:05:02,880 --> 00:05:05,960 in 16 counties of the Commonwealth. 169 00:05:05,960 --> 00:05:07,600 Um, you know, 170 00:05:07,600 --> 00:05:10,160 for the life of the authority, we've 171 00:05:10,160 --> 00:05:11,400 uh, 172 00:05:11,400 --> 00:05:13,800 been a very economic, 173 00:05:13,800 --> 00:05:14,520 uh, 174 00:05:14,520 --> 00:05:16,640 means of doing financings, and and 175 00:05:16,640 --> 00:05:18,640 that's the case, uh, you know, for the 176 00:05:18,640 --> 00:05:20,640 municipal authority. 177 00:05:20,640 --> 00:05:21,480 Uh, 178 00:05:21,480 --> 00:05:23,000 the 179 00:05:23,000 --> 00:05:25,240 loans that we provide, you know, with a 180 00:05:25,240 --> 00:05:28,000 22-year maturity, such as it would be 181 00:05:28,000 --> 00:05:31,120 required for the municipal authority, 182 00:05:31,120 --> 00:05:33,400 uh, typically average about 50 basis 183 00:05:33,400 --> 00:05:36,040 points lower in all-in true interest 184 00:05:36,040 --> 00:05:37,200 cost 185 00:05:37,200 --> 00:05:40,240 than, uh, a comparable bond issue. 186 00:05:40,240 --> 00:05:42,560 And I know that, uh, you know, this is a 187 00:05:42,560 --> 00:05:45,200 big financing, and then we're certainly 188 00:05:45,200 --> 00:05:47,640 uh, pleased that the supervisors and the 189 00:05:47,640 --> 00:05:50,480 directors of the municipal authority of 190 00:05:50,480 --> 00:05:53,920 elected to proceed with this and 191 00:05:53,920 --> 00:05:55,200 once you'd be comfortable that it's a 192 00:05:55,200 --> 00:05:58,200 good decision. Our competition just 193 00:05:58,200 --> 00:06:00,720 closed a transaction 194 00:06:00,720 --> 00:06:02,680 for a school district 195 00:06:02,680 --> 00:06:06,400 in the Poconos a $35 million transaction 196 00:06:06,400 --> 00:06:08,280 that's comparable 197 00:06:08,280 --> 00:06:10,320 pardon me to the municipal authority 198 00:06:10,320 --> 00:06:13,200 financing if the district had used 199 00:06:13,200 --> 00:06:15,880 DelVal they would have saved 200 00:06:15,880 --> 00:06:18,760 $2.65 million 201 00:06:18,760 --> 00:06:20,800 in debt service cost over the life of 202 00:06:20,800 --> 00:06:22,680 the financing. 203 00:06:22,680 --> 00:06:25,680 The cost of issuance of that financing 204 00:06:25,680 --> 00:06:27,160 were 205 00:06:27,160 --> 00:06:29,400 about two and a half times you know the 206 00:06:29,400 --> 00:06:31,560 cost of issuance that this DelVal loan 207 00:06:31,560 --> 00:06:34,470 would require. 208 00:06:34,480 --> 00:06:36,840 A bond issue would require 209 00:06:36,840 --> 00:06:38,720 the funding of a debt service reserve 210 00:06:38,720 --> 00:06:42,760 fund which DelVal loan does not require. 211 00:06:42,760 --> 00:06:44,600 That reduces the amount that needs to be 212 00:06:44,600 --> 00:06:47,640 financed by almost $3 million. 213 00:06:47,640 --> 00:06:49,760 So the 214 00:06:49,760 --> 00:06:52,120 confident and comfortable that you know 215 00:06:52,120 --> 00:06:55,320 the decision that's been made will 216 00:06:55,320 --> 00:06:58,000 result in the greatest possible savings 217 00:06:58,000 --> 00:06:59,520 to the authority under the current 218 00:06:59,520 --> 00:07:01,640 market conditions. 219 00:07:01,640 --> 00:07:03,160 The guarantee 220 00:07:03,160 --> 00:07:06,840 that the township would execute 221 00:07:06,840 --> 00:07:09,360 constitutes lease rental debt 222 00:07:09,360 --> 00:07:12,160 under the local government unit debt act 223 00:07:12,160 --> 00:07:13,160 and 224 00:07:13,160 --> 00:07:15,320 the enactment of this ordinance 225 00:07:15,320 --> 00:07:18,000 authorizes the execution of that 226 00:07:18,000 --> 00:07:20,800 guarantee agreement and the incurrence 227 00:07:20,800 --> 00:07:23,520 of the lease rental debt. 228 00:07:23,520 --> 00:07:24,760 It 229 00:07:24,760 --> 00:07:27,000 the ordinance approves 230 00:07:27,000 --> 00:07:31,360 the refunding of the 2018 bonds 231 00:07:31,360 --> 00:07:32,680 approves 232 00:07:32,680 --> 00:07:35,400 the municipal authority's selection of 233 00:07:35,400 --> 00:07:36,720 DelVal 234 00:07:36,720 --> 00:07:39,360 and approves the 235 00:07:39,360 --> 00:07:41,280 cost of issuance that DelVal would 236 00:07:41,280 --> 00:07:43,280 assess on this 237 00:07:43,280 --> 00:07:45,320 transaction, the the cost of issuance 238 00:07:45,320 --> 00:07:48,910 would be $146,500. 239 00:07:48,920 --> 00:07:50,880 And which again is 240 00:07:50,880 --> 00:07:55,360 um about 40% or less of the comparable 241 00:07:55,360 --> 00:07:58,080 cost of issuance for a bond issue. 242 00:07:58,080 --> 00:08:00,520 Uh it pledges 243 00:08:00,520 --> 00:08:03,240 the full faith, credit, and taxing power 244 00:08:03,240 --> 00:08:05,120 of the township in the event of the 245 00:08:05,120 --> 00:08:06,640 deficiency 246 00:08:06,640 --> 00:08:08,000 of uh 247 00:08:08,000 --> 00:08:10,640 the sewer revenues generated by the 248 00:08:10,640 --> 00:08:12,240 municipal authority to make the debt 249 00:08:12,240 --> 00:08:14,000 service payments. 250 00:08:14,000 --> 00:08:16,560 Um but you know, that guarantee again 251 00:08:16,560 --> 00:08:19,480 only kicks in if there is a deficiency. 252 00:08:19,480 --> 00:08:21,240 And there's no expectation that there 253 00:08:21,240 --> 00:08:23,040 will be a deficiency. 254 00:08:23,040 --> 00:08:27,120 The maximum possible payment um 255 00:08:27,120 --> 00:08:29,280 um the lease rental 256 00:08:29,280 --> 00:08:31,600 uh debt that's being incurred 257 00:08:31,600 --> 00:08:34,800 is uh I don't exactly have the number 258 00:08:34,800 --> 00:08:39,870 memorized, but it's $5,175,000 259 00:08:39,880 --> 00:08:40,800 uh 260 00:08:40,800 --> 00:08:44,240 range, but that that's the theoretical 261 00:08:44,240 --> 00:08:46,839 maximum 262 00:08:46,839 --> 00:08:50,400 payment at a 15% interest rate. 263 00:08:50,400 --> 00:08:52,880 And obviously, that interest rate will 264 00:08:52,880 --> 00:08:55,320 be fixed at substantially lower rate. We 265 00:08:55,320 --> 00:08:56,720 expect it to be 266 00:08:56,720 --> 00:09:01,000 fixed in the 4.3 to 4.35% 267 00:09:01,000 --> 00:09:02,280 range. 268 00:09:02,280 --> 00:09:04,440 Um you know, depending on what 269 00:09:04,440 --> 00:09:08,241 the market volatility is tomorrow. 270 00:09:08,241 --> 00:09:09,310 >> [clears throat] 271 00:09:09,310 --> 00:09:09,320 » [clears throat] 272 00:09:09,320 --> 00:09:10,910 >> But the 273 00:09:10,910 --> 00:09:10,920 » But the 274 00:09:10,920 --> 00:09:12,160 um you know, again, the guarantee is 275 00:09:12,160 --> 00:09:15,040 only becomes an issue for the township 276 00:09:15,040 --> 00:09:17,800 in the event that there is a deficiency. 277 00:09:17,800 --> 00:09:19,800 Uh the loan to the municipal authority 278 00:09:19,800 --> 00:09:22,800 is exactly like the three loans that the 279 00:09:22,800 --> 00:09:25,560 township currently has with the Delaware 280 00:09:25,560 --> 00:09:27,880 Valley Regional Finance Authority. 281 00:09:27,880 --> 00:09:31,280 Uh the provisions are exactly the same 282 00:09:31,280 --> 00:09:33,120 as as is the case with the three 283 00:09:33,120 --> 00:09:34,880 existing loans. 284 00:09:34,880 --> 00:09:37,200 Uh Uh, the township has 285 00:09:37,200 --> 00:09:39,880 three loans with DelVal aggregating a 286 00:09:39,880 --> 00:09:42,240 little around $9 million. 287 00:09:42,240 --> 00:09:43,040 So, 288 00:09:43,040 --> 00:09:45,000 and I believe the interest rates range 289 00:09:45,000 --> 00:09:48,600 from 1. 2% 290 00:09:48,600 --> 00:09:51,280 to Yeah, I think that I think the higher 291 00:09:51,280 --> 00:09:54,840 higher rate is is some 292 00:09:54,840 --> 00:09:56,720 confidence. I think one of the loans may 293 00:09:56,720 --> 00:09:59,280 be around 3%, but the others are 294 00:09:59,280 --> 00:10:01,920 you know, in the 1 and 2% range. 295 00:10:01,920 --> 00:10:04,160 So, the the same benefits that the 296 00:10:04,160 --> 00:10:07,080 township has enjoyed uh, will be enjoyed 297 00:10:07,080 --> 00:10:14,790 by the municipal authority. 298 00:10:14,800 --> 00:10:16,720 » Perfect. And those three loans, I mean, 299 00:10:16,720 --> 00:10:19,120 those are substantially less than what 300 00:10:19,120 --> 00:10:20,400 this is 301 00:10:20,400 --> 00:10:20,960 uh, 302 00:10:20,960 --> 00:10:22,440 potentially incurring, correct? Aren't 303 00:10:22,440 --> 00:10:24,000 those three loans kind of like an apples 304 00:10:24,000 --> 00:10:25,680 to oranges comparison, you'd say, with 305 00:10:25,680 --> 00:10:27,320 regards to the total amount we're 306 00:10:27,320 --> 00:10:29,520 talking about? 307 00:10:29,520 --> 00:10:31,910 >> Um, well, the provisions are the same 308 00:10:31,910 --> 00:10:31,920 » Um, well, the provisions are the same 309 00:10:31,920 --> 00:10:33,640 and with DelVal, that you know, the loan 310 00:10:33,640 --> 00:10:35,440 rate's the same for small loans, big 311 00:10:35,440 --> 00:10:36,720 loans. 312 00:10:36,720 --> 00:10:38,120 Um, you know, we've done large 313 00:10:38,120 --> 00:10:40,160 transactions for the Bucks County Water 314 00:10:40,160 --> 00:10:42,520 and Sewer Authority, $50 million. 315 00:10:42,520 --> 00:10:44,000 And we've done 316 00:10:44,000 --> 00:10:46,120 $50 million and up transactions for 317 00:10:46,120 --> 00:10:47,680 Chester County, 318 00:10:47,680 --> 00:10:48,880 uh, 319 00:10:48,880 --> 00:10:51,400 Delaware County, Bucks County. 320 00:10:51,400 --> 00:10:52,360 Um, 321 00:10:52,360 --> 00:10:53,360 but 322 00:10:53,360 --> 00:10:56,960 you know, the the size of the loan is 323 00:10:56,960 --> 00:10:58,920 yeah, doesn't affect the loan rate or 324 00:10:58,920 --> 00:11:00,160 the provisions of the loan. 325 00:11:00,160 --> 00:11:02,230 >> and my concern necessarily is whether 326 00:11:02,230 --> 00:11:02,240 » and my concern necessarily is whether 327 00:11:02,240 --> 00:11:03,760 you guys are a qualified shop. I don't 328 00:11:03,760 --> 00:11:04,839 think that was ever called into the 329 00:11:04,839 --> 00:11:07,120 question, at least by me. Um, I just 330 00:11:07,120 --> 00:11:08,920 have questions on one, I thought the 331 00:11:08,920 --> 00:11:11,400 process was handled in in a very um, 332 00:11:11,400 --> 00:11:12,920 interesting way where we were kind of 333 00:11:12,920 --> 00:11:14,600 boxed out the entire time. There was no 334 00:11:14,600 --> 00:11:16,360 discussion until 335 00:11:16,360 --> 00:11:17,839 we were kind of forced to make moves and 336 00:11:17,839 --> 00:11:18,839 then 337 00:11:18,839 --> 00:11:20,320 we're being told that by us slowing 338 00:11:20,320 --> 00:11:22,280 down, we were incurring additional 339 00:11:22,280 --> 00:11:24,080 costs, which I think is just a 340 00:11:24,080 --> 00:11:26,240 ridiculous sort of proposition to put us 341 00:11:26,240 --> 00:11:27,640 in, which doesn't necessarily, I guess, 342 00:11:27,640 --> 00:11:28,960 involve you. 343 00:11:28,960 --> 00:11:30,800 Um, let me ask this question. With 344 00:11:30,800 --> 00:11:33,120 regards to and this is 345 00:11:33,120 --> 00:11:34,800 you know, to just just the I guess the 346 00:11:34,800 --> 00:11:36,440 last question I have is, 347 00:11:36,440 --> 00:11:38,120 you know, understanding that we're going 348 00:11:38,120 --> 00:11:39,840 to be locking this in and the interest 349 00:11:39,840 --> 00:11:41,480 rate will be lower than that of a bond. 350 00:11:41,480 --> 00:11:44,200 I understand that. Uh and let's say the 351 00:11:44,200 --> 00:11:46,280 the interest rates go lower after we 352 00:11:46,280 --> 00:11:48,520 lock in, we're getting an option to I 353 00:11:48,520 --> 00:11:50,520 guess lock that in 354 00:11:50,520 --> 00:11:53,040 one more time over the the span of of 355 00:11:53,040 --> 00:11:55,040 this bond lifetime, or at least for the 356 00:11:55,040 --> 00:11:57,120 next 10 years, excuse me. 357 00:11:57,120 --> 00:11:59,320 I guess the question that I would ask 358 00:11:59,320 --> 00:12:01,560 is, what's the rush of doing it now? 359 00:12:01,560 --> 00:12:03,120 Right? It's not like 360 00:12:03,120 --> 00:12:05,080 interest rates are obviously high. We 361 00:12:05,080 --> 00:12:07,960 know what it is. Like is this truly, you 362 00:12:07,960 --> 00:12:09,040 know, and I guess this isn't really a 363 00:12:09,040 --> 00:12:11,360 question for us to answer, 364 00:12:11,360 --> 00:12:13,000 but I'm I'm curious. 365 00:12:13,000 --> 00:12:15,440 Why would we be rushing into this now, 366 00:12:15,440 --> 00:12:16,480 or the municipal authority be rushing 367 00:12:16,480 --> 00:12:18,320 into this now as opposed to waiting to 368 00:12:18,320 --> 00:12:20,280 see where the economy is 369 00:12:20,280 --> 00:12:22,440 in a year or 2 years? Is it just because 370 00:12:22,440 --> 00:12:24,400 we started this process and we don't 371 00:12:24,400 --> 00:12:25,720 want to 372 00:12:25,720 --> 00:12:27,640 backtrack a little bit? 373 00:12:27,640 --> 00:12:29,480 And that might be a question for Steve. 374 00:12:29,480 --> 00:12:30,840 I don't want to be unfair to either of 375 00:12:30,840 --> 00:12:32,640 you, but I'm I'm just curious if, you 376 00:12:32,640 --> 00:12:34,800 know, why we're we're going to be moving 377 00:12:34,800 --> 00:12:36,440 forward if we have so much uncertainty 378 00:12:36,440 --> 00:12:38,960 with the economy right now. 379 00:12:38,960 --> 00:12:40,350 >> So I'll I'll I'll answer it. 380 00:12:40,350 --> 00:12:40,360 » So I'll I'll I'll answer it. 381 00:12:40,360 --> 00:12:41,550 >> Can you slide up just a 382 00:12:41,550 --> 00:12:41,560 » Can you slide up just a 383 00:12:41,560 --> 00:12:46,829 >> Okay. In December of '25, we began the 384 00:12:46,829 --> 00:12:46,839 » Okay. In December of '25, we began the 385 00:12:46,839 --> 00:12:50,160 process of this. Uh a engagement letter 386 00:12:50,160 --> 00:12:54,400 was supposed to be executed and 387 00:12:54,400 --> 00:12:57,120 was approved to be executed and sent to 388 00:12:57,120 --> 00:13:00,000 Stifel, I believe. And 389 00:13:00,000 --> 00:13:03,000 on July 1st, we were told that they have 390 00:13:03,000 --> 00:13:04,839 not received that. It was never sent by 391 00:13:04,839 --> 00:13:07,440 the township, which we didn't know until 392 00:13:07,440 --> 00:13:10,400 that point. On June 9th, uh we had a 393 00:13:10,400 --> 00:13:12,200 meeting with uh 394 00:13:12,200 --> 00:13:15,920 DVRFA to discuss this and come up with a 395 00:13:15,920 --> 00:13:18,120 proposal. Uh 396 00:13:18,120 --> 00:13:20,800 Stifel was not able to move forward 397 00:13:20,800 --> 00:13:22,800 until they had that letter of engagement 398 00:13:22,800 --> 00:13:25,520 in hands. Uh unbeknownst to us, they 399 00:13:25,520 --> 00:13:28,560 didn't have it. And uh we were on the 400 00:13:28,560 --> 00:13:30,360 track to do that while the audits were 401 00:13:30,360 --> 00:13:32,400 getting done, which were needed as part 402 00:13:32,400 --> 00:13:34,600 of this. And 403 00:13:34,600 --> 00:13:35,240 um 404 00:13:35,240 --> 00:13:38,040 so June 9th, we began a conversation 405 00:13:38,040 --> 00:13:42,480 with DVRFA. Um and June uh I can get my 406 00:13:42,480 --> 00:13:45,520 notes, but uh there amongst in June up 407 00:13:45,520 --> 00:13:48,680 July 1st was when we were told that uh 408 00:13:48,680 --> 00:13:51,000 Stifel did receive the letter and could 409 00:13:51,000 --> 00:13:53,600 come up with a proposal. In evaluating 410 00:13:53,600 --> 00:13:55,920 those two proposals, the uh 411 00:13:55,920 --> 00:13:58,880 restructuring of the debt was um 412 00:13:58,880 --> 00:14:02,080 first available to be uh refinanced in 413 00:14:02,080 --> 00:14:04,800 dece- in September of this year, and we 414 00:14:04,800 --> 00:14:07,240 were tracking towards that since our 415 00:14:07,240 --> 00:14:09,880 December meeting. And 416 00:14:09,880 --> 00:14:12,400 uh when in getting proposals from DVRFA 417 00:14:12,400 --> 00:14:14,840 and a competing proposal from Stifel, it 418 00:14:14,840 --> 00:14:16,560 was um 419 00:14:16,560 --> 00:14:18,520 decided upon the Municipal Authority 420 00:14:18,520 --> 00:14:20,320 Board that we were comfortable with that 421 00:14:20,320 --> 00:14:23,160 savings, uh with the origination savings 422 00:14:23,160 --> 00:14:25,680 as well as the overall savings 423 00:14:25,680 --> 00:14:30,950 in uh the the debt refinancing. 424 00:14:30,960 --> 00:14:32,520 » Oh. No, see if I understand the 425 00:14:32,520 --> 00:14:34,240 timeline, I appreciate that. And I think 426 00:14:34,240 --> 00:14:35,760 it's helpful. I I guess and maybe I 427 00:14:35,760 --> 00:14:39,960 phrase it uh incorrectly, is given that 428 00:14:39,960 --> 00:14:41,520 we've moved forward and the Municipal 429 00:14:41,520 --> 00:14:43,920 Authority's moved forward um with this 430 00:14:43,920 --> 00:14:45,720 and then seeing the uncertainty in the 431 00:14:45,720 --> 00:14:47,560 bond market and the volatility of the 432 00:14:47,560 --> 00:14:49,520 economy right now as it relates to 433 00:14:49,520 --> 00:14:51,560 interest rates, I guess my question is 434 00:14:51,560 --> 00:14:53,520 is the Municipal Authority clearly is 435 00:14:53,520 --> 00:14:55,800 still comfortable moving forward as 436 00:14:55,800 --> 00:14:57,760 opposed to maybe waiting a year or two 437 00:14:57,760 --> 00:14:59,440 years to see where we are. Is that I 438 00:14:59,440 --> 00:15:01,160 mean, clearly that's the answer, I 439 00:15:01,160 --> 00:15:02,920 guess. And I guess I just want to make 440 00:15:02,920 --> 00:15:04,320 sure that we're comfortable with that as 441 00:15:04,320 --> 00:15:05,839 well because if there's a potential that 442 00:15:05,839 --> 00:15:07,920 we're saving more money next year 443 00:15:07,920 --> 00:15:09,240 because the interest rates go down, and 444 00:15:09,240 --> 00:15:11,040 I get it, it's a potential. We don't 445 00:15:11,040 --> 00:15:11,920 know whether they're going to go down, 446 00:15:11,920 --> 00:15:13,440 we don't know whether they go up, but I 447 00:15:13,440 --> 00:15:15,120 don't want to see us lock in and then 448 00:15:15,120 --> 00:15:16,360 only have one more bite of the apple 449 00:15:16,360 --> 00:15:18,320 over the next x amount of time over that 450 00:15:18,320 --> 00:15:20,400 term. 451 00:15:20,400 --> 00:15:22,110 >> Uh that's correct. We decided to move 452 00:15:22,110 --> 00:15:22,120 » Uh that's correct. We decided to move 453 00:15:22,120 --> 00:15:24,040 forward with September as our date to 454 00:15:24,040 --> 00:15:26,280 refinance, knowing that we could save 455 00:15:26,280 --> 00:15:29,640 $1.2 million plus the origination cost 456 00:15:29,640 --> 00:15:32,750 savings. 457 00:15:32,760 --> 00:15:34,600 » But that basis could also that savings 458 00:15:34,600 --> 00:15:36,040 could go up if the interest rates go 459 00:15:36,040 --> 00:15:36,560 down even more. 460 00:15:36,560 --> 00:15:37,790 >> It could, but we don't have a, you know, 461 00:15:37,790 --> 00:15:37,800 » It could, but we don't have a, you know, 462 00:15:37,800 --> 00:15:40,080 a crystal ball to say what those rates 463 00:15:40,080 --> 00:15:42,040 will be a year from now, 3 months from 464 00:15:42,040 --> 00:15:45,320 now, but it does cost substantial money 465 00:15:45,320 --> 00:15:47,640 monthly that we're losing right now if 466 00:15:47,640 --> 00:15:50,200 we decide in July, August, September to 467 00:15:50,200 --> 00:15:51,160 do that. 468 00:15:51,160 --> 00:15:53,110 >> No, that's fair. Crystal ball, that's 469 00:15:53,110 --> 00:15:53,120 » No, that's fair. Crystal ball, that's 470 00:15:53,120 --> 00:15:54,760 definitely a fair analogy, but we also 471 00:15:54,760 --> 00:15:56,000 aren't necessarily up against time 472 00:15:56,000 --> 00:15:57,280 clock, I guess is the question I was 473 00:15:57,280 --> 00:15:58,880 getting the answer to, and I think I I 474 00:15:58,880 --> 00:16:01,920 got it. So, that was helpful, though. 475 00:16:01,920 --> 00:16:03,320 Um, Lucian, I appreciate it. That was 476 00:16:03,320 --> 00:16:04,880 helpful. Steve, I appreciate it. As I 477 00:16:04,880 --> 00:16:06,200 said before, I appreciate the time that 478 00:16:06,200 --> 00:16:07,600 the municipal authority spent on this 479 00:16:07,600 --> 00:16:10,760 personally. Um, I know that we had our 480 00:16:10,760 --> 00:16:12,560 own independent analysis done as well 481 00:16:12,560 --> 00:16:14,120 once the two providers were kind of 482 00:16:14,120 --> 00:16:16,520 narrowed down. Um, so I don't know if 483 00:16:16,520 --> 00:16:17,480 there's any other questions from the 484 00:16:17,480 --> 00:16:20,470 board. 485 00:16:20,480 --> 00:16:23,280 » I do. Um, 486 00:16:23,280 --> 00:16:25,080 we still don't have that question 487 00:16:25,080 --> 00:16:29,200 answered on what is the 488 00:16:29,200 --> 00:16:35,870 scenario if we wait? 489 00:16:35,880 --> 00:16:36,760 » I 490 00:16:36,760 --> 00:16:38,920 My answer is the same. It would be we 491 00:16:38,920 --> 00:16:40,720 saw the opportunity to refinance in 492 00:16:40,720 --> 00:16:43,800 September. Um, waiting because of the 493 00:16:43,800 --> 00:16:45,160 unknowns, 494 00:16:45,160 --> 00:16:46,920 uh, it was a chance for the 495 00:16:46,920 --> 00:16:49,600 rate payers to get a savings. 496 00:16:49,600 --> 00:16:51,800 So, we decided to move forward with the 497 00:16:51,800 --> 00:16:53,520 timeline that was proposed back in 498 00:16:53,520 --> 00:16:56,790 December. 499 00:16:56,800 --> 00:17:03,470 » Okay. 500 00:17:03,480 --> 00:17:08,710 » Any other questions from the board? 501 00:17:08,720 --> 00:17:10,560 » I would just like to say that I did have 502 00:17:10,560 --> 00:17:11,880 a chance to talk to 503 00:17:11,880 --> 00:17:13,510 >> Can Can you all hear Cheryl? 504 00:17:13,510 --> 00:17:13,520 » Can Can you all hear Cheryl? 505 00:17:13,520 --> 00:17:14,949 >> I can. I Yeah. 506 00:17:14,949 --> 00:17:14,959 » I can. I Yeah. 507 00:17:14,959 --> 00:17:15,429 >> Great. 508 00:17:15,429 --> 00:17:15,439 » Great. 509 00:17:15,439 --> 00:17:17,230 >> Okay. To To DelVal, and I did 510 00:17:17,230 --> 00:17:17,240 » Okay. To To DelVal, and I did 511 00:17:17,240 --> 00:17:19,520 communicate with Steve 512 00:17:19,520 --> 00:17:21,079 via email 513 00:17:21,079 --> 00:17:22,720 with the side-by-side comparison. I know 514 00:17:22,720 --> 00:17:24,720 Steve, you did yours, but 515 00:17:24,720 --> 00:17:27,280 this right now is when you can refinance 516 00:17:27,280 --> 00:17:29,400 based on the bond from Steve. And I 517 00:17:29,400 --> 00:17:31,520 think based on the analysis that you did 518 00:17:31,520 --> 00:17:34,360 with Del Val and a little bit of what I 519 00:17:34,360 --> 00:17:37,040 looked at from our folks, it does seem 520 00:17:37,040 --> 00:17:39,120 to make sense. And even though we don't 521 00:17:39,120 --> 00:17:40,600 have a crystal ball to predict what will 522 00:17:40,600 --> 00:17:42,680 happen, the benefit of Del Val is you 523 00:17:42,680 --> 00:17:45,280 don't incur any additional expenses 524 00:17:45,280 --> 00:17:47,160 to refinance if I'm understanding 525 00:17:47,160 --> 00:17:51,240 correctly. And you can also reset. So, 526 00:17:51,240 --> 00:17:53,080 if the interest rate We're not If the 527 00:17:53,080 --> 00:17:55,000 interest rates go up, we're locked in. 528 00:17:55,000 --> 00:17:57,160 If they come down, we can watch them 529 00:17:57,160 --> 00:17:58,720 come down, and then we can reset at the 530 00:17:58,720 --> 00:18:00,680 lowest possible rate, and then we're 531 00:18:00,680 --> 00:18:03,000 guaranteed that rate 532 00:18:03,000 --> 00:18:05,520 at the end of this period. I think it's 533 00:18:05,520 --> 00:18:06,120 part of the deal. 534 00:18:06,120 --> 00:18:07,110 >> Yeah. Okay. 535 00:18:07,110 --> 00:18:07,120 » Yeah. Okay. 536 00:18:07,120 --> 00:18:08,310 >> Thank you for saying. I should have 537 00:18:08,310 --> 00:18:08,320 » Thank you for saying. I should have 538 00:18:08,320 --> 00:18:09,880 mentioned that, too. That was an 539 00:18:09,880 --> 00:18:11,600 attractive feature of the DVRFA 540 00:18:11,600 --> 00:18:14,320 refinancing as opposed to doing a bond 541 00:18:14,320 --> 00:18:19,030 bond issuance. 542 00:18:19,040 --> 00:18:20,800 » Any other comments from the board? 543 00:18:20,800 --> 00:18:22,950 >> So, so yeah, I just I wanted to make 544 00:18:22,950 --> 00:18:22,960 » So, so yeah, I just I wanted to make 545 00:18:22,960 --> 00:18:26,680 sure I understood that right. So, if the 546 00:18:26,680 --> 00:18:28,880 we lock in now, but rates, you know, 547 00:18:28,880 --> 00:18:31,200 actually do fall in the future next year 548 00:18:31,200 --> 00:18:32,760 or at another point, do we have the 549 00:18:32,760 --> 00:18:35,600 ability to lock in a subsequent lower 550 00:18:35,600 --> 00:18:39,030 rate? 551 00:18:39,040 --> 00:18:41,800 » Well, what's contemplated is a 10-year 552 00:18:41,800 --> 00:18:43,120 option. 553 00:18:43,120 --> 00:18:44,960 It's similar to what you would have with 554 00:18:44,960 --> 00:18:46,400 the bond issue. 555 00:18:46,400 --> 00:18:48,640 The The difference between a Del Val 556 00:18:48,640 --> 00:18:51,360 loan and a bond issue is with a bond 557 00:18:51,360 --> 00:18:54,000 issue, when you exercise an option, 558 00:18:54,000 --> 00:18:56,440 as is the case with the 2018 bonds, you 559 00:18:56,440 --> 00:18:59,160 have to refund them. You have to incur 560 00:18:59,160 --> 00:19:01,440 all the cost and go through all the 561 00:19:01,440 --> 00:19:03,520 drill of issuing a new series of bonds 562 00:19:03,520 --> 00:19:05,520 to pay off the old bonds. 563 00:19:05,520 --> 00:19:08,000 With a Del Val loan, when you exercise 564 00:19:08,000 --> 00:19:10,200 an option, there's no reissuance. 565 00:19:10,200 --> 00:19:12,760 There's no additional cost. It's just a 566 00:19:12,760 --> 00:19:14,240 rate reset. 567 00:19:14,240 --> 00:19:17,240 And with a DelVal with a bond issue, you 568 00:19:17,240 --> 00:19:20,960 can't do exercise an option more than 90 569 00:19:20,960 --> 00:19:24,520 days prior to the option day. So, if you 570 00:19:24,520 --> 00:19:26,280 have a 10-year option, you have to wait 571 00:19:26,280 --> 00:19:29,080 until 90 days prior to that option day 572 00:19:29,080 --> 00:19:31,840 to take advantage of what interest lower 573 00:19:31,840 --> 00:19:33,200 interest rates were hopefully in the 574 00:19:33,200 --> 00:19:36,880 market at that time. With a DelVal loan, 575 00:19:36,880 --> 00:19:39,560 we can make a forward commitment 576 00:19:39,560 --> 00:19:41,720 years in advance 577 00:19:41,720 --> 00:19:44,640 to be effective on the option day 578 00:19:44,640 --> 00:19:46,320 if you hit a a low interest rate 579 00:19:46,320 --> 00:19:48,920 environment. And that's exactly what we 580 00:19:48,920 --> 00:19:52,800 did to one of the township notes. Uh the 581 00:19:52,800 --> 00:19:53,800 we 582 00:19:53,800 --> 00:19:58,880 executed uh we we made a commitment to 583 00:19:58,880 --> 00:20:01,160 uh refund the bond issue of the 584 00:20:01,160 --> 00:20:04,920 townships about 15 months in advance of 585 00:20:04,920 --> 00:20:06,680 the option day. 586 00:20:06,680 --> 00:20:09,680 Uh and we locked the rate at that time 587 00:20:09,680 --> 00:20:12,120 to be effective on the option day. 588 00:20:12,120 --> 00:20:14,240 And and that's something And again, 589 00:20:14,240 --> 00:20:17,480 there's no cost. DelVal charges no fees. 590 00:20:17,480 --> 00:20:20,240 There's no filing to DCED requirement. 591 00:20:20,240 --> 00:20:22,680 There are no cost of issuance incurred. 592 00:20:22,680 --> 00:20:24,880 If the authority had used DelVal in 593 00:20:24,880 --> 00:20:28,400 2018, we wouldn't be doing this refund. 594 00:20:28,400 --> 00:20:30,840 And the authority would have saved about 595 00:20:30,840 --> 00:20:32,560 7 and 1/2 million dollars in debt 596 00:20:32,560 --> 00:20:39,270 service cost. 597 00:20:39,280 --> 00:20:41,950 » Uh 598 00:20:41,960 --> 00:20:43,360 Wouldn't we have to wait another 2 599 00:20:43,360 --> 00:20:45,040 years? 600 00:20:45,040 --> 00:20:46,360 Uh 601 00:20:46,360 --> 00:20:47,680 Wouldn't we have had to wait another 2 602 00:20:47,680 --> 00:20:49,360 years cuz it would have been a 603 00:20:49,360 --> 00:20:50,480 a 10-year term? 604 00:20:50,480 --> 00:20:52,710 >> Uh we could have locked the rate in 2020 605 00:20:52,710 --> 00:20:52,720 » Uh we could have locked the rate in 2020 606 00:20:52,720 --> 00:20:55,480 to be effective in 2025. 607 00:20:55,480 --> 00:20:57,670 >> But well, this this loan would be 10 608 00:20:57,670 --> 00:20:57,680 » But well, this this loan would be 10 609 00:20:57,680 --> 00:20:58,240 years though, right? 610 00:20:58,240 --> 00:20:58,590 >> Yeah. 611 00:20:58,590 --> 00:20:58,600 » Yeah. 612 00:20:58,600 --> 00:20:59,790 >> Okay, so you're saying we're going to 613 00:20:59,790 --> 00:20:59,800 » Okay, so you're saying we're going to 614 00:20:59,800 --> 00:21:01,160 have an 8-year term 615 00:21:01,160 --> 00:21:03,240 on the last thing 2018? 616 00:21:03,240 --> 00:21:05,350 >> No, I'm saying if if they had done the 617 00:21:05,350 --> 00:21:05,360 » No, I'm saying if if they had done the 618 00:21:05,360 --> 00:21:07,800 deal with DelVal in 619 00:21:07,800 --> 00:21:09,640 First of all, our interest rates were 620 00:21:09,640 --> 00:21:12,440 lower then than they are now. 621 00:21:12,440 --> 00:21:14,240 This refunding only works because there 622 00:21:14,240 --> 00:21:16,360 were 5% coupons 623 00:21:16,360 --> 00:21:18,520 on the 2018 bond issue. 624 00:21:18,520 --> 00:21:21,120 That's the only reason that refunding is 625 00:21:21,120 --> 00:21:21,720 economic. 626 00:21:21,720 --> 00:21:23,430 >> Well, I'm just saying if it in 20 I was 627 00:21:23,430 --> 00:21:23,440 » Well, I'm just saying if it in 20 I was 628 00:21:23,440 --> 00:21:24,360 just talking about the turn. I thought 629 00:21:24,360 --> 00:21:25,760 you said we'd be refunding. 630 00:21:25,760 --> 00:21:26,390 >> No. 631 00:21:26,390 --> 00:21:26,400 » No. 632 00:21:26,400 --> 00:21:27,630 >> We'd be resetting now, I thought you 633 00:21:27,630 --> 00:21:27,640 » We'd be resetting now, I thought you 634 00:21:27,640 --> 00:21:28,280 said. 635 00:21:28,280 --> 00:21:28,670 >> Well, 636 00:21:28,670 --> 00:21:28,680 » Well, 637 00:21:28,680 --> 00:21:30,230 >> We'd be refinancing now. I thought 638 00:21:30,230 --> 00:21:30,240 » We'd be refinancing now. I thought 639 00:21:30,240 --> 00:21:30,960 we would have to wait 640 00:21:30,960 --> 00:21:32,310 >> If you'd done the deal with Delval in 641 00:21:32,310 --> 00:21:32,320 » If you'd done the deal with Delval in 642 00:21:32,320 --> 00:21:35,640 2018, in 2020 we would have locked 1% 643 00:21:35,640 --> 00:21:36,240 interest 644 00:21:36,240 --> 00:21:38,160 rates. That's what we did. 645 00:21:38,160 --> 00:21:39,520 It would be effective on the option 646 00:21:39,520 --> 00:21:41,040 date. 647 00:21:41,040 --> 00:21:42,390 >> 2020 would have locked in, but the 648 00:21:42,390 --> 00:21:42,400 » 2020 would have locked in, but the 649 00:21:42,400 --> 00:21:43,560 option date would have been 2 years from 650 00:21:43,560 --> 00:21:43,910 >> Yeah. 651 00:21:43,910 --> 00:21:43,920 » Yeah. 652 00:21:43,920 --> 00:21:44,150 >> Yeah. 653 00:21:44,150 --> 00:21:44,160 » Yeah. 654 00:21:44,160 --> 00:21:44,750 >> Okay. 655 00:21:44,750 --> 00:21:44,760 » Okay. 656 00:21:44,760 --> 00:21:48,550 >> Right. 657 00:21:48,560 --> 00:21:52,990 » Any other questions from the board? 658 00:21:53,000 --> 00:21:53,840 All right. 659 00:21:53,840 --> 00:21:56,640 All those in favor signify by saying I. 660 00:21:56,640 --> 00:21:58,110 >> I. 661 00:21:58,110 --> 00:21:58,120 » I. 662 00:21:58,120 --> 00:22:04,030 >> I. 663 00:22:04,040 --> 00:22:06,960 » Mike, are you a yes? 664 00:22:06,960 --> 00:22:08,670 >> I. 665 00:22:08,670 --> 00:22:08,680 » I. 666 00:22:08,680 --> 00:22:10,880 Yes. 667 00:22:10,880 --> 00:22:11,390 >> All those in favor 668 00:22:11,390 --> 00:22:11,400 » All those in favor 669 00:22:11,400 --> 00:22:12,430 >> hear me? 670 00:22:12,430 --> 00:22:12,440 » hear me? 671 00:22:12,440 --> 00:22:13,670 >> Yeah, we can hear you. Let's actually, 672 00:22:13,670 --> 00:22:13,680 » Yeah, we can hear you. Let's actually, 673 00:22:13,680 --> 00:22:14,720 Stephen, you should probably just do a 674 00:22:14,720 --> 00:22:16,280 roll call vote because it sounds like 675 00:22:16,280 --> 00:22:18,000 everything's blocked up. 676 00:22:18,000 --> 00:22:21,950 >> Okay. 677 00:22:21,960 --> 00:22:23,680 Mr. San Francesco. 678 00:22:23,680 --> 00:22:25,910 >> I'm a no. 679 00:22:25,910 --> 00:22:25,920 » I'm a no. 680 00:22:25,920 --> 00:22:29,670 >> Ms. Chaneles. 681 00:22:29,680 --> 00:22:31,840 » Yes. 682 00:22:31,840 --> 00:22:32,910 >> Ms. Grosso. 683 00:22:32,910 --> 00:22:32,920 » Ms. Grosso. 684 00:22:32,920 --> 00:22:34,030 >> Yes. 685 00:22:34,030 --> 00:22:34,040 » Yes. 686 00:22:34,040 --> 00:22:35,710 >> Mr. Russo. 687 00:22:35,710 --> 00:22:35,720 » Mr. Russo. 688 00:22:35,720 --> 00:22:37,630 >> Yes. 689 00:22:37,630 --> 00:22:37,640 » Yes. 690 00:22:37,640 --> 00:22:38,790 >> Mr. Altieri. 691 00:22:38,790 --> 00:22:38,800 » Mr. Altieri. 692 00:22:38,800 --> 00:22:41,510 >> No. 693 00:22:41,520 --> 00:22:44,520 » All right, motion carries three to two. 694 00:22:44,520 --> 00:22:47,160 Move down to section 8, public comment. 695 00:22:47,160 --> 00:22:49,240 If there's any public comment, please 696 00:22:49,240 --> 00:22:50,320 come to the podium, state your name and 697 00:22:50,320 --> 00:22:51,800 address for the record, and please note 698 00:22:51,800 --> 00:22:53,760 that public comment again is 3 minutes 699 00:22:53,760 --> 00:22:57,430 per resident and taxpayer. 700 00:22:57,440 --> 00:22:59,520 » We have no public comment. 701 00:22:59,520 --> 00:23:03,790 >> All right, any Any comment? 702 00:23:03,800 --> 00:23:05,160 Uh I just want to reiterate again, I do 703 00:23:05,160 --> 00:23:06,640 appreciate the work that the municipal 704 00:23:06,640 --> 00:23:09,840 authority did on this. Um I think it was 705 00:23:09,840 --> 00:23:11,440 a good conversation and and a good 706 00:23:11,440 --> 00:23:13,000 exercise. 707 00:23:13,000 --> 00:23:14,440 Um so it doesn't, you know, that vote 708 00:23:14,440 --> 00:23:15,920 does not discount the work that they put 709 00:23:15,920 --> 00:23:18,320 into that. 710 00:23:18,320 --> 00:23:20,670 >> I also like to comment that 711 00:23:20,670 --> 00:23:20,680 » I also like to comment that 712 00:23:20,680 --> 00:23:23,240 as much as we got our independent 713 00:23:23,240 --> 00:23:25,080 contractor to do an evaluation and 714 00:23:25,080 --> 00:23:27,280 things like that, I I do hope in the 715 00:23:27,280 --> 00:23:29,920 future that the process 716 00:23:29,920 --> 00:23:32,400 is more open and the lines of 717 00:23:32,400 --> 00:23:34,320 communication between the least the 718 00:23:34,320 --> 00:23:36,160 supervisors and the municipal authority 719 00:23:36,160 --> 00:23:39,400 and going forward is more presentation 720 00:23:39,400 --> 00:23:42,240 based and conversation based because 721 00:23:42,240 --> 00:23:44,680 you know, as much as we got to where we 722 00:23:44,680 --> 00:23:47,480 are right now, I do think uh 723 00:23:47,480 --> 00:23:48,680 we could have done a better job 724 00:23:48,680 --> 00:23:50,200 collaborating 725 00:23:50,200 --> 00:23:53,040 and getting this out in a timely fashion 726 00:23:53,040 --> 00:23:56,590 with direction. 727 00:23:56,600 --> 00:23:59,400 » Any other board comment? 728 00:23:59,400 --> 00:24:00,510 >> I just made a motion. Thank you, 729 00:24:00,510 --> 00:24:00,520 » I just made a motion. Thank you, 730 00:24:00,520 --> 00:24:04,470 everyone. 731 00:24:04,480 --> 00:24:05,760 » Good evening, everyone. 732 00:24:05,760 --> 00:24:10,070 >> You too. 733 00:24:10,080 --> 00:24:11,120 » Is this your phone? 734 00:24:11,120 --> 00:24:11,710 >> Yes. 735 00:24:11,710 --> 00:24:11,720 » Yes. 736 00:24:11,720 --> 00:24:14,200 >> Okay. Thank you.