[00:00:03]
DID YOU CALL COMMISSIONER LUCA? I'M SORRY, DID YOU? NO.
AND, UM, COMMISSIONER LUCA, THE PROBLEM IS THAT WE ACTUALLY LEFT YOUR NAME OFF THE AGENDA.
I SAW YOU SAW, YOU, SAW YOU AND ASSUMED THAT WE HAD CALLED YOU AND YOU HAD ANSWERED.
[CALL TO ORDER]
UH, CALLING THE MEETING TO ORDER.DO WE HAVE ANY PUBLIC SPEAKERS? NO, SIR.
[1. Approval of the minutes of the Regular meeting of the Bond Oversight Commission on May 15, 2024.]
IS APPROVAL OF MINUTES FOR THE MAY 15TH MEETING.I BELIEVE THE COMMISSION HAS RECEIVED THE MINUTES AHEAD OF TIME.
ARE THERE ANY QUESTIONS OR CORRECTIONS TO THE MINUTES FOR MAY 15TH? HEARING NO CORRECTIONS OR ADDITIONS.
IS THERE A MOTION TO APPROVE THE MINUTES? A MOTION TO APPROVE THE MINUTES.
IS THERE A SECOND? I'LL SECOND.
IS THAT COMMISSIONER GONZALEZ? YES.
ALL THOSE IN FAVOR OF PRO PROVING THE MINUTES SIGNIFY BY SAYING AYE OR RAISING YOUR HAND.
THE APPROVAL OF THE MINUTES CARRIES, UM, UNANIMOUSLY FOR THOSE PRESENT AND VOTING.
[2. Staff briefing on the Annual Bond Sale by Financial Services Department]
IS THE STAFF BRIEFING, UH, FROM FINANCIAL SERVICES ON THE BOND SALE.JOEY KELLER, DIVISION CHIEF, UH, FSD TREASURY AND STEVEN LYNETTE.
BUDGET AND PERFORMANCE MANAGER.
HOW DO I GET THIS GUY TO CLICK TO THE NEXT ONE? YEAH, GO FOR IT.
UM, IT SEEMS APPROPRIATE TO START OUR DISCUSSION WITH THE CITY'S PROPERTY TAX SINCE THAT IS WHAT BACK OR PAYS FOR THE GENERAL OBLIGATION DEBT.
THIS CITY'S PROPERTY TAX RATE IS COMPRISED OF TWO PORTIONS.
WE HAVE THE O AND M ARE OPERATING IN A MAINTENANCE PORTION, WHICH FUNDS THE GENERAL FUND AND ALSO FUNDS PROJECT CONNECT.
THE OTHER PORTION FUNDS THE DEBT SERVICE COMING DUE IN THE FOLLOWING FISCAL YEAR, OTHERWISE KNOWN AS THE DEBT SERVICE TAX RATE, THE DEBT SERVICE, TAX RATE FUNDS, DEBT SERVICE FOR PREVIOUSLY ISSUED DEBT AND DEBT THAT IS EXPECTED TO BE ISSUED, UM, IN THE NEAR FUTURE.
UM, AT, FOR THE SEPTEMBER BOND SALE THAT WE WERE DISCUSSING TODAY, UM, THE APPROVED TAX RATE FOR F 24 IS 47.76 CENTS, OF WHICH 9.61 CENTS IS THE DEBT TAX RATE.
THE OOM UH, GENERAL FUND IS THE REMAINING 38.15 CENTS.
UM, AND PROJECT CONNECT UH, REPRESENTS A LITTLE OVER 20% OF THE MAINTENANCE AND OPERATION PORTION OF THE TAX RATE.
UM, JUST SOME QUICK FACTS OF THE CITY'S GEO DEBT.
THERE'S CURRENTLY APPROXIMATELY 1.68 BILLION IN OUTSTANDING GEO DEBT.
IT IS ISSUED ONCE A YEAR AND IS BACKED BY THE FULL FAITH AND CREDIT OF THE CITY.
[00:05:01]
CREDIT, THERE ARE THREE TYPES OF BONDS THAT THE CITY OF AUSTIN UTILIZES.FIRST IS THE PUBLIC IMPROVEMENT BONDS, UM, WHICH ARE ISSUED TO FUND CAPITAL IMPROVEMENT PROJECTS AND CAPITAL ASSETS, WHICH HAVE BEEN VOTER AUTHORIZED.
THESE BONDS HAVE A TERM OF 20 YEARS.
SECOND IS THE CERTIFICATE OF OBLIGATIONS.
THESE ARE USED TO CONSTRUCT OR PURCHASE REAL PROPERTY.
UH, THESE ARE YOUR NON MOVABLE ASSETS.
UH, PRIME EXAMPLE WOULD BE, UM, A PURCHASE OF A BUILDING OR LAND PURCHASE OR CONSTRUCTION OF A BUILDING.
THESE BONDS ALSO HAVE A TERM OF 20 YEARS.
THIRD IS THE, UM, P PCOS, UM, ALSO REFERRED TO AS CONTRACTUAL OBLIGATIONS.
THESE ARE USED TO PURCHASE PERSONAL PROPERTY.
UH, THESE ARE REMOVABLE ASSETS.
EXAMPLES WOULD BE POLICE CARS OR TRUCKS.
UM, THESE BONDS HAVE A TERM OF SEVEN YEARS, UH, JUST GOING THROUGH THE STEPS TO SELL OR ISSUE DEBT.
THE PROCESS TO DEVELOP THE CURRENT YEAR'S DEBT ISSUANCE STARTED LAST BUDGET CYCLE.
THE PROJECTS ARE BEING FUNDED.
THE PROJECTS THAT ARE BEING FUNDED WERE APPROPRIATED FUNDS DURING THE ANNUAL CAPITAL BUDGET APPROPRIATION PROCESS.
THE CITY UTILIZES REIMBURSEMENT RESOLUTIONS TO APPROPRIATE FUNDS TO PROJECTS WITHOUT HAVING TO ISSUE THE DEBT UPFRONT.
BY DOING THIS, THE CITY LIMITS THE ARBITRAGE EXPOSURE DOES NOT HAVE TO PAY INTEREST ON UNUTILIZED BOND PROCEEDS, AND IT IS ALSO FISCALLY PRUDENT CASH MANAGEMENT.
IN WORKING WITH BUDGET THIS YEAR, WE ANALYZED SPENDING TRENDS IN COMPARISON TO VARIOUS PROJECTS, SPENDING PLANS.
AFTER LOOKING AT THIS DATA, WE LOOKED AT HOW MUCH IN PROCEEDS THOSE PARTICULAR PROJECTS RECEIVED IN THE PAST.
ONLY THOSE PROJECTS THAT WERE FORECASTED TO HAVE A LOW TO NEGATIVE FUND BALANCE WERE INCLUDED IN THIS YEAR SALE.
IT'S IMPORTANT TO NOTE, THOUGH, THAT WORK ON VARIOUS BOND RELATED PROJECTS CONTINUES TO PROGRESS EVEN IF DEBT IS NOT ISSUED.
UH, SO THIS IS JUST THE STRUCTURE FOR THE CURRENT, UH, PUBLIC IMPROVEMENT BOND SALE.
UH, OBVIOUSLY AS YOU CAN SEE, IT'S HITTING MULTIPLE, UH, VOTER APPROVED OR VOTER AUTHORIZED BOND PROGRAMS. THE BIG ONES BEING THE 2018 BOND PROGRAM, WHICH IS SPLIT BETWEEN, UH, QUITE A FEW PROGRAMS OR QUITE A FEW PROJECTS.
AND THE 2020 BOND PROGRAM, WHICH IS ALL TRANSPORTATION.
WHAT DID I GO TO? UM, IT'S IMPORTANT TO NOTE THAT THE ENTIRE BOND SALE SUPPORTS PROJECTS AND RELATED APPROPRIATIONS ALREADY BY, ALREADY APPROVED BY CITY COUNCIL.
UH, TO KEEP A TALLY AFTER THE 2024 BOND SALE, THERE WILL BE APPROXIMATELY 1.38 BILLION IN REMAINING VOTER AUTHORIZED, BUT UN ISSSUED GENERAL OBLIGATION BONDS.
UH, THE BULK OF THAT COMING FROM, OR REMAINING BALANCE IS, IS MADE UP OF THE 2016 BONDS TO THE, UH, THROUGH 2022 BONDS.
UM, 20 16, 20 20 ARE BOTH TRANSPORTATION.
2022, THE AFFORDABLE HOUSING BONDS AND, UH, THE 2018 IS SPLIT UP BETWEEN A NUMBER OF PROJECTS.
UM, JUST A QUICK SUMMARY OF THE TIMELINE.
TREASURY BEGAN WORKING ON THE PRELIMINARY OFFICIAL STATEMENT AND BOND OFFERING DOCUMENTS IN EARLY SUMMER.
THE GEO BOND SALE IS ON THE AUGUST 29TH CITY COUNCIL AGENDA.
THE BOND SALE IS EXPECTED TO TAKE PLACE IN SEPTEMBER, UH, VIA NEGOTIATED SALE.
AND THE CLOSING DATE FOR THE BONDS IS EXPECTED TO BE OCTOBER 8TH, AND THAT IS ALL THREE.
I'M GONNA HAND IT OVER TO YOU.
AND I THINK BACK ABOUT THREE MONTHS AGO WHEN WE WERE HERE LAST, UM, WE PRESENTED AN UPDATE OF WHERE THE ACTIVE BOND PROGRAMS WERE AS OF, UM, THE END OF APRIL.
SO, UH, WE'RE ABOUT THREE MONTHS LATER NOW.
UM, THIS IS AS OF JULY 31ST, UM, THAT I'M SHOWING UP HERE.
SINCE THE LAST MEETING, UM, THERE'S ABOUT BEEN JUST UNDER A HUNDRED MILLION DOLLARS SPENT ACROSS ALL OF THE BOND PROGRAMS FOR A TOTAL OF ABOUT 263 MILLION THIS YEAR.
UM, AT THE START OF THE FISCAL YEAR, THE SPEND PLAN WAS 403 MILLION.
UM, IF YOU TAKE IT ACROSS ALL OF THESE PROGRAMS. UM, SO IF YOU JUST STRAIGHT LINE THAT OUT, THIS IS 10 12 OF THE WAY THROUGH THE YEAR.
UM, YOU'D EXPECT US TO FINISH A LITTLE BIT UNDER 80% OF THE BOND SPENDING PLAN WE'D SET IN THE 24 TO 28 CIP PLAN.
[00:10:02]
AND BECAUSE LAST TIME WE JUST RECEIVED THE DELIVERABLES FROM DEPARTMENTS, UH, FOR THE CIP PLAN, WE DIDN'T HAVE THE UPDATED SPENDING NUMBERS YET.UM, SO UP HERE YOU HAVE THE 25 TO 29 APPROVED.
UM, CIP PLAN UPDATE THAT WAS JUST ADOPTED, UM, WAS THAT LAST WEEK
UM, AND, UM, YOU SEE OVER THE NEXT FIVE YEARS REJECTING ABOUT $1.1 BILLION IN BOND SPENDING, UM, FROM THE 2016 THROUGH 2022 BOND PROGRAMS. UM, YOU COULD ALSO SEE MOST OF THE BOND PROGRAMS EXCEPT 2016 ARE PEAKING IN THEIR SPEND IN 2025.
SO THIS UPCOMING FISCAL YEAR, UM, THE 2016 PROGRAM ISN'T PEAKING UNTIL 2026.
UM, JUST 'CAUSE THERE'S A NUMBER OF THESE LARGE CORRIDOR PROJECTS THAT ARE, UM, NOT ALL THE WAY THERE YET.
AND ARE, YOU KNOW, BEING DONE IN SMALL PHASES WITH THE LARGEST ONES IN 26 PLANNED TO BE, UM, THE BURNETT CORRIDOR, UM, SPENDING ABOUT $30 MILLION.
UM, ASIDE FROM THAT, UM, THERE ARE A FEW OTHER MAJOR PROJECTS PLANNED IN 25.
UM, THE LARGEST OF WHICH IS THE LONGHORN DAM.
UM, JUST APPROVED FOR CONSTRUCTION CONTRACTS.
UM, LONGHORN DAM, UH, MULTIMODAL IMPROVEMENTS, SO LIKE THE WISHBONE BRIDGE.
UM, THAT CONSTRUCTION PROJECT WAS JUST APPROVED EARLIER THIS SUMMER AND IS BEGINNING, UM, I THINK IT'S ALREADY STARTED CONSTRUCTION NOW.
UM, ASIDE FROM THAT, THERE'S QUITE A BIT OF BOND SPENDING FOR SIDEWALKS FROM THE 2020 PROGRAM, OVER $30 MILLION.
UM, AND FROM THE 2018 BOND, THE MAJOR PROJECTS WOULD BE MAC PHASE TWO, UM, MEXICAN AMERICAN CULTURAL CENTER, THE EXPANSION PROJECT THAT'S BEEN UNDER CONSTRUCTION FOR ABOUT EIGHT MONTHS NOW, UM, AND IS EXPECTED TO CONTINUE AROUND THE END OF THE FISCAL YEAR 2025.
UM, ASIDE FROM THAT, THERE ARE A COUPLE LARGE POOL PROJECT REPLACEMENTS.
THAT PART ALSO HAS PARKS AND RECREATION ALSO HAS UNDERWAY, AND A FEW DRAINAGE PROJECTS.
UM, THE LITTLE WALNUT CREEK, UM, FLOOD, UH, MITIGATION PROJECT AND THE OLD LAND PASSES DAM PROJECT.
UM, YEAH, THOSE ARE KIND OF THE HIGHLIGHTS.
UM, WHAT WE'RE SEEING IN THIS UPCOMING CIP FIVE YEAR CYCLE.
ARE THERE QUESTIONS FROM THE COMMISSION? YES, SIR.
I, I APOLOGIZE IF THIS IS AN IGNORANT QUESTION.
UM, DID I UNDERSTAND YOU CORRECTLY THAT, UH, YOU SAID THAT YOU ESTIMATE YOU'LL BE SPENDING 80% OF WHAT YOU'D PLANNED TO SPEND IN THIS CURRENT FISCAL YEAR? YEAH, JUST LIKE A SIMPLE, LIKE STRAIGHT LINE MM-HMM.
SOMETHING LIKE 80% WE'LL GET TO.
UM, CAN YOU HELP US UNDERSTAND SOME OF THE FACTORS THAT, UM, MADE THAT DIFFERENCE BETWEEN WHAT HAD BEEN PLANNED AND WHAT ACTUALLY END UP BEING OR WOULD BE SPENT? YEAH.
UH, LET ME GO BACK TO THAT SLIDE AGAIN.
UM, YOU COULD KIND OF SEE THE LARGEST VARIANCES ON THAT ONE, SORRY.
UM, THE LARGEST VARIANCES ARE IN THE 2016 AND 2020 MOBILITY PROGRAMS. UM, TO GO BACK TO, GO AHEAD.
UM, 2016, UM, WITH TWO, TWO MONTHS OF THE YEAR LEFT IS ABOUT 70 MILLION SHORT OF WHERE THEY EXPECTED TO BE AT THE END OF THE YEAR.
SO THAT'S QUITE A BIG VARIANCE.
UM, IF WE LOOKED AT WHAT THE 25 TO 29, UM, PROJECTION WAS BASED OFF OF, UM, THEY'RE LOOKING, THEY, THEY UPDATED THE 24 EXPECTATION TO ABOUT $80 MILLION.
SO, UM, THEY'RE ABOUT THREE QUARTERS OF THE WAY TO THAT.
BUT YEAH, IT'S, IT'S QUITE A LOT OF THESE CORRIDOR PROGRAM PROJECTS THAT HAVE SLOWED DOWN AND NOT HAPPENED AS QUICKLY AS THEY WERE SUPPOSED TO.
UM, AGAIN, LIKE BURNETT ROAD SLAUGHTER LANE, UM, AIRPORT BOULEVARD, WILLIAM CANNON, UM, SOUTH LAMAR AND NORTH LAMAR, ALL OF THEM ARE A LITTLE BIT BEHIND ON THE SPEND OR AT LEAST A LITTLE BIT BEHIND ON THE SPEND THAT WAS PROJECTED.
SO IT'S KIND OF PROGRAM WIDE ON THAT ONE.
UM, THE OTHER BIG ONE YOU'RE SEEING UP HERE IS THE 2020, UM, 2020 PROGRAMS A LITTLE BIT BEHIND AS WELL.
UM, THIS IS KIND OF LIKE MORE SPLIT ACROSS A NUMBER OF PROJECTS.
UM, AGAIN, LIKE IF IT'S, IT'S A LITTLE BIT HARDER TO TELL ON THAT ONE, BUT THE SIDEWALK PROGRAM IS GOING VERY QUICKLY.
THE STREET REHAB WORK IS GOING QUICKLY.
I THINK IT'S MORE LIKE THE INDIVIDUAL PROJECTS AND THESE KIND OF PROGRAMMATIC PIECES THAT HAVE KIND OF MORE, UM, MORE DEFINED CONTRACTS THROUGH INDEFINITE DELIVERY, INDEFINITE QUANTITY, AND OTHER CONTRACTING METHODS THAT MAKE THEM GO A LITTLE BIT FASTER THAN THE DESIGN BID BUILD PROJECTS.
AND DID I HEAR YOU CORRECTLY THAT THE FY 24 SPENDING PLAN, WHEN WAS THAT ADOPTED? SEVERAL YEARS AGO.
UH, IT WOULD'VE BEEN LAST YEAR.
SO, UM, WE'D ADOPT THE FIVE YEARS FROM 24 TO 28 BACK LAST AUGUST.
[00:15:01]
RIGHT NOW THE CURRENT PLAN IS 25 TO 29.SO THE ASSUMPTIONS UNDERLYING THAT ADOPTION, SOME OF THEM TURNED OUT TO BE.
AND FOLLOWING UP ON THAT QUESTION, IT MAY BE A QUESTION, YOU KNOW, FOR STEVEN CAPITAL PROJECTS DELIVERY, WHAT ARE THE FACTORS THAT ARE PLAGUING THE MOBILITY PROJECTS? IS THERE ANYTHING IN COMMON OR THERE ARE THINGS THAT HAVE BEEN TRENDS OVER TIME, BUT NOT NO ONE SPECIFIC CULPRIT.
SO AGAIN, JUST DELAYS IN, UM, FINALIZING DESIGN, GETTING, GETTING ALL THE LARGER PROJECTS THROUGH THE PROCUREMENT PROCESS.
THINGS THAT ARE JUST TAKING LONGER THAN, THAN WE INITIALLY ANTICIPATED WHEN WE PUT THE SPEND PLAN TOGETHER.
BUT, UM, THERE'S NOTHING THAT'S A SIGNIFICANT DELAY THAT, THAT WE EXPECT IS GONNA PUSH ANYTHING BEYOND A, A YEAR OUT.
SO THINGS THAT WE'RE PLANNING TO SPEND THIS YEAR WILL BE EXECUTED NEXT YEAR.
ONE, ONE OF THE REASONS FOR THE QUESTION IS THE CONCERN THAT WE'VE TALKED ABOUT SEVERAL TIMES THAT, YOU KNOW, TO GET A BOND PROGRAM DONE REQUIRES SEVERAL DIFFERENT STEPS AND WHETHER WE, WHETHER THERE ARE PROBLEMS ON SPECIFIC STEPS SUCH AS GETTING THINGS THROUGH DESIGN AND THROUGH THE CONTRACTING PROCESS, AND WHETHER, UM, IF THERE'S A DESIRE TO STEP UP THE CAPITAL PROGRAM, THAT THERE ALSO NEEDS TO BE AN INVESTMENT IN THE THINGS THAT ARE PROVING TO BE BARRIERS.
AND THOSE ARE THE TYPES OF THINGS WE'RE TRACKING MORE CLOSELY.
THIS, THIS CURRENT YEAR NOW, UM, THROUGH CAPITAL DELIVERY SERVICES DEPARTMENT, WE ALSO WANNA MAKE SURE, AND IT'S PROBABLY ACROSS THE BOARD, NOT ONLY OUR OWN PROJECT MANAGERS, BUT PROJECT MANAGERS THROUGHOUT THE CITY THAT EXECUTE PROJECTS UNDER, UH, MOBILITY BONDS AND OTHER TYPES OF BONDS THAT SPENDING PLANS ARE DEVELOPED IN, UM, IN ACCORDANCE WITH HISTORIC SPENDING RATES SO THAT WE'RE NOT BEING MORE AGGRESSIVE IN OUR TARGETS THAN WE'RE ABLE TO ACHIEVE.
AND, AND THAT'S SOMETHING WE'RE WORKING ON, UM, EDUCATING TO MAKE SURE THAT OUR FUTURE, FUTURE YEAR SPEND PLANS ARE PROBABLY MORE IN LINE WITH WHAT WE'RE CAPABLE OF EXECUTING AND WE'RE NOT TRYING TO BE MORE AGGRESSIVE THAN WE CAN ACTUALLY DELIVER.
YOU SAID THAT IN YOUR PRESENTATION YOU SAID THAT THESE HAD BEEN PREVIOUSLY APPROVED.
YOU DIDN'T SPECIFICALLY MENTION THE WORD REIMBURSEMENT RESOLUTION, BUT IS THAT WHAT YOU WERE REFERRING TO? IT WAS MY UNDERSTANDING THAT ALL OF THE BONDS BEING SOLD HAD BEEN, THE EXPENDITURES HAD PREVIOUSLY BEEN APPROVED THROUGH REIMBURSEMENT RESOLUTIONS, AND I WANTED TO MAKE SURE THAT WAS CORRECT.
I, I DID MENTION REIMBURSEMENT RESOLUTION.
YOU, YOU MENTIONED IT, BUT IN THE PRESENTATION ITSELF IT SAID IT HAD BEEN PREVIOUSLY APPROVED BY COUNCIL.
SO WE, WE HAVE A RESOLUTION ON THE AGENDA TO APPROVE THE BOND SALE AND IT REFERS TO REIMBURSEMENT RESOLUTIONS AND I JUST WANTED TO MAKE SURE IT WAS CORRECTLY WORDED BEFORE WE CONSIDERED IT.
I WAS REFERRING TO THE REIMBURSEMENT RESOLUTION.
ANY OTHER QUESTIONS FROM COMMISSION MEMBERS? I WOULD ALSO NOTE THAT, UM, COMMISSIONER RODRIGUEZ HAS JOINED THE MEETING VIRTUALLY VICKY CHAIR, IF THERE ARE NO OTHER QUESTIONS, THANK YOU FOR YOUR PRESENTATION.
[3. Approve a recommendation to Council regarding the approval of the proposed Bond Sales]
ON OUR AGENDA THEN IS APPROVAL.RECOMMENDATION TO COUNCIL REGARDING THE APPROVAL OF THE PROPOSED BOND SALE.
THE RESOLUTION HAS BEEN, UM, PROVIDED TO THE COMMISSION AHEAD OF TIME.
DOES ANYONE HAVE ANY QUESTIONS REGARDING THE PROPOSED RESOLUTION APPROVING THE BOND SALE? CAN I ASK A QUICK QUESTION? YES, MA'AM.
I AM NOT ALWAYS EDUCATED IN HOW BONDS WORK.
CAN SOMEONE WALK ME THROUGH WHAT THIS DOES? CAN SOMEONE WALK YOU THROUGH LIKE, WHAT IS THIS? I READ THE RESOLUTION, BUT I'M NOT ALWAYS CLEAR ON, LIKE, I'VE LEARNED A LOT THROUGH THIS COMMITTEE AND HOW WE DO BONDS THROUGH THE CITY, BUT I'M JUST LIKE CURIOUS HOW, WHAT ARE WE
[00:20:01]
RECOMMENDING? BECAUSE I KNOW, LIKE WHEN I'VE BEEN A PART OF THIS, WE HAVE NOT DONE A RESOLUTION BEFORE TO THE CITY COUNCIL.AND I KNOW THAT'S SOMETHING WE TALKED ABOUT EARLIER THIS YEAR IS LIKE BEING MORE ACTIVE IN PLAYING OUR ROLE THERE.
SO LIKE IF SOMEONE CAN JUST GIVE TO ME IN LAYMAN'S TERMS WHAT THIS RESOLUTION IS DOING.
I WILL TRY TO AS TRY TO GIVE YOU THAT IN VERY LAYMAN TERMS. UM, ACTUALLY AT LEAST IN THE PREVIOUS FEW YEARS, I'M NOT SURE THE COMMISSION, THE COMMISSION HAS HEARD THE PRESENTATION ON THE BOND SALE.
UH, I'M NOT SURE THAT WE'VE ACTUALLY MADE A RECOMMENDATION TO COUNCIL, UH, EVERY YEAR.
UH, BUT THAT IS CERTAINLY WITHIN THE PURVIEW OF THE COMMISSION TO DO SO.
SO THIS RECOMMENDATION BASICALLY SAYS, HERE'S THE PRESENTATION FROM FINANCIAL SERVICES REGARDING, UM, WHAT WE PROPOSED TO SELL IN BONDS.
AND WE ARE RECOMMENDING TO COUNCIL, UM, THAT, FIRST OF ALL, TAKING NOTE THAT ALL OF THESE BONDS THAT ARE BEING SOLD HAVE PREVIOUSLY BEEN APPROVED BY COUNCIL AS REIMBURSEMENT RESOLUTIONS.
UM, WE'RE RECOMMENDING THE BOND SALE AS BEING, AS IT IS PROPOSED BY COUNCIL.
UH, THE OTHER THING THAT IS INCLUDED IN THE RESOLUTION, UM, IS IN THE LAST RE BE IT RE BE IT FURTHER RESOLVED THAT THE BOND OVERSIGHT COMMISSION RECOMMENDS THAT CITY COUNCIL DIRECT STAFF TO ENSURE THAT ALL PROJECTS HAVE ESTABLISHED BENCHMARK INFORMATION POSTED ON A WEBSITE AVAILABLE TO THE PUBLIC PRIOR TO FUNDING BEING INCLUDED IN REIMBURSEMENT RESOLUTIONS OR IN PROPOSED BOND SALES, SO THAT THE PROGRESS IN COMPLETING THE DESIGNATED PROJECT AND THE TIMELY EXPENDITURES OF THE BOND PROCEEDS CAN BE ADEQUATELY MONITORED, WHICH IS THE JOB OF THE BOND OVERSIGHT COMMISSION.
SO IF COUNCIL HAS APPROVED REIMBURSEMENT RESOLUTIONS, WHICH DON'T COME, UH, IS SOMETHING THE BOND OVERSIGHT COMMISSION NEVER SEES, THEN WE'RE BASICALLY OBLIGATED THEN TO SELL BONDS IN ORDER TO FUND THOSE REIMBURSEMENT RESOLUTION.
A REIMBURSEMENT RESOLUTION AUTHORIZES THE CITY TO GO AHEAD AND SIT AND SPEND OUT OF THEIR CURRENT CASH BALANCE TO BEGIN PROJECTS AND THEN REIMBURSE ITSELF.
THE CITY REIMBURSES ITSELF FOR MONEY THAT IS EXPENDED BY SELLING THE BONDS.
SO THE DECISION IS MADE WHEN THE REIMBURSEMENT RESOLUTION IS PASSED, THE BOND SALE THEN FOLLOWS THAT IN ORDER TO HONOR THE REIMBURSEMENT RESOLUTION.
DOES, DOES THAT MAKE IT ANY CLEARER AT ALL FOR YOU? THAT DEFINITELY HELPS.
ANY OTHER QUESTIONS ABOUT THE BON SALE? YES, MA'AM.
A ACTUALLY I HAVE A TECHNICAL QUESTION.
THEY'RE FOLKS ONLINE ARE EXPERIENCING THAT.
LET US KNOW IF, IF THAT CONTINUES TO BE A PROBLEM, PLEASE.
ARE THERE ANY OTHER QUESTIONS ON THE RESOLUTION ON THE PROPOSED BOND SALE? YES, SIR.
UH, MR. CHAIRMAN, UH, MOST OF THIS RESOLUTION APPEARS TO MY EYE TO REFER TO, ESSENTIALLY IT'S A THUMBS UP TO THE PROPOSED SEPTEMBER BOND SALE THAT WE WERE JUST BRIEFED ON THE FINAL, UM, PARAGRAPH, AS I UNDERSTAND IT REFERS TO FUTURE BOND SALES AND REIMBURSEMENT RESOLUTIONS.
WHAT THE COMMISSION IS AUTHORIZED TO DO IS MAKE RECOMMENDATIONS TO COUNCIL.
SO THIS RESOLUTION MAKES TWO RECOMMENDATIONS.
ONE IS THAT WE RECOMMEND TO COUNCIL THAT THEY APPROVE THE BOND SALE AS SCHEDULED.
SECOND IS THAT WE RECOMMEND THAT COUNCIL ADVISE STAFF, UH, INSTRUCT STAFF THAT IN PASSING REIMBURSEMENT
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RESOLUTIONS OR PUTTING PROJECTS OR PUTTING BOND SALES, UH, PROPOSED BOND SALES ON THE AGENDA THAT THEY FIRST INSTRUCT STAFF TO ENSURE THAT THOSE PROJECTS HAVE BENCHMARKS IN PLACE.UM, I'M WONDERING IF IT MIGHT BE MADE MORE CLEAR IF THE WORD FUTURE WAS STUCK SOMEWHERE IN THAT PARAGRAPH OR OTHERWISE, TO MAKE IT CLEAR THAT IT'S NOT REFERRING TO EVERYTHING ELSE THAT THE RESOLUTION IS TALKING ABOUT.
I WAS A LITTLE, UM, MISLED BY IT.
DO YOU, DO YOU THINK THAT THE WORD PRIOR TO COVERS IT SO HAVE ESTABLISHED BENCHMARK INFORMATION PRIOR TO FUNDING BEING INCLUDED IN REIMBURSEMENT RESOLUTIONS? YES.
ON A CLOSE READING IT MAKES SENSE ON A PASSIVE READING, WHICH IS PROBABLY WHAT MANY CITY COUNCIL STAFF WILL GIVE THIS, IT MAY NOT BE APPARENTLY, UH, DIFFERENT FROM THE REST OF THE, OF THE RESOLUTION.
DO YOU, WOULD YOU LIKE TO SUGGEST DO ALTERNATIVE WORDING? CAN WE, UM, ADD THE WORD FUTURE BETWEEN ENSURE THAT ALL AND PROJECTS YES.
ENSURE THAT IN THE FUTURE, IN THE FUTURE, OR ENSURE THAT ALL FUTURE PROJECTS ENSURE THAT ALL FUTURE DOES THAT NEED TO BE, UH, DONE AS AN AMENDMENT TO THE RESOLUTION.
SO WE HAVE AN AMENDMENT, A PROPOSED AMENDMENT TO THE RESOLUTION.
IS THERE A SECOND TO THE PROPOSED AMENDMENT BEFORE WE VOTE ON THE RESOLUTION? A SECOND.
THERE'S A SECOND TO THE PROPOSED, UH, AMENDMENT.
ARE THERE ANY QUESTIONS? DOES EVERYONE UNDERSTAND THE PROPOSED AMENDMENT? THE WORDING CHAIR? IF YOU COULD, IT'S STILL A LITTLE BIT HARD TO HEAR.
IF YOU COULD DO US A FAVOR AND JUST READ BACK THROUGH THE PARAGRAPH.
BE IT FURTHER RESOLVED THAT THE BOND OVERSIGHT COMMISSION RECOMMENDS THAT CITY COUNCIL DIRECT STAFF TO ENSURE THAT AS IT CURRENTLY READS THAT ALL PROJECTS HAVE ESTABLISHED BENCHMARKS, THE AMENDMENT WOULD HAVE IT READ THAT ALL FUTURE PROJECTS HAVE ESTABLISHED BENCHMARK INFORMATION POSTED ON A WEBSITE AVAILABLE TO THE PUBLIC PRIOR TO FUNDING BEING INCLUDED IN REIMBURSEMENT RESOLUTIONS OR PROPOSED BOND SALES SO THAT THE PROGRESS IN COMPLETING THE DESIGNATED PROJECT AND THE TIMELY EXPENDITURES OF THE BOND PROCEEDS CAN BE ADEQUATELY MONITORED.
CHAIRMAN CURRY? YES, THANK YOU.
STAFF HAS A, ANOTHER, UH, CLARIFICATION ON THAT SAME PARAGRAPH.
UH, COMMISSIONER, UH, KIMMEL LAVAR, DEPUTY CFO.
SO, UM, AS, AS WE LOOK AT THIS RESOLUTION, I, I HAVE MAY PERHAPS QUESTION SLASH CLARIFICATION.
SO, UM, IN TWO SPOTS, IT REC IT, UH, NOTE REIMBURSEMENT RESOLUTIONS.
WHERE I'M THINKING WHAT YOU'RE ACTUALLY TRYING TO SPEAK TO IS THE APPROPRIATIONS.
UM, THE AUTHORIZATION TO SPEND THE REIMBURSEMENT RESOLUTION IN ITSELF IS WHAT ALLOWS US TO MAINTAIN THE TAX EXEMPT STATUS OF THE BONDS WHEN WE DO GO TO ISSUE THEM.
UM, IT'S NOT NECESSARILY RELATED TO THE SPENDING OF THOSE, OF THE, UH, THE BONDS, THE ABILITY TO SPEND THOSE BONDS.
SO, UM, IN THE SECOND WHEREAS, AND THEN IN THE SECOND, OR IN THE BE IT FURTHER RESOLVED SECTION, IT'S TALKING ABOUT REIMBURSEMENT RESOLUTION.
SO IN THAT FIRST OR THAT SECOND, WHEREAS IT MIGHT BE THAT, AND THIS IS JUST A SUGGESTION, OBVIOUSLY I'LL, UH, CAN TAKE, TAKE THIS OR LEAVE IT.
UM, BUT, UM, WHERE THE BOND SALE CONSISTS OF BONDS FOR WHICH CITY COUNCIL HAS APPROVED, UH, APPROPRIATION AND REIMBURSEMENT RESOLUTION SO THAT FUNDS COULD BE EXPENDED.
'CAUSE THE REIMBURSEMENT RESOLUTION AGAIN, DOES NOT GIVE US THE ABILITY TO SPEND THE APPROPRIATION, IS WHAT GIVES US THE ABILITY TO SPEND THEN IN ADDITION ON THE BE IT FURTHER RESULT.
UM, I THINK I'M WONDERING BECAUSE I I DO KNOW THAT YOU HAVE ANOTHER, UM, RECOMMENDATION OR RESOLUTION HERE ON THE AGENDA RELATED TO MONITORING.
AND THAT PARAGRAPH FEELS VERY MONITORING ORIENTED.
UM, SO WHENEVER, AS IT TALKS ABOUT, UM, ESTABLISHING BENCHMARKS AND MAKING THAT AVAILABLE PUBLIC PRIOR TO A FUNDING BEING INCLUDED IN REIMBURSEMENT RESOLUTIONS, WHERE THIS IS WHERE IT WOULD DEFINITELY
[00:30:01]
NEED TO BE KIND OF IN APPROPRIATIONS WHEN THE BOND PROGRAM IS APPROVED, UM, ONCE THAT ELECTION IS CERTIFIED, WE DO A BUDGET AMENDMENT THAT APPROPRIATES ALL THE DOLLARS AND DOES THE REIMBURSEMENT RESOLUTION IN TOTALITY AT ONE TIME.SO IT, IF YOU'RE, IF YOU'RE LOOKING AT IT WITH REGARD TO APPROPRIATIONS REIMBURSEMENT RESOLUTIONS, YOU'RE TALKING ABOUT, WE WOULD NEED TO HAVE BENCHMARKS AND EVERYTHING AVAILABLE AT THAT TIME WHEN EVERY SINGLE DOLLAR IS BEING APPROPRIATED.
UM, AND THAT'S NOT SO MUCH RELATED TO THE BOND SALE AS IT IS TO THE ABILITY TO MONITOR THE PROGRESS OF THE BOND PROGRAM ITSELF.
UM, AND THEN AGAIN, THE PROPOSED, THE BOND SALES THAT WE DO EACH YEAR ARE, AGAIN, FUNDING DOLLARS THAT HAVE ALREADY GONE OUT THE DOOR.
UM, IT'S PURELY, WE'RE DOING IT PURELY ON A REIMBURSEMENT BASIS.
SO I'M JUST, I, FROM A, JUST A PROFESSIONAL RECOMMENDATION, I WOULD, I THINK THAT ONE YOU WOULD NEED WANT TO INCLUDE THE CONCEPT OF APPROPRIATIONS AND MAYBE PERHAPS CONSIDER THAT BE IT FURTHER RESOLVED BEING CONSIDERED AS PART OF YOUR MONITORING FRAMEWORK RESOLUTION.
SO I COULD NOT AGREE WITH YOU MORE.
I THINK BENCHMARK SHOULD BE ON ALL CAPITAL PROJECTS, BUT WHAT WE'VE GOT IN FRONT OF US RIGHT NOW AND WHAT WE HAVE THE OPPORTUNITY TO OPINE TO COUNSEL ON IS THE BOND SALE.
AND I'M JUST TAKING THIS OPPORTUNITY WHILE WE HAVE THE BOND SALE IN FRONT OF US.
I THINK I, I COMPLETELY AGREE WITH YOUR SUGGESTION FOR INCLUDING THE WORD APPROPRIATION AS A FURTHER AMENDMENT.
UM, I WOULD LIKE TO LEAVE THE, WHEREAS THE SECOND, WHEREAS IN THE RESOLUTION, UH, FOR WHATEVER IMPACT IT MIGHT HAVE ON COUNCIL'S CONSIDERATION OF, UM, INSTRUCTING STAFF TO DO, TO PAY ATTENTION TO BENCHMARKS.
WELL, SO THAT, THAT WOULD BE SOMETHING THAT WOULD STEVE AND HIS CREW
THAT'S NOT SOMETHING THAT WE WOULD NECESSARILY IN FINANCIAL SERVICES BE, UM, BE HANDLING.
I JUST WANT, I JUST DON'T WANT THERE TO BE CONFUSION AS TO WHEN IT COMES TO US SETTING UP THE BOND SALES, IT'S NOT, WE'RE NOT DOING SO IN RELATION TO SETTING BENCHMARKS, IT'S PURELY TO REIMBURSE THE CITY FOR THOSE COSTS.
UH, SORRY, BELINDA WEAVER, CITY TREASURER.
UH, GOOD AFTERNOON COMMISSIONERS.
AND, UM, JUST TO KIND OF, UH, PIGGYBACK ON KIM'S RECOMMENDATIONS, UM, I JUST WANNA GET CLARITY THAT UNDER THE SECOND, WHEREAS YOU WERE STATING YOU WANT TO KEEP THAT IN, BUT, UM, THE COMMISSION IS GOING TO, UM, CONSIDER THE INCLUSION OF APPROPRIATIONS BECAUSE AS KIM SAID, THE REIMBURSEMENT RESOLUTIONS, RIGHT? THEY DO PRESERVE THE TAX EXEMPT STATUS OF THE BONDS.
IT IS KIND OF THE FUNDING MECHANISM MM-HMM.
SO, UM, I, I THINK THE APPROPRIATIONS INCLUDED IN HERE FROM LIKE A SPENDING STANDPOINT IS NECESSARY ALONG WITH IF THE LAST BE IT FURTHER RESOLVED IS INCLUDED IN THAT ONE AS WELL.
SO COMMISSIONER, WOULD YOU LIKE TO INCLUDE IN YOUR PROPOSED, UH, AMENDMENT, AND IF IT'S ACCEPTABLE TO THE SECOND THAT WE ADD FUTURE AND THAT WE ALSO ADD, UH, APPROPRIATION IN FRONT OF, IN THE FIRST WHERE, AND IN THE LAST BE IT RESOLVED IN FRONT OF THE WORD REIMBURSEMENT RESOLUTION? IT IS, IS THAT ACCEPTABLE TO THE SECOND? YES.
SO THE PROPOSED AMENDMENT THEN WOULD DO TWO THINGS.
IT WOULD ADD THE WORD FUTURE THAT ALL FUTURE PROJECTS, UH, IN THE, IN THE FURTHER BE IT FURTHER RESOLVED.
AND IT WOULD ALSO ADD THE WORD APPROPRIATION IN THE FIRST, WHEREAS FOR WHICH CITY COUNCIL HAS APPROVED APPROPRIATIONS AND REIMBURSEMENT RESOLUTIONS, AND IN THE LAST BE IT FURTHER RESOLVED, UH, IT WOULD READ AVAILABLE TO THE PUBLIC PRIOR TO FUND, PRIOR TO FUNDING BEING INCLUDED IN APPROPRIATIONS AND REIMBURSEMENT RESOLUTIONS OF PROPOSED BOND SALES.
ANY QUESTIONS ON THE PROPOSED AMENDMENT? ACTUALLY, ONE THING I YOU JUST READ.
IS IT A REIMBURSEMENT RESOLUTIONS OR PROPOSED BOND SALES OR OF PROPOSED BOND SALES? IT SHOULD BE OF, I'M SORRY, THAT'S A CORRECTION.
IT, IF THERE ARE NO OTHER, UM, QUESTIONS OR CLARIFICATIONS ON THE PROPOSED AMENDMENT, WE'LL VOTE ON THAT FIRST.
[00:35:01]
NICOLE, IF YOU WOULD CALL THE ROLE COMMISSIONER CURRY? YES.THE PROPOSED RESOLUTION, THE PROPOSED AMENDMENT PASSES AND WE CAN NOW VOTE ON THE RESOLUTION ITSELF.
ARE THERE ANY OTHER QUESTIONS OR CLARIFICATIONS ON THE RESOLUTION? IF NOT, DO I HEAR A MOTION ON THE RESOLUTION? SO MOVED.
MOTION HAS BEEN MADE AND SECONDED ON THE RESOLUTION.
ARE THERE QUESTIONS ARE CLARIFICATIONS? IF NOT, WOULD YOU CALL THE ROLE ON THE RESOLUTION? COMMISSIONER CURRY? YES.
THAT VOTE THAT THE RESOLUTION PASSES UNANIMOUSLY FOR THOSE, UH, PRESENT AND VOTING IT BRINGS US.
THANK YOU FOR YOUR PRESENTATION.
[4. Approve a recommendation to Council regarding the Bond Oversight Commissions Bond Framework in the implementation of capital program]
ITEM ON THE AGENDA, WHICH IS A RECOMMENDATION TO COUNCIL, UH, REGARDING THE BOND OVERSIGHT COMMISSION BOND FRAMEWORK IN THE IMPLEMENTATION OF CAPITAL, UH, OF THE CAPITAL PROGRAM.WE VOTED ON THIS IN THE MAY MEETING.
UM, THE CLERK TOOK ISSUE WITH THE WORDING OF THE RESOLUTION THAT WE VOTED ON.
UM, THE ISSUE I BELIEVE THAT THE CLERK EXPRESSED WAS THE COMMISSIONS CAN MAKE RECOMMENDATIONS TO COUNSEL AND THE WORDING OF THE, OF WHAT WE VOTED ON IN MAY DID NOT CLARIFY THAT WHAT THE COMMISSION WAS DOING WAS MAKING A RECOMMENDATION TO COUNCIL.
SO WHAT I HAVE ADDED TO OUR PREVIOUS, UM, ACTION WAS A, NOW THEREFORE BE IT RESOLVED THAT THE BOND OVERSIGHT COMMISSION ENCOURAGES THE AUSTIN CITY COUNCIL TO PROVIDE GUIDANCE ON THE INFORMATION THEY WOULD FIND USEFUL IN MAKING DECISIONS ON THE CAPITAL IMPROVEMENT PROGRAM AND HOW IT IS FINANCED.
AND THAT IS, UH, IN ACCORDANCE WITH A TEMPLATE THAT THE CITY CLERK PROVIDED FOR US FOR RESOLUTIONS.
SO THAT'S THE ADDITION TO WHAT WE DID IN MAY.
ARE THERE ANY QUESTIONS ON THE BOND OVERSIGHT FRAMEWORK? IF THERE ARE NO QUESTIONS, DO I HEAR A MOTION ON THAT RESOLUTION? SAY I MOTION TO APPROVE.
THERE'S A MOTION AND A SECOND.
WE'RE PUTTING THE PEOPLE TO WORK HERE THAT ARE ATTENDING IN PERSON.
SO THERE'S MOTION ON THE FLOOR TO APPROVE THE RESOLUTION.
ANY QUESTIONS OR CLARIFICATIONS ON THE MOTION ON THE RESOLUTION? IF NOT, WOULD YOU CALL THE ROLE PLEASE? COMMISSIONER CURRY? YES.
[00:40:01]
THE MOTION PASSES MOTION ON THE RESOLUTION PASSES, UH, UNANIMOUSLY BY THOSE PRESENT AND VOTING.AND THEN THE NEXT ITEM ON OUR AGENDA IS TO APPROVE THE ANNUAL
[5. Approve the Annual Internal Review and Report]
INTERNAL REVIEW AND REPORT, WHICH HAS BEEN CIRCULATED TO THE COMMISSION IN ADVANCE.UM, IN INTRODUCING THE REPORT, UM, I WANT TO CALL, FIRST OF ALL CALL ATTENTION, UH, TO A COUPLE OF THINGS AT THE VERY BEGINNING, WHICH WE ALWAYS PUT AT THE BEGINNING OF THE, UM, ANNUAL INTERNAL REVIEW REPORT.
THIS, AGAIN, IS BASED ON THE TEMPLATE, AND WE BEGIN BY CITING THE MISSION STATEMENT THAT COUNCIL ADOPTED IN THE ORDINANCE THAT SET UP THE COMMISSION.
AND GIVEN THE DIS ONGOING DISCUSSION ON ANOTHER BOND, UM, ELECTION PROCESS, I WANNA CALL THE COMMISSION'S ATTENTION TO ITEM C.
SPECIFICALLY, THE MAYOR AND COUNCIL SHALL WORK WITH THE COMMISSION TO SET PRIORITIES AND GOALS OF EACH NEW BOND ISSUE TO BE SUBMITTED TO VOTERS.
UM, THE COMMISSION SHALL ADVISE THE COUNCIL ON PROPOSED BONDS AND THE IMPLEMENTATION OF PROJECTS APPROVED IN BOND ELECTIONS.
AND I CALL YOUR ATTENTION TO THIS.
UH, IN DOING SO, WHAT I WOULD SUGGEST TO THE COMMISSION MEMBERS IS THAT YOU VISIT WITH YOUR COUNCIL MEMBER, YOUR APPOINTING COUNCIL MEMBER AND DISCUSS WITH THEM THIS PART OF THE BOND OVERSIGHT COMMISSION ROLE, AS WELL AS THE TRENDS THAT WE HAVE NOTED IN REVIEWING PROJECTS.
UH, ONE OF WHICH IS THAT OFTENTIMES THOSE PROJECTS THAT HAVE DIFFICULTY BEING COMPLETED ON TIME ARE PROJECTS THAT GO ON A BOND ELECTION, UM, THAT ARE NOT FULLY DES FULLY THOUGHT OUT PROJECTS.
THEY ARE WELL INTENTIONED AND WELL DESERVED PROJECTS THAT STILL NEED SOME WORK, UH, BEFORE THEY CAN GO THROUGH THE PROCESS OF BEING, UM, TURNED INTO CAPITAL PROJECTS AND CONTRACTED AND COMPLETED.
UM, I THINK THE, THE, IN MY PERSONAL OPINION, THE BOND OVERSIGHT COMMISSIONS MONITORING ON AN ANNUAL BASIS, THE PROG PROGRESS OF PROJECTS, UH, WOULD BE IMPROVED IF THE COMMISSION TOOK AN ACTIVE PART IN THE, IN THE, UM, SELECTION OF BOND PROJECTS.
NOT IN PREVENTING PROJECTS FROM GOING ON THE BALLOT OR, OR RECOMMENDING AGAINST THEM, BUT IN BEING MORE FULLY INFORMED OF THOSE PROJECTS THAT APPEAR AT THE TIME THEY ARE ON THE BOND BALLOT TO NEED MORE WORK THAN PROJECTS THAT SEEM TO HAVE, UM, MORE, MORE OF THE STEPS IN PLACE TO BECOME REALIZED IN THE GROUND BUILT PROJECTS.
SO THAT JUST AN OBSERVATION ON MY PART FOR COMMISSIONERS WHO WILL BE HERE, UH, AS THE NEXT BOND ELECTION PROCESS GETS STARTED.
UH, I WOULD ALSO ADVISE YOU, UH, BASED ON MY OWN EXPERIENCE TO HAVE THOSE MEETINGS EARLY IN THE STAGE BECAUSE THIS TRAIN LEAVES THE STATION OFTENTIMES VERY EXPEDITIOUSLY.
THE REST OF THE INTERNAL REVIEW REPORT, THERE'S A VERY IMPORTANT PART, UM, IN MY OPINION AT THE END OF THIS REVIEW REPORT.
AND THAT IS LISTING THE BOARD'S GOALS AND OBJECTIVES FOR THE NEW CALENDAR YEAR.
UM, TYPICALLY THE CHAIR WRITES THIS REPORT AND SUBMITS IT TO THE COMMISSION, AND IT GETS APPROVED AND IT GETS SENT TO THE CLERK.
[00:45:02]
I, I HAVE PUT TWO BULLETS UNDER THE GOALS AND OBJECTIVES, BUT I LEFT THE REST OF THE GOALS AND OBJECTIVES FOR A DISCUSSION TODAY AMONG THE COMMISSION AND TO GIVE YOU THE OPPORTUNITY TO INSERT THOSE ITEMS THAT YOU ALL FEEL, UH, NEED TO BE DONE DURING THE NEXT YEAR.UM, WHAT I HAVE INCLUDED THUS FAR, AND I'VE DISTRIBUTED THE THIS TO THE COMMISSION MEMBERS IN ADVANCE, THE AVAIL, THE FIRST BILL THE UPCOMING YEAR, THE BOND OVERSIGHT COMMISSION WILL CONTINUE TO FOCUS ON ONE, THE AVAILABILITY AND ACCESS TO CURRENT BENCHMARK INFORMATION FOR CAPITAL PROJECTS.
SO THE COMMISSION CAN BETTER INFORM COUNCIL OF THE PROGRESS BEING MADE AND ISSUES THAT NEED TO BE ADDRESSED.
AND TWO, IN COMPLIANCE WITH SECTION C AND D OF OUR MISSION STATEMENT, COORDINATE WITH COUNCIL ON SETTING PRIORITIES AND GOALS FOR NEW BOND ISSUES TO SUBMIT TO BE SUBMITTED TO VOTERS AND ADVISE COUNCIL ON PROPOSED BONDS.
SO THOSE ARE THE TWO SUGGESTIONS I HAVE.
THE FLOOR IS OPEN FOR YOUR SUGGESTIONS TO ADD ITEMS UNDER THIS GOALS AND OBJECTIVES FOR THE NEXT CALENDAR YEAR BEFORE WE VOTE TO APPROVE THE REVIEW REPORT.
THOUGHTS AND IDEAS, DO PEOPLE WANT MORE TIME OR DO WE NEED TO CLOSE THIS AND VOTE ON THE REVIEW REPORT? I DON'T ANYTHING.
CHAIR, THANKS FOR PUTTING THIS TOGETHER.
I MEAN, IT LOOKS LIKE WE'VE COVERED, UM, A THROUGH E THROUGH THE, THE VARIOUS ACTIVITIES THAT WE, UH, ARE ONGOING.
AND THEN THE ADDITIONAL ITEMS, UH, I THINK ARE GOOD AT, UM, IF THERE ARE NO OTHER SUGGESTIONS, DO I HEAR A MOTION TO, UH, UH, APPROVE THE INTERNAL REVIEW REPORT? I'LL SECOND THE MOTION.
WAS THAT COMMISSIONER INN? THANK YOU.
IS THERE A SECOND? I'LL SECOND.
THERE'S A SECOND FROM COMMISSIONER DIAZ.
ANY QUESTIONS, CONSIDERATIONS, IF NOT WHAT YOU CALL THE ROLE? COMMISSIONER CURRY? YES.
THAT, UH, THE INTERNAL ANNUAL INTERNAL REVIEW, UH, PASS THIS UNANIM UNANIMOUSLY BY THOSE PRESENT AND VOTING.
[FUTURE AGENDA ITEMS]
AGENDA ITEMS. STEVEN, WE WERE SUPPOSED TO DO FIRE AND EMS, UH, AT THIS MEETING.CAN YOU GIVE US AN UPDATE ON WHEN, WHY WERE YOU WEREN'T ABLE TO DO THAT? AND WHEN WE'RE GONNA DO, UH, BASED ON THE SCHEDULE CHANGE WE HAD THIS SUMMER AND MOVING OF, UM, OUR FINANCIAL SERVICE TEAM THAT JUST PROVIDED THE PRESENTATION TODAY, WE'VE PUSHED EVERYTHING TO THE RIGHT.
SO WE CAN CERTAINLY COORDINATE FIRE EMS FOR, UM, NEXT MONTH.
[00:50:01]
THEN WE HAVE A LINEUP OF OTHER DEPARTMENTS THAT WE WERE CONSIDERING THROUGHOUT THE REST OF THE YEAR.UM, TRANSPORTATION, PUBLIC WORKS FOR MOBILITY PROJECTS, UM, PARKS AND WATERSHED PROTECTION.
SO WE CAN CERTAINLY, UM, MOVE FORWARD ON THAT SAME, UM, ROTATION, IF YOU WILL, AND CONFIRM THEM FOR THE REMAINDER OF THE YEAR.
DOES THAT MEET WITH EVERYBODY'S APPROVAL ON THE COMMISSION? ANYONE ELSE HAVE OTHER ITEMS ON THE FOR FUTURE AGENDA ITEMS? IF NOT, I HAVE, UM, INDIVIDUALLY INFORMED THE COMMISSION MEMBERS THAT I NEED TO STEP DOWN AS CHAIR FOR MEDICAL REASONS.
UM, WE HAVE A LITTLE BIT OF CONFUSION AS TO EXACTLY, I'M NOT SURE.
UH, OUR VICE CHAIR COMMISSIONER MCNABB HAS INDICATED HIS WILLINGNESS TO STEP UP AND ASSUME THE CHAIR POSITION, WHICH WAS MY ASSUMPTION WAS THE WAY THAT WORKED.
THERE SEEMS TO BE SOME CONFUSION AS TO WHETHER OR NOT THE, UM, COMMISSION VOTES ON A NEW, ON THE CHAIR AND VICE CHAIR OR WHETHER THE COMMISSION NEEDS TO VOTE ONLY ON A VICE CHAIR.
AND I BELIEVE THE WAY THE CITY CLERK HAS SUGGESTED THAT WE POST IT ON OUR NEXT AGENDA IS, UM, HELP ME, NICOLE, EMERGENCY ELECTIONS FOR, UM, NEXT MONTH WE'LL BE HAVING AN EMERGENCY ELECTION, UM, FOR THIS ELECTION OF POTENTIALLY CHAIR OR JUST, UM, VICE CHAIR OR BOTH CHAIR AND VICE CHAIR.
DOES EVERYBODY UNDERSTAND THAT WHAT WE'RE DOING, WHAT, TRYING TO GET FURTHER CLARIFICATION ON EXACTLY HOW WE, UH, POST IT.
BUT I WILL BE RESIGNING AS CHAIR.
I WILL BE STAYING ON THE COMMISSION, BUT RESIGNING AS CHAIR, I KNOW THAT I'M GOING TO BE ABSENT FOR NOT ABLE TO ATTEND IN PERSON FOR SEVERAL OF THE MEETINGS THIS FALL.
AND I THINK THE, WE NEED TO HAVE A, A CHAIR THAT'S HERE AND ABLE TO RUN THE, THE MEETINGS.
ANY OTHER ITEMS FOR THE AGENDA? IF NOT, IS THERE A MOTION TO ADJOURN? I'LL MAKE A MOTION TO ADJOURN.
ALL THOSE IN FAVOR SAY AYE OR INDICATE WITH A RAISE STAND.
THE, THE MEETING IS ADJOURNED AT 2 51 3 15.