 There we go. All right Good welcome said so it is we're on noon. I'll call a meeting to order and Are there any anybody on the line for public comment? Nope. I don't see anyone Terry. I Bob Bob Chep Fletcher is planning to join us as well. I don't see him in here just yet I just did that in case the board had any final questions for counsel, right? We'd move on to the special Talmudian warning and ballot when Bob joins us and Somebody either Ted or Jeff if you would Find the motion that was suggested by counsel in the email that was sent to you earlier So are you ready to go earlier today or earlier last week earlier today? There was a okay I Drafted something based on Bob's comments. Oh Yes, I've got it. Okay Move to resend blah blah blah. Yeah. Yeah Okay, so we are on the I don't remember three the Talmudian So if you have a sort of a reader's digest version of where we're at Sure, and I might turn this to Bob so we had a dialogue after the meeting Friday night To look at the language from pertaining to really make sure we're addressing that the water fund users will be paying for this debt Service over time and as Bob's recommended some changes in that for adoption today to make sure we're doing that correctly Bob, maybe you could speak to that for a moment for the need for revenue based bond structure versus a general obligation Based structure and see if the board has any questions Sure, can you hear me? Yeah, okay Good afternoon It typically Well, let's put it this way. There are two basic forms of bonds. There's a general obligation bond There's a revenue bond revenue bonds can be issued only for utility type projects Water system being one so if you issue general obligation debt it is the responsibility It is the ultimate responsibility of the taxpayers to pay for that debt In other words, you can be compelled to use your taxing power to raise enough revenue to pay the debt when it comes Do if there are not not other sources of funds available to do that A revenue bond on the other hand is payable solely from the revenue of the utility and There's no obligation to go back and there's no right to go back to the taxpayers to get the debt paid so The typical form is a general obligation For these things, but and that's that's where we started last week Over the weekend, I got Eric's email Indicating that no you will prefer to be on the revenue side and to make this a revenue obligation when you When you move from the geo general obligation side to the revenue side the form of the resolution changes the ballot form changes so that the voters understand Precisely what what is being voted on so we've prepared for you this morning edited ballot edited warning and an edited necessity resolution which now Reflect a revenue-based debt obligation as opposed to a general obligation Clear as mud, right? Actually that was very helpful and I'm glad you explained it because I have a much better understanding now what I really like about this is in a sense the Willis and residents who are not on the water system are very well protected from having to incur a cost Due to this bond or this project. Is that correct? If you move to the revenue form of debt obligation, yes, then The all of the all of the debt will be paid from water system revenues The thing that you shouldn't lose sight of is even if this were a geo debt You could still pay that debt with water revenue But Ultimately if the water system were incapable of generating enough revenue to pay that debt as it came Do you could turn to the taxpayers on the geo side in this scenario the way that we've gone this morning? To be able to do is rallying pipes You're a lot of Bob What's that I check You you froze there for a second. Oh jeez. I'm sorry All right, he's happy Yeah, how far did I get did I get to the good part? I? Think so the last paragraph The two issues no very helpful. Thank you very much So I'm looking for a motion. I will move to rescind Specifically override and no longer have in force or affect the adoption of a necessity resolution special meaning warning and Form a ballot for a November 3rd 2020 bond vote passed on August 21st 2020 for the lamp light water line and water system replacement project Further I moved to adopt the revised necessity resolution special meeting morning and form a ballot for the lamp light water Sorry water line in water system replacement project as presented second We have a motion made and seconded. Is there any discussion on the motion? You're a nut all those in favor raise your hand One two three we have unanimously adopted it So thank you very much. Nice. I think that ends the discussions on the business we need to take care of So unless we have to sign it though, right? We do but when do we need to do that? I Checked for the town clerk today, and she was gonna double check with the state But to our knowledge, we just need to submit the The language today through the portal for the ballot question and then I so could bob about this earlier We can we could have the board sign this later this week So it doesn't appear to be any pressing deadline today for for a signature. Okay Yep Just send me a friendly reminder if you don't mind Eric or I'll forget sure. Thank you Good that is sure of the business for today. Thank you all for attending and hopefully we won't meet until next week All right, Eric. Thank you Bob. Take care. Have a good afternoon. Thank you