Madam Clerk, time is still 818. I call to order this meeting of the City of Immigil, as accessory agency to the Immigil Read Development Agency. This meeting is being conducted in person at 1333 Park Avenue here in Immigil. My previous comments regarding proper meeting conduct still stand. And Madam Clerk, I would like to note that all members are still present, which brings us to item three approval of the final agenda. We have a motion on the approval of the final agenda. So moved. A second. Of a motion in a second, Madam Clerk, the roll, please. Council member Bouders. Council member Carr. Aye. Council member Prifors. Aye. Vice Mayor Moira. Aye. And Mayor Welch. Aye. Item four is exp-Portee Communications members. Any of you have any X-Portee Communications report for this agenda? Seeing and hearing none, item 5 is public comment for the consent agenda and items not on the agenda. Any member of the public wishing to comment on the consent agenda or items on the agenda can do so now for two minutes. Going once, going twice, Public comment is now closed. Item six is the consent agenda. Members, please look over the consent agenda. If any of you would like to pull an item, please do so now. If not, do we have a motion for the consent agenda? So moved. We have a motion. Do we have a second? I'll second. If motion is second, Madam Clerk, the roll, please. Council member Bowders. Council member car. Hi, council member pi force. Hi vice mayor moira. Hi and mayor Welch. Hi item seven Is seven point one we have a resolution of the city of inriville's a stester agency to the inriville redevelopment agency Authorizing the issuance and sale of tax allocation refund bonds and amount not to exceed 40 million and approving a form of integer of trust as grow agreement bond purchase agreement and a continued disclosure certificate and authorizing certain other actions in connection here with. Hi Lawrence. Hi, how are you doing? I heard you have something for us. Yes, I do have a like a short presentation. Wonderful. I will do a high level overview then I will turn over to my research sheet of K&M public finance to present the bond financing structure. In 2014, the SSA, the SSA agency issued test allocation bond. Series A is a test exempt and series B is test about. The bond are eligible to be refunded on or after September the 1st. Based on the project pricing of the proposed bond, it is estimated that a Series A test exam bond could generate 1.9 million in-depth service saving. The saving will be distributed to the testing entity. Saving to the city of M.A.W. is project at $390,000, and saving to the M.A.W.U.D. by school teacher is project at $2,000,000,000. With that, I turn over to our consultant, Melissa Shrik, from K.A.M. Public Finance. Good evening, and thank you, Lawrence. Pleasure to be here tonight. Just a quick background on the transaction. state-wide, which is known as the dissolution act. The dissolution act allows for the refunding of obligations of the successor agency. And the successor agency conducted a refunding in 2014, which was the refinancing about standing tax alibi, cash and bonds, both tax exempt and taxable. Those bonds, those 2014 bonds, are currently eligible for a second refunding or refinancing. Associated with a tax exempt series, 31.75 million can be refananced and associated with a taxable series about 4.5 million is eligible to be refinanced. Next slide. Current estimated refunding results only the tax exempt series. And that's only because current market estimates suggest that the refunding of the outstanding 2014 the taxable series is not currently economic to refund. But we are monitoring that series and should a refinancing of the series through economically advantageous, we would proceed with the refinancing of both the tax exempt and the taxable outstanding obligations of the successor agency. Next slide. So the estimated savings will flow through to the affected taxing entities in and reveal based on each agency's respective share of their property tax dollar. The table on this slide shows each agency and their share of the property tax dollar and then the associated total estimated savings. And as Lawrence mentioned at the onset, both the city of Emoryville and Emory Unified School District benefit from the refinancing of the prior obligations as you'll see in green on this table. Next slide. This just details approximated savings for both the city of Enville as well as Henry, USD, the city of Henryville overall should receive just over 20% of total refinancing savings and the Henry, US would receive approximately 11 and a half percent. So that results in net present value savings to the city of 380,000 and net present value savings to the school district of 215,000. And such savings would be recognized in any given fiscal year as we compare the prior debt service to the refunding debt service. And these savings would be finalized after pricing the refunding bonds. Next slide. So the successor agency approval tonight is the first step in the necessary approvals for the issuance of the sale of the proposed refunding bonds. On September 16, we will present the item to the oversight board seeking the approval for the issuance and sale of the 2024 bonds. In October, we expect to return to the successor agency for your approval of a preliminary official statement, which will allow the successor agency to publicly market the refunding bonds to bond investors. But before doing so, before pricing and closing on the bonds, we will need to receive Department of Finance approval, which we will begin engaging the Department of Finance subsequent to the oversight board approval. So with that, that concludes our presentation, and we're certainly happy to take questions. Thank you very much. Members, anyone have any clear or fine questions for our call for public comment? No. All right. This time I'll call for public comment on item 7.1. Any member of the public wishing to make public comment on item 7.1 can do so now for two minutes. Going once, going twice. Public comment is now closed. Members, I turn to you for deliberation or emotion. Never bowers. I just want to thank the finance department for always and our partners providing this assistance for looking for ways in which we can reduce long-term debt, pay down unfunded obligations, and find pathways to long-term financial sufficiency. This is one of many iterations of having taken this type of step. We did this the redevelopment agency. I'll second the motion. The motion is second. Man will clerk the role please. Council member bowters. Aye. Council member Carr. Aye. Council member Priforce. Aye. Vice Mayor Moira. Aye. And Mayor Welch. Aye. Man will clerk the time is 828 PM. This meeting is adjourned.