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TWO O'CLOCK.[ Special Legislative Session]
GOOD AFTERNOON EVERYONE.I'M WANNA CALL THIS, UH, BOND COUNCIL OR BOND HEARING TOGETHER, UH, SPECIAL LEGISLATIVE TODAY, 23 8.
UH, PLEASE JOIN US IN STANDING FOR THE PLEDGE, FOLLOWED BY THE OPENING PRAYER, UH, TO BELIEVE TO THE FLAG OF OF THE UNITED STATES OF AMERICA, AND TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION UNDER GOD, INVISIBLE LIBERTY, LIBERTY, JUSTICE FOR ALL.
HEAVENLY FATHER, WE COME TO YOU TODAY ASKING FOR YOUR GUIDANCE, WISDOM, AND SUPPORT.
WE THANK YOU FOR ALL YOU HAVE GIVEN US AND THE MANY BLESSINGS IN OUR LIVES.
WE ASK FOR OUR CONTINUED SUPPORT FOR THE CITIZENS OF HARTFORD COUNTY.
MR. JANAN, PLEASE READ RESOLUTION ZERO 20 DASH 23 INTO THE RECORD FOR INTRODUCTION IN, UM, RESOLUTION DASH 20 DASH 23, WARD OF BID, CPI BONDS 2023 SERIES INTRODUCED BY COUNSEL PRESIDENT VIENTE AT THE REQUEST OF THE COUNTY EXECUTIVE, A RESOLUTION OF THE COUNTY COUNCIL OF HARFORD COUNTY, MARYLAND COUNTY, HAVING REFERENCE TO THE ISSUANCE OF 50 MILLION ORIGINAL AGGREGATE PRINCIPLE AMOUNT OF SERIAL MATURITY BOND BONDS DESIGNATED AS HARTFORD COUNTY, MARYLAND CONSOLIDATED PUBLIC IMPROVEMENT BONDS SERIES 2023, THUS SERIES 2023 C P I BONDS, FIXING THE INTEREST RATES PAYABLE ON THE SERIES 2023 CPI BONDS AND AWARDING THE SERIES 2023 CPI BONDS TO THE SUCCESSFUL BIDDERS.
THE THEREFORE, UPON THE BASIS OF BIDS RECEIVED THIS DAY IN ACCORDANCE WITH THE ADVERTISEMENT AND OFFICIAL NOTICE OF SALE, GIVING, GIVING NOTICE OF THE SALE PURSUANT TO RESOLUTION NUMBER 44 DASH 21 ADOPT IT'S RESOLUTION 0 0 1 DASH 23, RESOLUTION NUMBER 0 0 4 1 1.
THAT'S NOT WHAT IT SAYS HERE, BUT OKAY.
20 0 4 4 DASH 21, NO, 0 0 1 DASH 23.
NUMBER 0 0 1 DASH 23 ADOPTED BY THE COUNTY COUNCIL ON JANUARY 17TH, 2023.
THE TERMS OF SALE RESOLUTION DETERMINING THAT'S A SERIES 2023 C P I BONDS THAT MATURE ON OR AFTER OCTOBER 1ST, 2023 SHALL BE SUBJECT 33.
2033 SHALL BE SUBJECT TO THE REDEMPTION PRIOR TO MATURITY PRESCRIBING THE FORM OF THE SERIES 2023 C P I BONDS AND THE METHOD OF EXECUTION AND AUTHOR IN THEREOF AFFIRMING THAT CERTAIN REVENUES ARE PLEDGED TO THE PAYMENT OF A PORTION OF THE SERIES 2023 C P I BONDS AUTHORIZING THE COUNTY EXECUTIVE TO ENTER INTO A DISCLOSURE AGREEMENT WITH RESPECT TO CONTINUUM DISCLOSURE TO, TO ENTER INTO A CONTINUING DISCLOSURE AGREEMENT WITH RESPECT TO THE SERIES 2023 CPI BONDS, AND AFFIRMING THAT THE FULL FAITH AND CREDIT AND UNLIMITED TAXING POWER OF HARTFORD COUNTY, MARYLAND ARE PLEDGED TO THE PAYMENT OF THE PRINCIPLE PREMIUM, IF ANY, AND INTEREST ON THE SERIES 2023 CPI BONDS, NO PUBLIC HEARING IS REQUIRED FOR THIS RESOLUTION.
UH, COUNSEL, UH, IT'S MY PLEASURE TO WELCOME COUNTY EXECUTIVE CASTLEY, UH, MR. ROB MCCORD, MR. ROB SANDIS AND JOHN STK, UH, SPECIAL BOND COUNSEL TO SPEAK TO US TODAY ABOUT THIS RESOLUTION.
COUNCIL MEMBERS, GOOD TO SEE YOU.
THANKS FOR COMING OUT HERE THIS AFTERNOON, GIVING US A QUORUM TO, TO PUSH THIS THROUGH.
UM, I, I WANT TO THANK, UH, OUR COUNTY TREASURER AND BOND COUNCIL FOR YEOMAN'S WORK ON, ON WHAT WE HAVE HERE TODAY.
UM, I'M VERY PLEASED TO, TO BE ABLE TO PRESENT FOR YOUR APPROVAL, UH, UH, AN AWARDEE OF BANK OF B.
THAT'S BANK OF AMERICA, RIGHT? BANK OF AMERICA.
I'M LIKE, YOU DON'T KNOW THE TECHNICALITIES, BUT
CAN I JUST SAY BANK OF AMERICA? UM, AT A, AT A TRUE INTEREST COST OF 3.27, THAT'S JUST 3.2 6 9 1 4 6.
UM, WHICH, AND, AND I WILL NOTE THAT, UH, UH, I'M INFORMED THAT, UH, HOWARD COUNTY SUCCESSFUL BID JUST A WEEK AGO WAS ABOUT 3.25.
SO IN A VERY SUCCESSFUL RUN, UM, ON, ON OUR ENDEAVOR HERE, AND, UH, I'M GONNA TURN THIS OVER TO, UH, UH, MR. SANDIS TO, TO, UH, PROVIDE FURTHER INFORMATION.
APPRECIATE YOUR SUPPORT AND HELP.
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SO THANK YOU, UH, AGAIN, YEAH, WE DID HAVE A VERY SUCCESSFUL, UH, UH, BOND SALE TODAY.AGAIN, WE KEPT OUR AAA BOND RATING.
UM, WE HAD ACTUALLY, THERE WERE 17 SIGNED UP BIDDERS, WHICH WAS QUITE MORE THAN WHAT WE NORMALLY WOULD RECEIVE, UH, 15 OF WHICH SUBMITTED BIDS, WHICH I THINK IS JUST A TESTAMENT TO THE COUNTY'S, UM, UH, STRONG CREDIT PROFILE, THE STRONG DEMOGRAPHICS IN THE COUNTY.
UM, AND THAT OF COURSE, WAS SHOWN, UH, BY A, A VERY, UM, UH, A VERY FAVORABLE INTEREST RATE OF 3.27 AS THE COUNTY EXEC SAID, UM, JUST A WEEK OR SO AGO, BO HOWARD COUNTY, WHICH IS ALSO A TRIP AWAY RATED OF COUNTY, WAS AT 3.5.
AND THAT'S ORIGINALLY WHAT I WAS TELLING YOU, WHICH I EXPECTED.
AND I KNOW SOMETIMES I'M, I'M, UH, ACCUSED OF BEING TOO CONSERVATIVE IN MY ESTIMATES, BUT, UM, I GENUINELY THOUGHT THAT WAS WHAT WE WERE GOING TO GET.
UM, SO THIS WAS A REAL, UM, A REAL, A REAL NICE SURPRISE, UH, AND ONE THAT WILL PAY, PAY OFF IN LOWER INTEREST PAYMENTS FOR THE NEXT 20 YEARS, YOU KNOW, FOR THE CITIZENS OF THIS, OF THIS COUNTY.
UM, SO I ALSO WOULD LIKE TO THANK, UM, UH, DAVENPORT, JEN DERICKSON, UM, YOU KNOW, WHO, UM, REALLY KIND OF, OF ORCHESTRATES ALL OF THE BOND SALE WITH US IN CONJUNCTION WITH, UH, MILES AND STOCKBRIDGE, SEAN SAWFORD OUR, OUR BOND COUNCIL.
UM, UH, JUST ONE OTHER THING JUST TO NOTE IS THAT, UM, PART OF THIS SALE, IT IS, UH, 50 MILLION, UH, 48.5 OF IT IS TAXPAYER SUPPORTED.
1.5 MILLION IS WATER AND SEWER DEBT.
UM, AND THE COUNTY DID RECEIVE APPROXIMATELY SIX, UH, MILLION DOLLARS OF, UH, BOND PREMIUM, WHICH HELPS TO OFFSET AND LOWER THAT TRUE INTEREST COST.
AND WITH THAT, I WILL TURN IT OVER TO SEE IF OUR FINANCIAL ADVISOR HAS ANY COMMENTS.
UM, MR. SANDIS COVERED, UH, THE MAIN POINTS, BUT JUST WANTED TO ADD, UM, YOU KNOW, IN ADDITION TO HAVING 15 BIDDERS, WHICH IS THE MOST THAT WE'VE SEEN OF ANY COUNTY THUS FAR THIS YEAR, UM, THE BIDS THAT CAME IN WERE VERY CLOSE.
THE DIFFERENCE BETWEEN THE WINNING BID OF BANK OF AMERICA AND, UH, THE LAST BID, WHICH WAS WELLS FARGO, WAS JUST FIVE BASIS POINTS.
SO YOU REALLY GOT A MARKET RATE TODAY, SO CONGRATULATIONS.
GOOD AFTERNOON, MR. PRESIDENT, MEMBERS OF THE COUNCIL.
UM, THANK YOU, UH, BY ITS RESOLUTION, UH, 1 23 ADOPTED ON JANUARY 17TH, UH, OF THIS YEAR, THE COUNTY COUNCIL AUTHORIZED THE SALE OF UP TO $50 MILLION OF THE, UH, COUNTY'S CONSOLIDATED PUBLIC IMPROVEMENT BOND SERIES 2023, THAT TERMS OF SALE RESOLUTION, PROVIDED THAT THE COUNTY COUNCIL WAS TO APPROVE THE AWARD OF THE SALE OF THE BONDS TO THE SUCCESSFUL BIDDER, AS WELL AS FIX THE RATE OF INTEREST PAYABLE ON, UH, ON THE 2023 BOND.
SO, RESOLUTION BEFORE YOU TODAY, 2023 COMPLETES THE COUNCIL'S APPROVAL PROCESS FOR THE SALE.
IN TERMS OF THE 2023 BONDS, UH, IT AWARDS THE BONDS TO BANK OF AMERICA AS A SUCCESSFUL LOWEST BIDDER.
ESTABLISHES THE PRINCIPLE AMOUNT OF EACH MATURITY OF THE BONDS, ESTABLISHES THE INTEREST RATE OF EACH MATURITY, AND APPROVES THE FORM OF THE BONDS AUTHORIZE THAT AUTHORIZES THE COUNTY EXECUTIVE TO TAKE VARIOUS ADMINISTRATIVE ACTIONS IN CONNECTION WITH THE SALE EXECUTION, DELIVERY OF THE BONDS AND RELATED DOCUMENTS, AND REAFFIRMS THE PLEDGE OF THE FULL FAITH AND CREDIT OF THE COUNTY TO THE REPAYMENT OF THE DEBT SERVICE ON THE BONDS IF OTHER DEDICATED REVENUE SOURCES ARE NOT SUFFICIENT FOR SUCH REPAYMENT.
UH, ANYONE ELSE? ALL RIGHT, WELL, LET ME FIRST THANK YOU, UH, FOR THE WORK THAT YOU GUYS DO E EVERY DAY FOR THE CITIZENS OF HARFORD COUNTY TO BE AS EFFICIENT CONSERVATIVE SO THAT WE CONTINUE TO RECEIVE THESE BOND RATINGS THAT WE GET.
SO, UH, THAT'S A TESTAMENT TO YOU GUYS AND THE WORK THAT YOU DO.
SO I, I DON'T THINK PEOPLE REALIZE, AND, AND HOPEFULLY YOU GUYS CAN, MAYBE YOU CAN EXPOUND ON A LITTLE BIT MORE, ROBBIE, IS THE DIFFERENCE BETWEEN 3.26 AND 3.5 AS IT RELATES TO DEBT SERVICE ON THE AMOUNT OF THE BONDS THAT WE SOLD, WHAT, WHAT WOULD THAT DIFFERENCE BE? AN INTEREST IN PAYMENTS? YEAH, SO WE, WE WERE ACTUALLY JUST LOOKING AT THAT, THAT BEFORE, UM, AND YOUR 25 BASIS POINTS ON A 50 MILLION BOND SALE, YOU KNOW, MEANS MORE THAN A HUNDRED THOUSAND DOLLARS WORTH OF SAVINGS AND INTEREST A YEAR.
SO, YOU KNOW, THAT'S A HUNDRED THOUSAND DOLLARS THAT WE'RE ABLE TO, YOU KNOW, PUT TOWARDS, TOWARDS OTHER EXPENDITURES, UM, OTHER NEEDS IN THE COMMUNITY.
AND I, I THINK PEOPLE JUST HEAR NUMBERS, YOU KNOW, 3.26, 3.5, AND DON'T REALIZE THAT THE AMOUNT OF THE SAVINGS THAT WHEN YOU, YOU KNOW, WHEN YOU HAVE THAT KIND OF DEBT, THAT IT REALLY, REALLY IS A, IT'S A MAJOR, IT'S A MAJOR PLAYER, YOU KNOW, AND THOSE BASIS POINTS REALLY DO DO MATTER.
SO CONGRATULATIONS AND THANK YOU.
I JUST WANTED TO MAKE SURE THAT WAS, THAT WAS OUT THERE.
SO THAT'S LIKE A $2 MILLION SAVINGS.
UM, SO IT, IT, IT DOES, I HAVE TO LOOK AT ON WHAT WOULD BE OVER THE, OVER THE 20 YEARS, UM, BECAUSE IT, IT DOES GO LIKE THE, THE AMOUNT OF SAVINGS GOES DOWN AS THE AMOUNT OF PRINCIPLE GOES DOWN, BUT I THINK IT WAS SOMETHING LIKE AROUND A HUNDRED AND A HUNDRED TWENTY FIVE, A HUNDRED AND THIRTY OR SOMETHING THE FIRST YEAR, AND THEN SLOWLY, SLOWLY
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GOING DOWN.SO YEAH, PROBABLY IN THAT, IN THAT GENERAL VICINITY, UM, YOU KNOW, SOME SIGNIFICANT SAVINGS AGAIN, OVER, OVER THE COURSE IN PARTICULARLY IN THE, UM, UH, IN THE NEAR, IN THE NEAR TERM.
UM, MR. PENMAN, SO I APPRECIATE IT.
UH, THIS IS THE, A LEARNING CURVE FOR ME AS WELL.
UM, BUT, UH, AND THE SOUNDS LIKE THE RATE IS GREAT COMPARED TO WHERE, YOU KNOW, OTHER COUNTIES WERE.
UM, BUT THERE HAS BEEN A STRUCTURAL DEFICIT DISCUSSED.
SO DID THAT HAVE ANY IMPACT ON OUR INTEREST RATE HERE? UH, WHEN WE WERE SOLD, SO WHEN WE WENT, WHEN WE WERE DISCUSSING WITH THE CREDIT RATING AGENCIES, UM, THEY CERTAINLY TALKED ABOUT A LOT OF THE STRONG PARTS OF THE COUNTY AND OUR, OUR, OUR STRONG FUND BALANCES AND SOME OF OUR STRONG DEMOGRAPHICS.
BUT IT WAS A CONCERN, PARTICULARLY WITH MOODY'S, UM, ABOUT THE IDEA THAT WE USED SO MUCH FUND BALANCE, USED A LOT OF IT FOR, FOR ONGOING, UM, FOR ONGOING NEEDS.
AND ONE OF THE THINGS THAT THEY SAID IS, YOU KNOW, THEY WERE GONNA WANT TO SEE US, UH, GET THAT, THAT STRUCTURAL DEFICIT BACK IN, BACK IN BALANCE AND START RETURNING TO USE FUND BALANCE MORE FOR ONE TIME EXPENDITURES.
SO IT CERTAINLY IS ON THEIR, ON THEIR HORIZON.
UM, UM, THEY'RE, THEY'RE AWARE OF IT, YOU KNOW, THEY'RE, THEY'RE, THEY'RE, THEY'RE, UM, THEY'RE COGNIZANT OF, OF THESE CHALLENGES THAT, THAT WE HAVE, BUT THEY REAFFIRM THE TRIP AWAY BOND RATE.
BECAUSE AGAIN, YOU KNOW, AGAIN, WE, AND I THINK THAT, BUT PART OF IT IS, IS IT'S GETTING A, UM, UM, IT'S, IT'S VERY MUCH LIKE A CONVERSATIONAL TYPE TYPE, UM, ARRANGEMENT UP THERE, UM, PARTICULARLY WHEN IT WAS WITH MOODY'S THIS YEAR.
UM, AND THEY REALLY WANNA KNOW, LIKE, OKAY, ARE ARE YOU SERIOUS? ARE YOU ABLE TO MAKE, UM, ARE YOU ABLE TO MAKE TOUGH DECISIONS, UM, IN ORDER TO GET YOUR BUDGET BACK IN LINE? AND WHETHER THAT'S ON THE EXPENDITURE SIDE OR THAT'S ON, SO ON THE REVENUE SIDE, YOU KNOW, THEY, THEY, THEY WANT TO HAVE THAT ASSURANCE THAT, UM, CUZ THEY'RE LOOKING REALLY OUT AFTER THE BOND HOLDERS TO BE LIKE, HEY, IF, IF YOU WE'RE GIVEN, WE'RE GIVING HARPER COUNTY ITS HIGHEST RATINGS, THAT MEANS TO THE INVESTMENT COMMUNITY THROUGHOUT THE WORLD, YOU KNOW, THESE GUYS ARE GOOD FOR PAYING BACK THEIR, THEIR MONEY.
AND THE WAY THEY, THEY, THEY CAN ASSURE THAT IS BY KNOWING THAT ALL OF OUR FUNDAMENTALS ARE IN PLACE, THAT OUR MANAGEMENT TEAMS ARE IN PLACE, UM, THAT WE'RE GONNA DO THE RIGHT THING IN ORDER TO MEET THOSE OBLIGATIONS.
AND I CAN ADD IN THAT, I MEAN, THE QUESTIONS MYSELF AND, AND, UH, ROB MCCORD WERE REALLY ALONG THE LINES OF DEMONSTRATING OUR COMMITMENT TO REDUCING THIS, THE, UH, STRUCTURAL DEFICIT THAT WAS, THEY WANTED TO HEAR THAT WAS THEIR FOCUS.
ARE YOU ALL REALLY SERIOUSLY YOU COMMITTED, OR, AND SO WE CAME ON PRETTY STRONG ON THAT FRONT.
YES, WE ARE, WE INTEND TO WORK OVER THE TERM OF OUR, OVER THE COURSE OF OUR TERM, ELIMINATED STRUCTURAL DEFICIT AND CAN ONLY HELP OR SUPPOSE THAT THAT WAS, UH, HELPED TO DEFRAY THEIR CONCERNS ABOUT THE STRUCTURAL DEFICIT.
THINK TONY'S GOT A MR. JAN, HOW MANY, UH, HOW MANY, UH, MOODYS, WHO ELSE DID YOU MEET WITH? UH, FITCH AND S AND P.
WE, WE HAD THOSE DISCUSSIONS WITH ALL OF 'EM.
I WAS JUST SAYING THAT WE PROBABLY, UM, SPENT THE CONSIDERABLE AMOUNT OF TIME WITH, WITH, WITH MOODY'S ON A PHOTO ON ALL, ALL THREE OF 'EM WE, WE TOUCHED ON, ON NONE OF THEM IS WEIGHED MORE THAN THE OTHER IN, UH, IN THIS ARENA IS IS MOODY'S LOOKED AT AS THE, AS THE TOP AND THE OTHER TWO? OH, I'LL LET, I'LL LET OUR FINANCIAL ADVISOR, YOU KNOW, SHE, SHE'S AN ALUM MOODY, SO
I WOULD SAY THAT, UM, S AND P AND MOODY'S ARE SORT OF LOOKED AT AS SORT OF, UM, THE TOP, UM, FITCH UH, YOU KNOW, TYPICALLY YOU WILL NOT FIND AN LOCAL GOVERNMENT THAT ONLY HAS A FITCH ONLY RATING.
UH, USUALLY THE INVESTMENT COMMUNITY WOULD LIKES TO SEE A FITCH RATING EITHER PAIRED WITH AN S AND P OR MOODY'S RATING.
THOSE HOLD A LITTLE BIT MORE WEIGHT, UM, IN, IN THE MUNICIPAL WORLD, UM, THAN FIT ALONE.
SO, BUT I DON'T THINK THAT BETWEEN S AND P AND WOODY'S ONE IS NECESSARILY BETTER THAN THE OTHER
HOW MANY ARE, HOW MANY ARE MARYLAND? I KNOW YOU JUST SAID HOWARD COUNTY AND I KNOW US.
IS THERE ANYBODY ELSE IN IT'S UH, WHAT IS IT EIGHT? IS IT EIGHT OR NINE? YEAH, IT'S, UM, IT WAS FIVE FOR A LONG TIME AND I KNOW RECENTLY I THINK, UM, UH, CALVER AND CAROL AND, UM, CHARLES AND CHARLES, YEAH.
SO, UM, IT'S IS EIGHT OR NINE.
SO I MEAN, SOME OF THAT IS INDICATIVE.
THIS, THIS IS A VERY COMPETITIVE STATE.
UM, IT HAS VERY FAVORABLE DEMOGRAPHICS AND IT OFTENTIMES HAS, YOU KNOW, VERY STRONG, UM, UH, KIND OF REVENUE FLEXIBILITY, UH, SPENDING FLEXIBILITY IN, IN PLACE THAT MAYBE SOME OTHER JURISDICTIONS DON'T HAVE.
UM, BUT AGAIN, UM, CERTAINLY IT'S NOT, IT'S NOT THE MAJORITY OF MARYLAND COUNTIES.
SO, UM, BECAUSE YOU WERE SUCCESSFUL IN THE INTEREST RATE THAT YOU RECEIVED AND BECAUSE YOU, THEY SAID THEY RAISED QUESTIONS ABOUT OUR DEFICIT, THEY OBVIOUSLY HAVE CONFIDENCE IN US AND THE, I GUESS EXPERIENCE OR YEARS OF EXPERIENCE THEY HAVE WITH US TO KNOW THAT WE ARE ALWAYS GONNA DO, UH, OR DO OUR DUE DILIGENCE, UH, WITH, WITH FUNDING AND REVENUE.
AND ONE OF THE STRONG ASPECTS OF HARFORD COUNTY IS THAT IS THE MANAGEMENT TEAM AND THE MANAGEMENT, UM, UH, MANAGEMENT FOCUS.
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ARE, I WOULD SAY ALMOST MORE NATURAL TRIP AWAYS.THEY HAVE CERTAIN DEMOGRAPHICS, THEY HAVE, THEY HAVE AN ECONOMIC BASE.
UM, HOWARD COUNTY KIND OF HAS A LOT OF THOSE BUILT IN ADVANTAGES.
WHEN YOU LOOK AT, AT THE WEALTH OF ITS, OF ITS CITIZENS, UM, YOU KNOW, HARTFORD HAS TO, HAS TO FIGHT FOR, ITS, ITS TRIP AWAY.
YOU KNOW, AGAIN, WE HAVE A LOT OF VERY STRONG PARTS, APG AND, AND, AND, AND YOU KNOW, ED EDUCATED WORKFORCE AND ALL, BUT, BUT WE'RE NOT A NATURAL TRIP AWAY.
YOU KNOW, WE GOT TO A TRIP AWAY BECAUSE OF, YOU KNOW, HAVING MANAGEMENT IN PLACE, BEING ABLE TO MAKE THOSE HARD DECISIONS, YOU KNOW, BUILDING UP FUN BALANCES, THINGS LIKE THAT.
UM, SO, UM, IT'S NOT A GIVEN THAT WE, WE WOULD ALWAYS KEEP IT AS MAYBE IN SOME OTHER JURISDICTIONS IT'S, IT, IT MORE OR LESS IS, I, I THINK WHAT HE'S SAYING IS THAT IT WAS A STROKE OF BRILLIANCE
I DON'T THINK THAT'S WHAT HE'S SAYING.
HE CAN READ BETWEEN THE LINES AS YOU MENTION, YOU KNOW, WE CAN PUT THIS UP FOR VARIOUS TRANSLATIONS.
ANYBODY ELSE FOR ANYTHING? UM, DUE TO THE NATURE OF THIS RESOLUTION, IT WILL BE CONSIDERED THIS AFTERNOON AS YOU'RE ALL AWARE.
SO, UM, RESOLUTION 20 DASH 23 AWARD OF BID C P I BONDS 2023 SERIES.
MAY I HAVE A MOTION? MAKE A MOTION.
SECOND TO APPROVE RESOLUTION ZERO 20 DASH 23.
ARE THERE ANY DISCUSSION? I THINK WE PRETTY WELL DID THAT.
UM, MR. DIXON, MR. PRESIDENT? AYE, MR. PENMAN? AYE.
MR. BOLES? AYE SAID, WE HAVE FIVE AFFIRMATIVE, ZERO IN THE NEGATIVE AND ONE ABSENT DUE TO ILLNESS TODAY.
SO RESOLUTION ZERO 20 DASH 23 IS HEREBY APPROVED.