Aug 21, 2023 Special Town Council

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AWESOME. LET'S GO. SORRY. ALL RIGHT. GOOD AFTERNOON. THERE'S 105 PM THIS IS THE TOWN COUNCIL

[1. CALL TO ORDER]

AND SO WE'RE BACK TODAY WITH A RE PROPOSAL AND A SIMPLIFICATION TO DISCUSS THAT'S THE PRINCIPAL REASON FOR TODAY'S ACTION ITEM. AND SO WE'LL GET WITH IT. IT IS NOW 106 PM AND SO I WILL CALL PUBLIC INPUT ITEM TO A ON OUR AGENDA. IS THERE ANYONE THAT WISHES TO SPEAK TODAY? OKAY? I DON'T SEE ANYONE SO WAY THAT IN THE OTHERWISE BUT 106 PM WILL CLOSE PUBLIC INPUT WILL MOVE TO

[3.A. Consider an Ordinance of the Town of Northlake, Texas, amending and restating Ordinance 23-0810A authorizing and ordering a Special Election to be held in the Town of Northlake on November 7, 2023, for the purpose of submitting to the qualified voters of the Town of Northlake, Texas, a question as to the issuance of bonds, prescribing the time and designating the locations and manner of conducting the election to be in accordance with the Joint Election Agreement and Contract for Election Services with Denton County and Denton County Elections Administrator; authorizing the Town Manager to execute the Agreement and Contract; and providing an effective date]

FOR THE PURPOSE OF SUBMITTING THE QUALIFIED VOTERS OF THE TOWN. A QUESTION IS THE ISSUANCE OF BONDS RELATED TO A SPORTS CENTER. JUST SUMMARIZING THE ITEM, MR CORN. WHAT ELSE DO WE HAVE TO SAY ABOUT THIS? I'LL DO THE SAME, SIR. UM KINDA. HOW WE GOT HERE. LET'S SEE. TURN THIS ON, AND IT WORKS. ALL RIGHT, AND THIS IS A. THIS IS A THE FINANCING FOR THE SPORTS VENUE.

AS WE TALKED ABOUT IN THE PAST. BY GUARANTEEING WITH PROPERTY TAXES, BUT NOT INTENDING TO USE PROPERTY TAXES TO PAY THE DEBT SERVICE. THERE'S SUBSTANTIAL SAVINGS. AND. SO YOU KNOW, KIND OF HOW WE GOT HERE. UM, WE'VE. HELD SOME CHANGES IN THE LEGISLATURES. WE'VE HAD SOME CHANGES IN THE INTERPRETATION OF THE ATTORNEY GENERAL. TO HELP US GET THROUGH THAT I'LL INTRODUCE SOME OF OUR CONSULTANTS THAT ARE HERE. BUT AND. UM I WANT THEM TO BE BRUTALLY HONEST AND ANSWER YOUR QUESTIONS ON HOW HOW WE GOT HERE. KIND OF WHAT? WHAT WENT WRONG? AND SOME OF THIS IS US TRYING TO NAVIGATE THE CHANGES. AND SO JOHN DEVELOPED JOHN AND I DEVELOPED A LITTLE TIMELINE. YOU ALL RECALL CALLING FOR THE SPECIAL ELECTION. THAT IS THE SOURCES WE INTENDED TO USE TO FINANCE THAT. UM AND WE ASSUMED AT THE TIME THAT WELL THAT WE WEREN'T GOING TO USE PROPERTY TAXES, BECAUSE, UM WE? WE'VE WE THOUGHT WE HAD THE PROPER REVENUE SOURCES. WE CALL THAT ELECTION AND IT WAS. MAJORITY APPROVED THAT THOSE USES OF THOSE FUNDS. AND THEN UM HMM.

DURING THE SUMMER, THE LEGISLATURE ELIMINATED SPORTS VENUE AS A PUBLIC WORK. SO WE WERE GOING UNDER THE IMPRESSION THAT A SPORTS VENUE WAS A PUBLIC WORK, AND NOW IT'S NOT SO YOU REMEMBER WE WERE RUSHING TO GET THOSE CEOS OUT BY SEPTEMBER 1ST BECAUSE. HOUSE BILL. FOURTH OUT . 4082 WAS THE ONE THAT CHANGED THAT AND WHEN EFFECT IN EFFECT SEPTEMBER 1ST. SO AH PREVIOUS BOND COUNCIL SAID. IF WE GET THIS CALLED BEFORE SEPTEMBER 1ST. WE COULD ISSUE THAT DEBT.

AH! WE FOUND OUT JUST A FEW DAYS BEFORE. WE ISSUED. THAT NOTICE IS, THE ATTORNEY GENERAL SAID NO , AND WE'LL GET THE BOND COUNSEL TO GO MORE INTO TRYING TO INTERPRET, UM HOW THEY CAME TO THAT DECISION. UM UH, IN LAYMAN'S TERMS. IT'S LIKE, WELL, YOU YOU KNEW THEY WERE CHANGING IT. YOU SHOULDN'T HAVE TRIED IT ANYWAY. OR ASSUMPTION WAS. IT DOESN'T CHANGE UNTIL SEPTEMBER, 1ST. YOU KNOW, WE'RE GOING TO GO FORWARD WITH THE OLD RULES. YOU CAN'T ENFORCE THE NEW RULES UNTIL THE DATA STARTS. SO UM, AND THEN, UM, YOU KNOW, ANOTHER THING HAPPENED WITHOUT THE USE OF C. O S USING JUST REVENUE BONDS. WE WERE GOING TO PAY QUITE A PREMIUM, AND YOU SAW

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WELL HAS PROJECT WITH THE A G, SO WE'RE MOVING FORWARD WITH THAT. UM SO I'D LIKE TO INTRODUCE A NUMBER OF INDIVIDUALS. OF COURSE. YOU KNOW, ASHLEY, DIRECTOR, OUR GENERAL COUNSEL AND ALSO WITH US, WE HAVE JULIE BARTON. WHO'S WITH BRACEWELL, AND SHE IS BOND COUNCIL. WE'VE ENGAGED HER FOR THIS ISSUANCE. SHE IS. SHE IS SPECIALIZED IN THIS. SHE'S DONE A NUMBER OF THESE TYPE OF COMPLEX ISSUES OF PREVIOUS PREVIOUS BOND COUNCIL WASN'T QUITE AS FAMILIAR WITH THIS. AND THEN, OF COURSE, YOU KNOW MARTY SHOE WITH TOP SECURITY. SHE'S OUR FINANCIAL ADVISOR. SO IN EACH EACH OF THESE HAVE SPECIFIC ROLES, OF COURSE, YOU KNOW, ACTUALLY, AS GENERAL COUNSEL. AH, THE BONDS ARE ISSUING DEBT, BUT THEY'RE VERY COMPLEX LEGAL DOCUMENTS, AND THEY HAVE TO OUR BOND COUNCIL VERIFIES THAT THEY MEET FEDERAL LAW, STATE LAW. AND SO WE'RE RIGHT NOW WE'RE KIND OF IN THIS STATE LAW. CHECK BECAUSE OF THE MOVING ALL THE MOVING PIECES ON THAT. AND OF COURSE, MARTY IS OUR FINANCIAL ADVISOR CHECKS TO MARKET. IT HELPS US WITH THE ISSUES OF TRYING TO GET US THE BEST. UM THE BEST RATES FOR THAT AND ADVISES US ON WHAT TYPE OF DEBT WE CAN USE AND WHAT OUR RATES ARE. SO, UM THAT'S KIND OF HOW WE GOT HERE. I'M. I WILL TRY TO ANSWER QUESTIONS, BUT I'LL PROBABLY DIFFER QUICKLY TO OUR BOND COUNSEL AND LET HER RESTATE THIS, UM AND CORRECT ME FOR ANYTHING I SAID INACCURATELY . SO HOW WOULD YOU LIKE TO PROCEED? MAYOR AND COUNCIL. LET'S GO AHEAD AND HEAR FROM CASTLE. GOOD AFTERNOON. MY NAME IS JULIE PARTY, MY PARTNER AT BRACEWELL AND I AM A BOND LAWYER, WHICH IS A VERY ODD, SPECIALIZED, QUIRKY AREA OF LAW THAT MY HUSBAND SAYS. WHEN I MEET PEOPLE HE'S IN. THEY ASKED WHAT I DO. HE ALWAYS SAYS THE SHORT VERSION BECAUSE IT'S LONG AND COMPLICATED. SO I GOT A CALL FROM JURY AND JOHN JUST A COUPLE OF WEEKS AGO TO TALK THROUGH WHAT YOU WOULD ALREADY DONE AND WHERE YOU ARE. AND SO I TOOK A LOOK AT YOUR DOCUMENTS. I WENT BACK TO THE ATTORNEY GENERAL TO PRE CLEAR IT. SO I THINK WHERE WE ARE, IS YOU VOTED OF ANY PROJECT BACK IN MAY. UM THE VENUE PROJECT HAD SORT OF THREE SOURCES OF REVENUE THERE, BUT IT DID NOT INCLUDE USING ADD WARM TAXES BECAUSE YOU DIDN'T KNOW YOU NEEDED THAT FORM TAXES, BUT THE MARKET IS KIND OF QUIRKY, AND IT'S ONLY GOTTEN MORE SO OVER THE SUMMER. IT'S HARD TO GET STRAIGHT REVENUE BONDS OUT INTO THE MARKET, AND MARTY CAN CERTAINLY SPEAK TO THAT, AND RIGHTS HAVE GONE AS YOU KNOW, REALLY HIGH, SO THE WAY TO GET THE LOWEST COST OF BORROWING WOULD BE TO ADD YOUR GEO TAX TO IT. EVEN THOUGH YOU INTEND TO PLAY IT FROM OTHER REVENUES. YOU CAN STILL DO THAT YOU CAN ISSUE A FORM TAX DEBT AND PAY IT FROM OTHER REVENUE SOURCES. WE CALL THAT SELF SUPPORT. BOARDING DEBT. RIGHT? BUT IT'S THE CREDIT IN THE MARKET. IT'S YOUR EVELYN TAX CREDIT THAT GETS YOU THE LOWEST COST OF BORROWING AND ATTRACTS BUYERS TO THE BONDS. SO YOU HAD ORIGINALLY PASSED A BIND ELECTION ORDINANCE AND I CALLED THE CHIEF OF THE PUBLIC FINANCE DIVISION, AND WE HAD A BRIEF CONVERSATION ABOUT IT. I THINK WHAT YOU WERE TRYING TO DO IN THE ELECTION IS COMPLETELY CLEAR . YOU WANTED TO MAKE SURE THAT PEOPLE KNEW YOU WERE GOING TO PAY IT FROM THIS TAXES. BUT THE WAY IT WAS VOTED, SHE I HAD A PROBLEM WITH IT SO THAT I DON'T THINK I CAN APPROVE THE WAY THIS IS VOTED, AND I SAID, WELL, I THINK WHAT WE'RE GOING TO DO I THINK WHAT MAKES THE MOST SENSE FOR THE CITY IS PROBABLY TO READ TO AMEND AND RECITE THE ORDINANCE CALL A STRAIGHT DEAL ELECTION IN TERMS AND WORDS THAT ARE FAMILIAR TO THE AGE THAT WOULD PASS THEIR MUSTER THE WAY ANY OTHER GEO BOND ELECTION WOULD PASS. AND MOVE ON DOWN THE ROAD. I THINK IT'S STILL YOUR INTENTION, AND THAT WOULD BE IN YOUR MESSAGING, OF COURSE TO PAY THIS DEBT FROM YOUR FORMER REVENUE STREAMS. WHATEVER RATHER THAN THE STREAMS, YOU CAN FIND ME THAT, YOU KNOW, LEAVE SALES TAX OR WHATEVER, BUT YOU'LL NEED THE GEO CREDIT. SO THAT'S WHAT WE'RE DOING. UM I'M TRYING TO GET AN AMENDED AND RESTATED IN THE LAST DAY TO SATISFY THE AG, SO THEY'RE NOT GOING TO HAVE A PROBLEM WITH IT WHEN YOU GO AND YOU'RE READY TO ISSUE YOUR GEO BOND DEBT. THAT'S WHAT WE'RE DOING TODAY, YOU'LL NOTICE THE PROPOSITIONS MORE SIMPLE ABOUT HAS MORE WORDS IN IT. THOSE ARE ALL LEGAL WORDS THAT ARE REQUIRED FOR DEBT. UM SO THAT'S WHY IT LOOKS FUNNY LIKE IT IS, BUT IN YOUR MESSAGING, YOU CAN CERTAINLY TELL YOUR CITIZENS THAT YOU ARE YOUR INTENTION IS TO PAY THIS REVENUE SOURCE FROM PAY THIS BONDS FROM A REVENUE SOURCE NOT FROM YOUR AVALON TAXES, AND THAT WOULD BE FINE. BUT FOR LEGAL PURPOSES, YOU HAVE TO PLEDGE THE TAX. IN THE

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BUT I THINK SHE'LL TELL YOU THAT, UM YOU KNOW YOUR INTENTION TO PAY IT FROM LEASE PAYMENTS.

THAT DOES NOT GET YOU A LOT OF CREDIT IN THE MARKET. THEY DON'T NECESSARILY BELIEVE THAT LYNN TENANTS ARE GOING TO PAY THEIR LEASES, AND I THINK YOURSELF TAX REVENUE, WHILE GROWING.

HOPEFULLY WE'LL GROW. MOREOVER YEAR IT'S NOT A HUGE REVENUE GENERATOR FOR PURPOSES OF PROJECTING OUT COVERAGE FOR LONG TERM, SO THAT MAKES US REVENUE BONDS HARDER TO SELL THEM MORE EXPENSIVE. YOU PUT YOUR D ATTACKS ON THEIR REMEMBER WHAT YOU DO WHEN YOU PLAY THE GEO TEXT YOU SAY WE PROMISE THAT WE WILL LEVY A TAX EFFICIENT TO PAY THE DEBT. THAT'S THE GOLD STANDARD OF CREDIT IN THE MARKET, AND THAT WILL ATTRACT THE BUYER EVERY TIME. AGAIN. I'M TALKING LIKE A FINANCIAL ADVISOR. SORRY. ALL RIGHT. AND SO WE'VE RESET THIS BACK AND FORTH WITH THE AG. I KNOW THIS IS HAPPENING ACROSS A LOT OF CITIES AS THEY'RE GETTING UNDERSTANDING OF HOW EXACTLY THEY WANTS US DONE IN RESPONSE TO THE LEGISLATURE'S DECISION TO CHANGE THE RULES A LITTLE BIT. SO TODAY IS THE LAST AID TO SUBMIT WHAT TO SUBMIT TO CALL THE ELECTION TO CALL AN ELECTION. ONLY CITIES. THIS IS ANOTHER THING YOUR LEGISLATURE HAS DICTATED. YOU ONLY HAVE A 12 DAY WINDOW. AND IN MAY AND BEFORE THE MAY ELECTION, AND BEFORE THE NOVEMBER ELECTION TO CONFLICT TO CALL THE ELECTION. ONCE YOU CALL IT, YOU'VE CALLED IT RIGHT, SO I COULDN'T WE COULDN'T COME BACK. THE NEXT MEETING IN AMENDED RESTATE YOUR OUTSIDE THE WINDOW. THIS IS THE LAST DAY OF THE WINDOW. ALRIGHT COUNSELORS. ALL THE QUESTIONS.

YEAH. ONE SAYS. THE LESS SENTENCE AND 11 OF ATTACKS AND THINGS. OBVIOUSLY THE WORDS.

OKAY? FEEL BASING. SURE. AMEN. THANK YOU FOR THE PRESIDENT'S. RIGHT, OKAY. AND JULIE. THEY WON'T CONFLICT WITH AGING. IT IS AN ADVIL OR, UM, TAX. THAT'S THE ONLY THAT'S THE ONLY THING YOU'RE AUTHOR ASKED TO PLEDGE, SO THEY KNOW THAT REITERATING IS A MAJORITY OF COUNCIL COMFORTABLE WITH THAT, AND I THINK THAT YOU'VE ALWAYS STATED THAT AS YOUR INTENT. WELL. WELL, THE VOTERS. I AGREE. I'M JUST MAKING SURE IT'S CONSENSUS OF COUNCIL. I WOULD. SAY THAT LOVING ATTACKS IS THE SAME AS LIVING AND ADVIL WARREN TAX. I DON'T YEAH. IT IS UNDER LAW AND UNDER THE STATUTE THAT IS WHAT YOU'RE LIVING, BUT YOUR POINT IS, YOU JUST WANT TO MAKE IT CLEAR, SO WE JUST WANT TO STAY THAT HE WANTS TO SAY THAT OUTRIGHT INSTEAD OF JUST LETTING IT BE WITH THE LAW IS WHICH IS WHEN YOU'RE LIVING ATTACKS AND ENERGY OF BOND ELECTION YOU ARE LIVING IN AVALON TAX. MY TAKE IS THAT THIS IS KIND OF THE PARTLY THE POINT OF WHY WE'RE HERE. MY POINT OF BEING HERE WAS PARTLY BECAUSE OF WE WANTED TO RESTATE THE LANGUAGE IN ADDITION TO FINDING OUT THAT IT NEEDED TO BE RESTATED. THERE'S TWO PARTS TO THAT, AS I NOW UNDERSTAND, BUT CLARITY IS WHAT I'M AFTER, BECAUSE THE FIRST ROUND SEEMED CONFUSING EVEN TO ME. AND SO I WANT THEM TO KNOW WHAT THEY'RE TALKING ABOUT. AND, YES, THERE'S EDUCATION AROUND IT ON THE OUTSIDE AS TO WHERE THE SOURCES ARE, BUT I THINK IT'S APPROPRIATE. WE TALKED ABOUT SOURCES BACK IN THE BEGINNING, AND THEY PASSED IT. IT'S APPROPRIATE THROUGH THE PHILOSOPHICALLY NOT JUST LEGALLY BUT PHILOSOPHICALLY TO GO BACK TO THEM AND CONFIRM THAT THEY'RE OKAY WITH USING A CERTAIN YOU KNOW, SECURED STATUS FOR THE DEBT. IN ORDER TO MAKE SURE THAT THEY'RE STILL IN SUPPORT OF THE PROJECT, SO I HAVE NO PROBLEM WITH IT. I AGREE AS WELL. I MEAN, IT'S ONE THING TO INCLUDE THE LOBBY TO ACTUALLY UNDERSTAND IT AND TO PROVIDE THAT UNDERSTANDING OF LITTLE BIT FURTHER. I WILL ADD LAUREN BEFORE TAX AND THE PROPOSITION IN THE BALLOT THEN, OKAY? I THINK WE HAVE CONSENSUS ON THAT. I AGREE. WHAT WOULD WE DO IF WE DID NOT? CHANGE THIS AND JUST VOTED WITHOUT USING THE AND THE AND LAUREN BANKS. IT WOULDN'T CHANGE ANYTHING. LEGALLY IT WOULDN'T CHANGE ANYTHING. YOU'D STILL BE LENDING. BUT THE

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REVENUE BONDS ARE SEEN TO BE A LITTLE BIT MORE CYCLICAL FROM A MARKET PERSPECTIVE, MEANING THERE ARE ELEMENTS BEYOND YOUR CONTROL. YOU HAVE THE FULL FAITH AND TAXING POWER, WHICH IS WHY THAT'S YOUR STRONGEST SECURITY PLEDGE. SO TO ISSUE DEBT WITH STRICTLY THE REVENUES ITSELF.

YOU HAVE TWO PROBLEMS. ONE REVENUES ARE CYCLICAL. THEY REQUIRE A LITTLE BIT OF A STRONGER COVENANT AND SOME SOME ADDITIONAL, UM, ASPECTS OF THEM THAT CAN BE COSTLY, INCLUDING A FUNDING OF A DEBT SERVICE RESERVE FUND. SO IT'S A IT'S AN ADDITIONAL COST TO YOU. ON TOP OF THAT. YOU ALSO HAVE THE FACT THAT YOU DO NOT HAVE A PROVEN REVENUE STREAM. FROM THE ACTUAL REVENUE BEING IN PLACE TODAY, MEANING THAT YOUR PERSPECTIVE REVENUES FROM YOUR LEAST REVENUES, THE SALE TEXT AND THE HOT TAX. YOU EXPECT IT ALL TO BE HERE. BUT IT'S JUST NOT IN PLACE TODAY. SO FROM ACCREDITORS PERSPECTIVE, THEY CANNOT RELY ON YOU RECEIVING THOSE REVENUES, WHICH MEANS THEY ARE IN TURN ASKING FOR VERY HIGH INTEREST RATE, AND THAT'S WHERE IT BECOMES COST PROHIBITIVE. AND WHAT IN THE PRESENTATION DREW ALLUDED TO IS, WE'RE ESTIMATING THAT COULD COST YOU AN ADDITIONAL $22 MILLION JUST TODAY BY ISSUING A REVENUE BOND VERSUS UTILIZING THE ADD MORE IN PROPERTY TAX TO HELP REDUCE THE OVERALL COST OF THE PROJECT. LET ME CLARIFY THAT. SO THANK YOU FOR THE EXPLANATION. THERE ARE TWO CHOICES BEFORE THIS COUNCIL TO BUILD THIS PROJECT. ONE IS TO DO A REVENUE BOND AT 2% HIGHER. ROUGHLY SPEAKING, THE OTHER ONE IS TO GO TO THIS ELECTION WITH THE BALLOT LANGUAGE HAS BEEN PROPOSED TO US. THE OTHER TWO CHOICES SIMPLY PUT. YES YES, BUT I DO WANT TO SAY, UM THE ATTORNEY GENERAL HAS NOT REVIEWED AND VETTED YOUR MAY VENUE ELECTION PROPOSITION. SO IT TOOK EVERYTHING I HAD TO GET HER ATTENTION LONG ENOUGH TO ASK ABOUT THE BOND ELECTION THAT WE JUST CALLED. THEY'RE INCREDIBLY BUSY AND WON'T PROMISE TO GET BACK TO YOU, SO SHE HAS NOT VETTED THAT VENUE ELECTIONS SO POTENTIALLY, YES, BUT I CAN'T PROMISE YOU THAT THE ATTORNEY GENERAL WON'T HAVE AN ISSUE WITH THE WAY YOU VOTED THAT VENUE ELECTION. AND WE HAVE TO GO BACK TO THE VOTERS AND CONVINCE THEM TO VOTE FOR THIS AGAIN. THEY MAY HAVE BEEN OVERWHELMINGLY FOR IT. BUT SOME VOTERS ARE GONNA WONDER WHY ARE WE VOTING ON THIS AGAIN? AND I GET WHY WE'RE VOTING ON THAT AGAIN. BUT I'M NOT SO SURE WE'RE GOING TO CONVINCE THE VOTERS EASILY OF WHEN WE WROTE ON THAT AGAIN. WELL THAT'S A POLITICAL THING, AND THAT'S UP TO THEM. SO I MEAN, I GET IT. IT'S A LITTLE CONFUSING, BUT AT THE SAME TIME THE LAW IS THE LAW THAT DOESN'T HURT TO ASK HIM AGAIN. THEY REALLY INTEND TO, BUT THAT THIS IS WHAT THEY WANT , SO I DON'T THINK WE HAVE TO CONVINCE HIM. I THINK IT'S UP TO THEM TO DECIDE. I LOVE HIM. LOOK AT.

YOU'RE MAKING A POLITICAL ARGUMENT, MIKE. AND WHILE I CONCUR WITH THE ASSESSMENT OF THE MONEY'S THE ONLY DECISION WE'RE MAKING TODAY IS WHETHER THEY PUT IT ON THE BALLOT, SO THAT TO ME IS WITHOUT EVEN LOOKING AT THE REST OF IT. THAT'S UP TO THEM TO DECIDE THE

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THANKFULLY IN THIS ONE, WE DON'T HAVE TO DO THAT. WE'VE LOOKED AT IT AND DECIDED THAT THERE'S VIABILITY TO IT. BUT WE DON'T HAVE TO DECIDE ANY MORE THAN THAT, UNTIL AFTER THE PUBLIC SAYS YES AGAIN. BUT THEY SAY YES, AGAIN. THEN WE HAVE BY THE WAY, EVEN IF WE SAY YES AGAIN.

LET ME ASK THIS. IS THERE AN EXIT RAMP AFTER THE ELECTIONS? CONCERNED WE'RE NOT LOCKED INTO IT. YES, YOU NEVER HAVE TO ISSUE BONDS FROM A BOND ELECTION. HERE WE GO. AUTHOR YOU'RE ASKING THE VOTERS TO AUTHORIZE YOU TO ISSUE THE VINES. BUT YOU DON'T ACTUALLY ISSUE THE BONDS UNTIL I COME WITH BOND ORDINANCE SELLING THE BONDS IN THE MARKET, SO I MEAN, I LEAVE TO YOU THE POLITICS OF HAVING AN AUTHORIZED AND NEVER ISSUING IT, BUT YOU CAN AUTHORIZE THAT AND THEN NEVER ISSUE IT WAS EUROBONDS BECAUSE WE NEED WE DO NEED TO SECURE THE LEASE, SO THE LEAST, IS STILL FINAL DETAILS ARE STILL BEING NEGOTIATED. SO THAT'S OUR HOMEWORK TO DO BEFORE. NOVEMBER AND THEN NOVEMBER HAPPENS AND THEN WE HAVE THAT IN COMBINATION TO THE SIDE. ARE THE REVENUE SOURCES IN PLACE THEY WERE VOTED FOR IS THE THAT WE GET THE INTEREST RATE ROUTE WHERE THEY'RE HOPING FOR IT. ARE WE GETTING THE SUPPORT OF THE TOWNSPEOPLE? HAVE THESE PROJECTS CONTINUE TO BE SUCCESSFUL IN THE MARKETPLACE, WE GET TO LOOK AT ALL THAT ALL OVER AGAIN. AND DECIDE IF THE IF THEY, YOU KNOW THE DECISION TO GO IS GOOD OR NOT. UM I LIKE THAT POSITION TO BE IN TO CALL AN ELECTION AND MAKE SURE PEOPLE ARE AN APPROVAL OF WHAT WHAT? WHAT'S PROPOSED. I DON'T SEE RISKING ANY RISK AND ASKING PEOPLE WHAT THE WHAT THEIR INTENTIONS ARE. ANYONE ELSE? SOMEBODY WANT A MOTION ON THIS? WE'RE GOOD WITH THE COUNCIL. ALL RIGHT. THANK YOU VERY MUCH. MAKE A MOTION TO APPROVE ALRIGHT, SPECIALIZED MOTION LANGUAGE. YOU CAN JUST READ THE WHAT WAS IT MEANS AGENDA PACKAGE. THE CAPTION IS FINE. HE ALREADY READ IT WITH AN INTRODUCTION OF THIS ITEM, AND THERE'S NO NEED TO STATE THAT AD ADVIL OR IN TAX. HE JUST SAY MOSTLY WITH LANGUAGE AS PRESENTED EVERY EMOTION. THE MOVE FORWARD WITH THIS ORDINANCE , WITH THE AMENDED AMENDED LANGUAGE OF ADDING THE WORDS ADVIL ORUM FOR ORDINANCE 23 08108. MOTION TO APPROVE SUBJECT TO THE AMENDMENT HAS BEEN PUT FORWARD AS THEIR SECOND. I'LL TAKE YOU. OKAY, I'LL GIVE IT TO YOU. UM. COUNCIL MEMBER DOWN HERE, WE'LL WE'LL SECOND. I KNOW I HIT THE BUTTON, BUT HE'LL SECOND IT SO WE HAVE A MOTION AND A SECOND, ANY FURTHER DISCUSSION. ALRIGHT, LET'S VOTE. ALL RIGHT. WE HAVE SIX AND ONE PASSES. THANK YOU VERY MUCH, SIR. ANY OTHER BUSINESS? NO SIR. THAT'S ALL WE HAVE FOR TODAY. 1 28

* This transcript was compiled from uncorrected Closed Captioning.