Supplemental Resolution Adopting the Issuance of Water and Sewer Revenue Bond, Series 2020 - Not to Exceed $29,300,000.00

29:39Aye, motion passes 5-0. Thank you so much. Now we move on to our regular agenda and our it's a full one with one item R1.

29:52Good morning, Justin Grant, Public Infrastructure, Fiscal and Business Administration.

29:58We can pull up PowerPoint. Fantastic. This is UT200359. This is the supplemental resolution adopting the issuance of water and sewer revenue bond series 2020, not to exceed 29.3 million. Resolution 19101 authorized staff to initiate the process and final due diligence in negotiation for the transfer of the Aqua system of the FGUA. Um aqua system in Tabasco County. Resolution 2048. The board found purchase

30:29to be in the public interest to approve the transition agreement. And the board exercises right to move forward with the acquisition. Next slide, please.

30:39Our approach, Utilities engaged its financial advisor, PFM, to assist utilities in analyzing its financing options. And then back in March of 2020, we issued an RFP, was solicited out for a tax-exempt fixed rate loan. Uh three banks responded to that uh in a very challenging market condition, as we all know, uh, with everything going on. The uh ideal respondent uh that was chosen was truest bank, offering the most favorable rate in terms. And the results of the purchasing process determined that the fixed rate loan was the preferred financing

31:09vehicle for the acquisition. We analyzed a number of different ways to do this. That was the best that was advised. Next slide, please. This instrument is expected to be effective June 30, 2020, with a final maturity date not to exceed October 1st, 2039. All conditions of the master resolution number 20-15 have been met. And the Water and Sewer Revenue Bond Series 2020 will be issued on parity with utility debt.

31:37Finally, series 2020 is to finance the acquisition of the FGOA Aqua System. The not to exceed $29.3 million covers the following. This is the cost that the fees of the utility revenue bonds, Series 2013A, issued by the FGA, payment of any other outstanding obligations of the system, payment of verifiable expenses by the FGUA associated with the transfer of the system to the county, and to fund costs of capital improvements and renewal replacement. different projects associated with the system.

32:05Excellent.

32:09That

32:09is all.

32:18Any anything else? No, sir. No? Questions? Questions from the board? So any questions from the board?

32:25Ron Oakley's approval.

32:27Commissioner Oakley moves approval.

32:30Second Jack

32:30Mariano.

32:32I think I beat you.

32:36Was that a second by Commissioner Starkey then?

32:38Yeah.

32:39Okay. Um Madam Clerk, please call the roll.

32:42District One, Commissioner Oakley. Aye. District three, Commissioner Starkey. I Good for Commissioner Weightman

32:51Hi.

32:52District five, Commissioner Mariano.

32:55Aye.

32:56District two, Chairman Mariano.

32:57Aye, motion passes. Thank you, Madam Clerk. Slide this around. Okay. Um