We're going to call to board these, if you can, the state council, keep them public facilities, cooperation, work, shelter, and figure out where to get at 506 here. We'll give them the invitation to address the council. Can we have a list of the members? We don't have the link that we should to address council in the first discussion, our discussion regarding the Post-Retribution 2025-07 of the City of Human Texts and additional requested documents from the City, even made inated District Number 1 or MMD1. A resolution, consisting to the sale and issuance of unlimited tax bonds, Series 2025, for the City of Emancipated District Number 1, and available not to exceed $4,510, and organizing the mayor to execute in the city secretary to his same or on behalf of the city of FEMA. We have representatives here to earn and go in the bushes. Okay, in the recommendation of the resource team. I'm going to go ahead and discuss this. I don't know what you're going to say. I did include a presentation in your package, this kind of background on management district and mud with a little bit of information about how to implement management district, I'm going to go If it would be helpful for you. So we also have to change the rules. We also have to chase wolf with other districts. I'm sorry for his here today. I know that I've had a lot of questions left on the planning plan taxes that sort of thing about the district. And so we're happy to do what you'll want. I'm happy to go through the presentation if you'd like. If it would be easier if you're more interested in just the financial side, I'm happy to turn it over to Chase and have to go through that one major that he sent earlier today, you'll just let me know what's awful for you. I'm going to give you a little bit. Sure? Yeah. So thank you. At least we can get a little bit of a spoiler ring and bell for what you can do. You can have the ear pop. You can have that pop. You may try to put it away. I appreciate that. Yeah, it looked all the way to the park. Would you like one? Okay, perfect. So I want people as simple as possible. But please do, if you need me, if you would like me to go into additional detail, or I can, is kind of a starting point. I guess, why don't I just ask the question being, is what's the intention of the mud? What does the mud expect to issue what's its purpose? Is that kind of the general question? I just want to make sure I'm going down the right line of green. I think a lot of my questions originated was there a $1% of growth in the country. So what we just want is that they can go up and burn from percentile in the rest of the world. So you know, so I think we should be doing for maintenance and how that that they'll to play out over long off the rhythms of the verse. We're going to enter to the end of the exact rule and call it. Sure. We all know how he's going to say it too. We show all of us how he's doing since the one can be actually that one of the papers and he's not going to be involved with us, but we need to understand it so we have conversations with our constituents. So that is what my biggest concern is, there are already physical elements, it's a female of the lot of people in there with lower value in the first person's block, the obvious potential for human treatment, taxation, but as this case, you know, another one out there, some of the wargames, and now it's actually an act of trade, the law would allow you to act as a part of the first thing to do, killing that color of it, taxis such as that color of it, and you know, rather than, preperially, whether that might be meant to be not not losing much, So anything that would go in the also to give additional to a lot of that they could go in all so they could get additional $2.5 in a week, they've raised the payment for $1.00 and they don't want to assume that and they're asking questions. So, my biggest concern is that one of them can see where it works, where it's actually to the downward or, that's something that they didn't answer last time. We're sure that the students' maintenance is or women and how these acts. They be sexual or they're not. That's right. So, right, they just go up and touch right and serve them. sure that we should be in an interest in a lot of women and how these acts give us that flow of good health. That's right. So, right, this is a good one. That's right. So, maybe talking all of you to us, I said a lot of you before this, or kind of leave it done, and so, contemplate with it, but we've never had a dealt with it before. So, more or less, and more educational, for me, I'm going to ask questions all where these and what the students are going to call it. Happy to have all those points and stop me if you need to. So, I can't be back off of that. So, yeah, go ahead. You can't go ahead. You can't go ahead. I just want to make sure that there is information in this. I understand all the speculations. So I think I'm understanding that there's already that in a set in the month of the set. Has an ask what are the age, the current age, these that are already paid or do you pay? When I went through the presentation, I thought we know this before. I think I'm speaking to the home price pricing that was presented with the interest rate. And I didn't know how that tied into the calculation of the monthly tax of the money for the money. Did I think current tax units or the new tax units associated with the bond, the other numbers of low, that makes me think the 1921 is the, which makes me think it's more positive than $1.00. And it's presentation within the data kind of background information, that's why that you're talking about, that's not specific to our management district. That's to support background to show you generally the purpose of a management district or a mud, which is sort of affordable housing. And so those numbers on that page are not specific to our and Indigenous rights. What Chase is going to go over with you is one teacher. These are the numbers specific to our district. So it's just kind of pretty good concept in that background presentation to show okay here is one example and that was in a different district but just to show what the developers looking at when they're deciding can can I develop this land for this purpose? It has to make money for this, right? On a lot of factors. They're looking to make some profit on it, right? I mean, otherwise they're going to go bankrupt. But also, they're looking to see what is the competitive nature of the house in market, right? What are other houses in the area selling for that are comparable? And what they found is that without the vehicle for a man in the district or a mud, where you can kind of amplify debt for these bonds over a lot of years would tax evaporate so there's always a kind of commercial market rate that houses are going to cost a lot of money. And because that model is used all over the case in Virginia, you're not going to be competitive with other users and you're not going to buy your access. So that was the point of that point, but those numbers, you know, you know, even if you've caught up in those specific numbers for our district, that was the sustainable kind of showing you the difference that we have seen in general when you have a special district like in my a mother, a gun, a district, you hear those people. So, okay, so then with that said, I gave a go back to what a current needs is maybe a better, what is, how is what is a catalyst to need these with the longest sale that's actually needed for them? And so I also sound a lot of what the four years. And the one person I remember, you may or may not talk about it, you get to be in two months, every meeting, the age wait, but you don't get to be up by an attack with them. And there was only one meter for human town homes. And so they would, the lives of the monkey bill, whether it's on the water bill, it's really a lot of the number of units. And so there are some people that have a lot of time with their home, and there's families that live there, you know, to stay home all day. And regardless, it's always time to stay in water bill, because it was a, you know, a big division. So my understanding is, we are already in seed place about the cost of water and the subjection. So, what is it that we can give you for those on how much of all your pain is all? about the cost of water and the subjection. Those complaints are always coming to the city. So what is it that you can get me for those on how much water you can and there's already been telling about, on how's that help you, I did, because I've been on how many people bought into this and how many people sold, and potentially, and I'm talking about this set in the 921, and if that's low, what say next is is $1,000 from our most working family who said if people are not that fixing them not afford it, next is not $1,000 from our public, but they're all in a special bit in this area. So I mean, I think it's that's how are these these calculated, what is the true cost, how the residents have been informed, and what happened in the intake. So there's a couple of different things going on there that you were talking about. The first is the monthly water bills and so you are correct. We have, I believe, it's going to be six ultimately, I think it's four or five right now. That's for meters with WTN-E12. And so they are our wholesale provider for both water and sewer. And so we pay their rates from their rate order that everybody else does. And so our water bills are calculated to cover up the loss, essentially. And actually right now we're undercharging because what we're having to pay to WACI-12 is actually more expensive than what we're charging in those water bills. And I mean, we hear that complaints as well. You know, we have residents start coming to you. Apparently they find the difference, but you know, we got the reformer city administrator, got us in touch with them. And we kind of explained, showed them W showed them WCID 123 order what they were paying there how the bills were calculated and we've seen two beginning action with that that people under for our understanding where that is I believe the average water bill is somewhere around $150 and that includes water through water and sewer service and also were required to pay a protection fee to WACID as well as well for their fire protection plan. So that's the monthly water bills. What we're talking about on the bond side is related to the tax bills, so not the water bills. And so the benefit district for the past two years the past two years, has loved that $1 for $100 of value tax rate. So anybody who moved into the district with that two-year period, anybody who is in a special district, like a letter or an infant district, is I'm sure you know, if you sat on a water to support, they receive a notice to purchase their own. When they purchase their own and it lets them know that they are in that district and that district is letting the tax that work from other taxes that are in both by other entities and it can have that current tax rate on there. So it would show that $1 for $100 of that year at the time they purchased their own and then I will turn it over to Chase to kind of talk about the plan of the bond. So he has planned things, sort of financial advisor, to be able to issue to step up, based within our existing tax rate. And so generally, the management district model or my model is that we start to tax rate where we think it's ultimately going to need to be. We don't intend on raising it above that amount, that dollar's in the amount. So these are limited tax funds, which means if something catastrophic would have happened and say the values in the district drop in half, we might have to raise the tax rate in order to be able to cover the debt service on this bond. But that certainly isn't the plan. And Chase can talk more about the financial district and the test that we have to be with our supervisor, Bobbi, the TCQ to make sure that we financially can pay for it. And then the idea is that the district issues the debt as the developer continues to build and put that value on the ground. And then once that debt is issued over time, those values tend to continue to grow. And then as you pay off that debt, the tax rate goes down for a month. So, you know, generally that's what we see. Each month's advancement of the district is that the tax rate starts at what many people consider to be kind of a higher rate, right? I know that you all have said it's higher than what other folks are keen to see. And that really is to pay for that infrastructure that serves them. So as I said, they were either paid for it. You saw it in that slide deck by the House costing much more upfront or by the tax bill, which is the amount is advertised over a longer period of time, so it's a smaller amount per year. So, so you said 100,000 follows along right now for the amount of silver and wire. Are there any maintenance? There's, I'm not aware, because those aren't letting by the maintenance industry. So, are we making romantic decisions? No, we? Maybe the decision is not about publicism. So the detention conducts paid through the management of the distress. So we think, are that directly at any facility that are made a version of the HRA? I don't have the disability in tobacco, because that's not the responsibility of the management of the distress. So are they made into the case? Yes, I believe there is. So there are any mortgage, the pain was responsibility of the management. So they are paying the entities? Yes, they're paying the mortgage, the paying water sewer, the paying H away food, and then now we're going to have an industrial food. Well, there's no additional fee. So the budget, the money, the business, and we're just going to step forward. Well, they're already paying it. So we already are letting the $1 for $100 of value. It's just right now going into the maintenance and operations backside of a letter. And so maybe with all your days for you to kind of step it and talk about that kind of thing, that may have been some of these questions. Yeah, so to let me just start time on the top In the use of MSA area a District is allowed to have an overall tax rate of up to a dollar Okay, so if you're inside the city the district Inside including the city tax rate and the mean of districts tax't exceed the dollar. Right now, the city of Keynes is just under 20 cents. So this district really could have had a dollar of their tax rate. But when we put together the projections for the developer, all we really need was a dollar to make sure that that developer could get reimbursed all of its infrastructure costs that're associated with the data. When we sell bonds, we're not selling bonds in the anticipation of value being here. The value has to be on the ground. So, and those are per TCQ rules, which is the governmental agency that has per D. We will do the special research practices. And so, for this type of bond issue, particularly for water, sewer, drainage, and parks, we have to go through the TCK community. They're approval that we passed their feasibility test, which in this case we have overwhelming points. And so kind of to the first point that was brought up was, OK, we're paying a dollar now. Can we expect it to stay at the dollar? Is it gonna go up? Is it gonna go down? The idea is that initially before we have any debt, it's just gonna be a maintenance and operations task. So all that's doing is covering the expenses associated with running that money. Until we issue debt, but we can't issue debt until there's value on ground to be able to support it. The rule of thumb is for only issuing debt, it has to be, it has to be an attend to one ratio, it's kind of our maximum rule of thumb starting out. Right now we're looking at less than 5% of the value is what these bonds support for in the. And so, and the reason for that is when we submitted this to the TCQ, the value for the district is much less. And so as we took a while for our engineering to get this together, we sent it up to the TCQ, TCQ took six months for their review, and then it takes an additional three months after we've gotten approval to be able to approve the documents, come here and take your approval, then we advertise for the volumes and the following month to be able to sell that same month and then close the program. So, all that to say is that we're not issuing bonds and less values there. the confines of not only the TCK rules but also within that dollar tax rate in the district. So to give you kind of dollars to sentence actual numbers the district currently has about half a million dollar budget that they have to cover right so that's going to be comprised of their maintenance and operations or their water and and sewer revenues? And then this maintenance and operations tax rate. Or what all this call short, they're endow tax rate. So. So the expenses for the district's audit, they have purchase services, contract and services, repairs and maintenance system. They're administrative expenses, and then their professional fees, they're attorney, they're engineering, et cetera. That costs about half a million dollars as a last few. So, and right now, the district's actually running a deficit. There are a lot of information. They actually ate $65,000. And so what the hope is is that we've got enough value coming online that this upcoming year, we don't anticipate to have the deficit. As you guys know, and probably just paydors, like I did, property taxes were due just a few days ago. So once those collections start coming in, we'll kind of see where we are. Hopefully we've got a great payment record from the residents. Normally we'd like to see at least in most districts, it's about 98, 99% within quality end of March or April. A lot of people don't want to go into these days. Not so much back today. So the idea is that we sell these bonds, but first we have to cover the budget before we can, as part of a TCKU feasibility rule, that within this dollar tax rate that we have, we got balance of budget. And as of today, with the value that's on the ground of 163 million as of December 1, 2024, it takes 32 cents to balance this district's budget. Okay, now keep in mind that that means that there's no extra dollars. When we're issuing bonds, we end up with an ultimate goal was to try and go to a rating agency and get an investment rating. In order to get an investment rating, there's a whole slew of things that have to fall into newies investor service matrix, one of which being we need at least a 12 month reserve. Okay, so we're not running a 12 month reserve right now. Our fun balance is, I actually don't have it in the program. It's playing a near-considered with me. But what we don't have at a year of reserve, I can tell you that. So what we're trying to do is to bolster a reserve of 12 months of the districts operating expenses so we can get everything Ultimately get all five for insurance within raps these bonds in double a rating and The end result is the interest rate that's paid on the bonds is significant in less. You're already getting a, we don't have to go to the market with a rated bond in the new tax exempt space, but you're going to pay more interest if we don't have insurance and we don't have a rated. And so as we're building out what we're trying to do is shrink that M&O tax rate that's required, because once we kind of hit that 12-month reserve, we're not going to want to have too much surplus. And then we just need to have the remaining pennies that are available from the dollar to be able to support existing debt and future debt. And what this exhibit here is showing you is that at full build-out with no inflationary value, the total value of the district will be at about $221,750,000. Okay. What from a marketability standpoint, we have the ability to sell up to $28,395,000 in bonds. Okay, so we've got plenty of room to go before this. Now, we can't just go, again, let me go back on the other point, we can't just go out and sell 30 million dollars today because the value is on the ground. The value has to be there. And so this is as the developer meets its obligations of getting these value requirements, the district's developer financing agreement that was put in place about five years ago. There was a greed of bond by the fund in the district. I believe also the city is that as the district is able to repay the developer it will do as quickly as possible. What the reason is is that as soon as the district is able to do it and their finishing those East construction contracts, interest starts accruing because in the TCQ rules the developers are awarded not only 100% of the construction costs that are incurred but also the developer interest carrying costs in taxes. So as soon as the construction project is paid, that interest meter starts. Now what interest rate are they paying? They're paying at the rate of bonds that are re-inversing for that project subject. So if they get a construction loan at 9%, it doesn't matter, they're not going to get all that 9% back. I would expect this district to sell, if you were to go and sell these bonds today, I'd probably put you in about 4 to 60. So there's some conservatism put into these numbers with a 5% interest rate that we're talking. We don't know the timing of them, we're going to actually sell these just yet. So we want to have a little bit of cushion in there to be able to show that the district has the ability to pay this developer back. Now again, we're not going to go out and sell 28.3 billion dollars in bonds if the developer doesn't have $22 million in projects. So if you look at that scenario one little box, you'll see that that's broken up by $22 million $6,125 in construction projects, you'll see $2.2 million in developer interest, and $24.2 million in total rate versus, those are just those two numbers combined. So of that $28 million, they have to have at least $22, $22 million in construction projects to be able to sell all that. And where's that delta coming from? That's going to be paying for the attorney general, Charles of the T.C. Q. Charps of the T. We charge of the bond council charge of the engineer charge of the, then we have to go out to the movies or apply for insurance, then there's advertising, there's photos, areas, all sorts of different miscellaneous costs that go into these bonds. Any efficiency of these bonds are about, if you look at it, about 85.25%. So of $1 billion in FAR, $850,000 is going to be back to the dollar. So again, for every $1 billion in sold, about $850,000 is going back to the dollar. And this is a wide infrastructure. Now, the body out of construction looks, what it, the developer is on the hook for their right construction funds. It's not the mud problem. But as the developer pays these construction loans off, the root of the sales components and the values built were selling bonds and these bonds are now going back to repaid that developer for that discussion. We're not paying the banks directly to these persons. It's going to develop or develop or do whatever they're going to do. Nine times the attempt to develop or take that cash can reinvest back into the project because we're moving in the right direction. So, I guess my question to you, how much does marriage have to pay marriage, marriage is debt. The district is on the hook to repay the developer once they hit in value metrics. That's the only concern in the district. So we're not hit marriage issue. It has 50 billion dollars in bond current in debt right now. That doesn't matter because we can only reimburse today 4.5 billion from this long issue. There's also another reason that I'm living with it, I'm going to go out and walk in the front where you can be able to identify the lead of the central wall have to go to the bathroom. I'm going to go out and walk in the bathroom. Where you can meet up at the out of the way, the things that are also there, the emergency room, the school. That's a mechanism that you can do in the walls for the early verses only when you're out there. The university page. Good work. Yeah, so, I think you can get a drink. Yeah, I think I heard you about that. So I think I'll talk to you all about this a little bit last time. So, the management districts, we also within the UNEQ Hall family. As we talked about earlier, WC-I-N-A12, they're the ones who have the big plants, the water plants, the water plants. So, they provide that wholesale service to us. So what the management district purpose is to reimburse for the internal facilities within the management district families. So that is the water lines, super lines, green and lines, digging out the detention on everything within the district's boundary just to serve in that property. WPID 12, we We don't represent them. We'll get it. They're not before y'all to die for this, but I've seen the agreement going in the way. So, marriage also advanced or another developer on the behalf is part of the agreement of getting this property developed. They advanced a bunch of additional money, some millions of dollars to help expand the water plant and the sewer plant that would be necessary to serve this property. And so there is a separate reimbursement agreement between WCAV-12 and Meridage where reimbursement of that cost of values that on the ground. What I would say is that, so Chase kind of mentioned already that maximum dollar 50 tax cuts. But I'm going to spoke to you about dollar 10 because we have the overlap. Yeah. So that's a lower 20 cents for the per wait as well. And then 20 years. So the max we have a dollar 10. Okay. So when we were in a dollar, we could have been in a dollar 10. Sorry, I part of what the CCQ looks at, when we send up a bond application, is we have to send up data on all of those overlapping taxing entities, all of their debt, all of their tax rates, to show that even if WCN12 were to reverse marriage, for that portion of the cost. And we are just reimburse marriage for the internal lines that we're talking about today. So we look at total cost for the return along with the return of the year 2020. So that's the maximum amount that the district could support. I don't know the up theme of the final numbers. I have not seen the file numbers from there, it's in terms of what their costs are associated with this project in the reality. But what I can tell you is with the value protection that we're provided, we can only reimburse them up to one point. I was curious about those on the first page. Well, it's not that important Based on this existing numbers figure out what that brings you from, so what is the number of these? Based on this exhibit, as soon as we get $28 billion and outstanding debt, that's it. Now, granted, this does not include any inflationary value, but which can, and then it will be reevaluated as the appraisal district provides new areas. The real group of new people on the area, which is not an estimated amount of new groups, but also is not re-evolved from. So, it's a hard thing to nail down. Well, it's more than that. And the reason is, there's a lot of inflationary that I think is put in. When the engineer prepares these important fields of PCQ, what they think is going to cost. And the engineers had the numbers, and then they're adding contingency, and then they're putting contingency across contingency, because don't go the timeline. If this development stopped tomorrow, and it didn't pick up for another three years, will it cost to do that same project? This could be 30% more than when we originally agreed. We're not all the water ones already. I don't know. I don't know. Not all the sections. So section one, two, three, I believe, are done. Section four is under development. and there's two reasons. So, what would you like development and there's two. Yeah, that would be a tension. I mean, I don't know. Ultimately, what they're going to end up deciding on there, you'll see the flat and land when they come through each section, but we did anticipate. And this is the most important thing that we've probably seen as a industry for the industry. Correct. Yeah. So what I've given up here on other requested. I have an engineer update that just yesterday with that is the current actual underground and expected development plans, of course, of the mentioned all the Black and Black countries you'll see all the sea that is the blue, they're all Black ones. Bye-bye. actually a lot of ground didn't expect the development plan of course that I mentioned all the black and plain company all see all the seed as of what they're all mine. Right, I don't even know what we were doing in the food, we wanted to have the private as commercial and if you were not even there, I would not think I was not. Then you would realize how I think and what the project, but I guess there are The bad lot of of them in the past, it's not sold. Not that much of a lot of rent. So, and again, at the end of the day, not a lot from the actual, because you all have to be a pretty lot of flat people. So I guess I'm still in the communities. You said that they're all in pain. they want $1 for what $188 is set to this. Yep. So there, I mean, so how does that work out? So there, through the solid bond, they will have to be more additional. How does that work? I think I'm trying to achieve numbers. Yeah. So I looked on theR again 5 a 2 more in time There's a dollar So You know and just wait for set of 22% right now So what does this be? What are these problems with someone's problems on the day? At this value, as I said, it's 0.2% and just rate. What are these and what are their taxes? And so people that are really in similar problems. But I think what I saw is people with average prices, I mean, to average prices, come to the three hundred and four hundred. So the people that are in the state of the department are going to tell us that they're on the other page, everything that they're going to pay with not the AA, and they will never see what they're doing. So I'll just speak to this on. So what you're looking at, you're probably looking at HR, or be my guess. So market value and tax will vary to two different things that you probably have. The CAD usually has a discount associated with that $360,000 income all about a lend and say it's probably on the roll for $3.30, $3.40. So let's say it's a $3.40 and that's the taxable value at $1.00. That means there are tax bills $3.300. That's it. Now granted, each year it's reassessed by the appraisal district. So next year it goes up to $340,000 that $3,300 tax bill will now be pretty poor. So they're already paying that. The only increase in tax that they're going to of support or have, this nut has nothing to do with the rate. It will only be on what their their value is. So if they're on that, they're going to have to 400,000 from 360, they're going to pay 400,000. So if they're all already paying this, I cannot collect it. No, it's being collected and it's helping pay for the budget that's half a million dollars to keep the district living. Yeah, it's like that it's at front of the deficits. That's alright, it's a good one. I think it's helping pay for the budget that's happily in dollars to keep the district looking. Yeah, it's like that in front of the Dallas House. That's right. It's a finding issue. So this is for development so quickly and we could be a critical district assessment that does in the prior January 1. So the only money we collected so far before just recently when this new tax season was coming in was based on January when 2023 values for last year, which was very little money. I think I included in your budget. I think we collected something like what was it? $50,000 in the taxes. It was one of the, it was very little. I've got a good mission. $75,000 in maintenance tax revenue that we produced during this budget cycle. Now, the tax bills that are coming in now, because we did have the January 2024 values which were higher, and we should be collecting a couple hundred thousand dollars in tax revenue. That will go into the latest and his search channel, it'll help to clear up that message. So, you know, I think I created the bookkeepers report. We were showing almost a 61,000 dollar deficit. And the way that that works is in addition to advancing funds for construction costs for the infrastructure, heritage also risks checks to the district to make for our operating expenses. And so we have tax revenue and water and zero revenue to cover it. So right now if you see on the budget that was included in the book, people's report that I think was in the old packet and the link. It's showing we budgeted for $77,365,000 in developer advances to cover the gap between what we were in the small last decade of that document. There we go. Great, fair. You can see we budgeted that $77,365 in developer agencies to close the gap between the amount that we estimated would come in and water and sewer revenue from the water bills. And then for other revenue, so tap fees is when the tap is going, they develop our filter and that's okay. Tap fee for that connection, you'll see there's an expense associated with that. That's the cost to actually go make the tap. And then you can see the expenditures listed on yours at the capacity reservation fee. Those are the fees we've paid at FACI-12 for the wholesale service. You can see lots of prepared and maintenance items. Usually that's just associated with the building work. There's a lot of things that can be to be adjusted, tax and salt, that kind of thing. And then just the other kind of ordinary services to operate the district, so legal fees, audit fees, and hearing fees operate your foot for insurance cable. So, what the dollar tax rate for 2024, that's a couple hundred thousand dollars, I think it might have been in the tax report that I sent you all the tax-let that money will go to the center. We wrote that deficit in the general fund, create that little bit of a reserve, you know, you don't want to have, you don't want to be skating close to bouncing checks because of districts. So we're trying to kind of build that reserve, not need to develop our finances anymore. And then the idea would be that, you know, from the management district perspective, when we levied our tax, the order of letting the tax visit the document where we levied the tax, it'll tackle the student moments in it this year. So last year, it was just $1 per O&M savings operations. This coming year, if we issue the debt, then it would just be broken up. So, you know, financial advisor, if we said, we're still projecting to save that $1. And so then the, that M&O component would reduce and the debt-produced tax would be later into that. So, the residents wouldn't see any change in the tax rate. As Chase mentioned, if there's a value in it, but like you mentioned, if last year they only paid taxes on that lot value, all their tax bills are going to go up. Their city tax bill is going to go up to school districts and the management district as well. The WPMB tax rate, all of those taxes will be matching. What then do it with best value? Is it with the house on the ground? The notice in the sentence as the direction, the objective that you see on the ground. Correct. So that's the money we pay to them for the wholesale water and sewer service that they provide. As you reserve the right, you reserve the pension. Surround yourself. Yeah, that's correct. So to understand your purpose of the understanding of the As of December 3rd we have I'm sorry December 1st 24th 163.560.776 So we have a little bit of That's a little bad. You're not going to have to see who you know. That's right. Coming up. Yes. So you're going to have 15 to that, those who need 10 to those, so that you can go to the volume of $23 million. So so is the volume of the volume of the volume of the excess, so that you can go to the volume of the excess volume of the volume and once you do that, that's it. Yeah, so you're exactly right. The mud will generate about $1.6 million to work with. So looking at the budget here, we've got 562,000 that's going to have to pay for maintenance about budget price. And that obviously could go up if I could have said they looked at budget expires in March of 2025. So they're going to adopt a new one later this month? Later in March. Right. So that expenditure of mine will go up. Because we put a lot of accounts on the ground since last year. And you can see that $165,000 that was for the connections we had on the ground last year. And so the budget will probably go up to $300,000. I would say. So with this bond right here, an estimated interest rate of 5%, the debt service on these bonds is going to be about on average, about $320,000. We have capacity right now for an additional bond to re-inverse through for the road projects associated with this deal. A timing with that bond has not been determined just yet. It will be sometime later this year. And I imagine it will be somewhere in the tune in $6 to $7 million. So just my quick match math shows me that's going to be about a million dollars in debt for just this year's obligations. And then we also have at least five hundred and sixty thousand dollars in maintenance. So as you're seeing one point six million dollars, I can show you how expensive it is for your audience. Yeah. No, I want to make sure that you understand them. So you feel comfortable with what half of the development works. This is very normal practice in the mud world. This is all I do. I live in the dream. What's unusual about the wicket is it only hasn't that service tax. I think they're probably the only district that we Know that that's just that service very unusual not have to Yeah, 5.6. 7.7.6. In just one point on that, you'll probably know the city, so that was an estimate of value from the approval of this group. And so that's before any kind of purchase or certification. And so we'll see for sure just like y'all in April, time frame, we'll get it,'ll get it the preliminary value for 2024 and then we'll see the certifying in the fall so that's an that's an approximation so Oh yes everybody has to get your first meeting out here so that's what they're showing us as a in December but we don't know what it's actually going to turn into for our 25th. I'm going to go on. Any other questions? Any other questions? Any other questions? Any other questions? Any other questions? Any other questions? Any other questions? Any other questions? Any other questions? Any other questions? Any other questions? Any other questions? Any other questions? Any other questions? Any other questions? Any you have everybody in your family? That's another couple days. I always said infrastructure fell out of this guy and nobody had to take worry about it. Somebody can take care of it. I don't know. Well, thank you all for your time. We will see you on here at 6 o'clock so I can get your questions on that display. It says you will adjourn you what shall we do in the morning? This is the last one. You will be here for me. You will be on Thursday too.