 All right, well, we'll go ahead. So we are having a special meeting today. Hold on. I'm in the wrong place. The first thing I would like to do is have you join me in the Pledge of Allegiance, mute your microphones if you'd be so kind. Pledge of Allegiance to the flag of the United States of America and to the republic for which it stands, one nation, under God, indivisible, with liberty and justice for all. Thank you. And our main guest today is Carol Werth. But we will just go right ahead, Carol. I think most everyone knows you. First of all, I would ask for approval of the minutes of our August 10th meeting. Move to approve. Motion. Marcus, moved. All right. Marcus, can I take that as a second? Yes. All right. Is there any discussion? Hearing none, all in favor, state aye. Aye. Aye. No nays, the chair votes aye. We will go then to our piece of business for today, 3.1, which is a resolution awarding the sale of $4,610,000 in general obligation with funding bonds. And I'm going to turn that over to Carol. All right, good evening. All right, first of all, the dollar amount, $4,610,000 has changed as a result of the bid coming in today. And that dollar amount will change based on how much premium that the winning bidder is including in its bid. So in this case, the winning bidder did not include as much premium. So therefore, the issue size went up to $4,635,000. So the resolution and the documents that you have before you are all prepared in the dollar amount of $4,635,000. Okay. All right, this now goes back to the report in July where we talked about doing a refunding of the 2007 bond, which is strictly for savings. At that time, the savings was 647,000. We were estimating an interest rate of 0.97. We prepared, went to the bond market, went through the rating process and the credit report is also attached. We did, Moody's did reaffirm the double A2 bond rating for the city. And this morning we took the bid, we received four bids. And again, that wasn't that dollar amount of $4,610,000. We show you the bidders, the BOK financial security is the winning bid. And that was at the 0.646% interest rate. And then we have the other three bidders showing. We did the adjustment, they found the amount bid on premium and that's what brought the issue size up to the $4,635,000 but still at a true interest rate of the 6.46. And in that interest rate is all of the expenses of issuance. That's why it's referred to as the true interest rate. The savings results, we now have 701,733. We have a present value of 14.6. We had a present value of over 13% to begin with. So again, very, very positive results. And the underwriter does pay all expenses of issuance, which would be R3 bond council rating and underwriting. So that is all included in these figures. The second page of my summary reports talks about the resolution that you're taking action on and what it's doing is approving the borrowing terms as far as how long the bonds are being retired over, the interest rates, it's awarding the bonds to the firm of BOK Financial Securities and it's authorizing those 2007 bonds to be called in on October 1. That's gonna stop that interest that's right now outstanding at over 4%. On September 15th is when the city will receive all of the money at one time. And I did a little breakdown there to show you it's 4,635 a principal and the bid that came in had about 141,700 of premium. The combined amount goes to pay off the 4,775 a bond. So that's how the exercise works. And that will occur on October 1. So we will assist the city with notifying the bondholders as of tomorrow that the bonds are being called in. That means that October 1 will be the very last interest payments they're going to receive at that interest current interest rate. And then you turn to, as of September 15th, the new issue starts in terms of the interest accruing from that date and your next payment will be in the year 2021. On the second page of my handout is the retirement schedule that goes from 2021 to 2026, which is the same term that the 2007 bonds were outstanding. U of coupon means interest rates. You'll see that it's the first four years are at 1% and the next two years are at 2%. But when you bring in that 141,000 of premium, that's what brings that TIC down to the 0.64, okay? So that's the math. And that's basically showing in that final pricing summary on page two, the yield column shows you what the investors are actually receiving. So right now the investor that has the 2021 maturity is actually yielding a 0.2%. And the highest amount is in 2025, which is 0.35%. So obviously the market has improved significantly, which is the reason why the results are even better than what we were talking about in July. And that's driven by that yield column, okay? The yields have gone down 30 plus basis points right across the board. So that's where our savings is coming from. And again, on that pricing summary, you'll see anything that's sold at a dollar price over 100 is sold as a premium bond and all of them are sold as a premium bond. And that totals up the total dollar price that the investors paid, which is that 4,841 number. That's where the calculation of the premium is being shown. Okay, the next page is the savings result. And you may recall in July we considered two different savings options. One of them was taking level savings each and every year. And then there was a different option being discussed which was called debt levy relief. And we had taken more savings in the first two years and then the savings on a level basis thereafter. So back in July, the first two years of savings were about $207,000, $208,000 each. Now you can see we have about 225,000 in those years. And the final four years in the earlier report were in the $50,000 range. And so now you're in the $62,000, $63,000 range. So that's where that all rolls up to that $701,000. And then of course we present value it at the arbitrage yield to get the numbers that are associated with present value benefit. Okay, everybody with me so far, any questions? I think part of the problem is Carol and I apologize if I'm the only person who didn't get this handout and I can't read it on the screen. And if the rest of you did get the handout, we can still ask questions. And it's not that I'm doubting a single word that you're saying. I'm just saying, I don't know, did the rest of you get that report? And I just missed it somewhere. No, okay. So maybe the next time we do this we can, because I do appreciate your taking us through it, but the little teeny tiny print on the screen doesn't help us. Right. Yes, I would agree. Thomas. So just do keep going. Okay, okay. All right, and then the information that is attached to my summary report, which three pages were my summary report. And following that is credit report. So the credit report reads very similar to the last credit report that the city received because we just went through the process in May. And this has been updated with the 2019 financial information. It does have a very positive tone to it, even in light of all of the issues related to rating agencies and the COVID impact, which is of course questioned by with every issuer in every process of the rating search. But when we talk about the summary, okay, the summary does say that the city benefits from a strong financial position and a revenue structure that insulates it from near-term economic declines related to the coronavirus revenue raising flexibility is limited. And there they're talking about levy limits. However, because of state imposed levy limits. Yes, the tax base has experienced renewed growth, though resident income levels are weak for the rating category, fixed costs are above average. The debt burden will remain moderate given a regular capital borrowing and the pension burden will remain manageable. So we did have a nice growth figure in our 2020 equalized value. We did have a very good outcome with our year-end 2019 financial results with our two big highlights of our rating presentation. So we did have very good reception by the rating committee. So that report is attached. And after that report, there will be the resolution. And the resolution again is prepared in the dollar amount of $4,635,000. The resolution recites back to the date that the council adopted the septail resolution on July 20th. And then it goes through the things that I talked about that you're paying off the old seven bonds strictly for savings. You're not extending anything. You're just simply taking savings over the same term that we went to the market that we published notices of sale for bidders to submit a bid today. And then the rest of the resolution is similar to any other borrowing resolution the city does with regard to tax exempt borrowing and the fact that the terms that you pay your principal once a year on October, semi-annual interest, the fact that the money is going to be used strictly to pay back debt. None of this is for capital projects. There's no new money associated with this financing. So this simply is for debt. And then there are compliance with federal law and there are a number of exhibits. The exhibits that are attached will be the notice of sale that went out to the underwriters for today. That will be the actual bid that was submitted by the underwriter an executive bid form. And it'll have the repayment schedule and the pricing summary similar to what I was referring to in my summary report. And it'll have a good tabulation showing all four bidders. Now, because you weren't able to see the bidders to begin with, I'll just tell you that bidder number one was BOK and that's to 0.64. The second bidder was Robert Barrett at a 0.72. The third bidder was a firm in Minneapolis called Piper Sandler at a 0.74 and Raymond James at a 0.78. So I just thought that was important so you kind of get a feel for the range of it. Okay, so that is my report. Good, thank you, Carol. Questions, comments? Any members, anyone? Then I think we are looking for a motion to send this to council authorizing the borrowing is set out in the document. We have a motion. Other person got a motion. So moved, Warren. And Burt, your seconding. Any other discussion? Sure. Other person got a view? Just one point of clarification. Since we do have a change from that original resolution that was submitted to you for the sake of having a clear record, we would recommend treating that as an amendment to include the new exhibits and that new issue after some help. Are you okay with that, Jim? Yeah, yes. Okay, thank you. That's a good point. Any other discussion? Yeah, I would like to get a copy of Carol's report. Just the bidders and the bond report, that type of thing. If maybe if Marty or somebody could see that we get a copy, at least I would like a copy of it for my records. Yes, I can email it out. I think the analysis by the bond, the analysis by the ratings agency is always interesting. Yes, it is. It can be a little infuriating, but it's always interesting. So any other discussion? Hearing none, all in favor, state aye. Aye. Aye. Any opposed? Chair votes aye. Motion passes. Alrighty, let me get back to my agenda here. Let's see, that's it. Our next regular meeting is August 24th. Looking at the council agenda for tonight, it looks like there'll be a number of issues. So is there anyone who may not be present that you can advise us now? Okay, I would ask for a motion to adjourn. All right, I didn't get who moved. I'm gonna make it up, Marcus. All right, and Berth seconded. Any further discussion? Hearing none, all in favor, state aye. Aye. Aye. Any opposed? Chair votes aye. Carol, thanks again. We appreciate your time and skills. We are adjourned.