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A
I'll
call
the
meeting
to
order.
Why
don't
we
start
with
a
roll
call.
B
Here
and
I'll
note,
the
absence
of
kurt
zorn
and
vanessa
mccleary,
I'm
jane
cooper
smith
staff.
C
Alex
crowley
staff,
larry
legal
stuff.
A
A
Very
good,
so
next
on
the
order
of
business
is
the
approval.
A
Okay
and
hearing
none
I'll
entertain
a
motion
to
prove
a
little
labor
of.
A
A
Any
discussion
on
emotion:
well,
first,
I
guess
is
anyone
who
want
to
move
that
motion.
H
A
All
right
so
go
ahead.
Move
approval
of
the
recurring
meeting
date
to
the
third.
G
Actually,
I
think,
last
december,
to
january
where
we
had
the
initial
resolution
approving
our.
G
Support
of
this,
and
now
it
is
time
for
the
issuance
of
notes
we
have
here
today
the.
G
F
F
Larry
mentioned
this
group
was
before
you
and
in
december
for
an
inducement
resolution.
F
F
Few
slides
and
then
I
can
jump
in
at
the
point
where
we're
discussing
the
structure
of
the
bonds.
D
D
D
D
D
D
D
And
below,
and
also
have
access
to
that
federal
assistance
next
slide
just
some
pictures.
We.
D
D
D
D
D
D
D
D
D
D
D
D
And
we
also
have
ongoing
public
stewardship
of
the
property,
clear
definitions
of
the
ownership.
D
D
D
Approved
it
is
because
it's
cost
neutral,
it's
the
same
amount
of
funding
through
the
public.
D
D
F
Thank
you
amber
that
was
thorough
and
helpful,
so
this
slide
is
meant
to
demonstrate
the
a.
F
Show
the
conduit
nature
and
the
role
that
the
city
is
is
acting
so
from
the
city's
perspective.
F
Explained
that
well
so,
on
this
slide,
crestmont
the
project,
the
borrowers
that
is
at
the
bottom.
F
In
in
part,
because
of
your
body
and
the
city
adopting
the
inducement
back
in
december,
that.
F
Late
june,
so
as
currently
contemplated,
the
city
will
will
act
as
the
bond
issuer
and
enter
in.
F
F
To
the
project,
and
and
thankfully
for
the
four
percent
fix
that
that
amber
referenced,
this
is.
F
Two
and
three
and
step
one
was
ongoing
when
this
group
was
before
you
in
december,
where.
F
F
F
The
city
council
for
final
approval,
which
will
allow
the
bond
issuance
and
the
edc,
will.
F
So
some
of
the
most
important,
I
guess
characteristics
of
these
transactions
to
hit.
F
F
For
the
council
to
approve
the
bond
ordinance,
perhaps
the
most
important
thing
folks
like
to.
F
So
pure
conduit
deal,
and
that
concludes
my
presentation
and
I'm
sure
tyler
or
myself.
F
Or
amber
are
happy
to
answer
or
discuss
any
topics
you'd
like
to
know
at
this
time.
F
F
J
Note
is
more
akin
to
a
loan
versus
owning
a
security,
and
so
banks
like
to
have
loans
on.
A
A
Length
of
the
life
of
the
yeah
you're
right
and
in
some
of
the
other
state
laws
statutes.
There
are.
J
Defined
term
notes,
but
the
36
712
doesn't
make
the
distinctions.
I
think.
A
Indemnification
happens,
the
issuer
is
indemnifying.
The
issuer,
I
believe,
is
the
entity
right.
G
I
can
take
a
first
swing
at
that
if
you
want
gentleman
so
in
the
funding
agreements
themselves,.
G
And
the
refunding
agreement,
so
the
city
of
bloomington,
is
the
issue
it
issuer
in
this.
G
Case
but
it
is
the
borrower,
that's
indemnifying,
the
issuer,
in
addition
to
the
bank,
that.
G
G
J
The
purchasers
will
hold
that
has
big
capital
letters
that
says
this:
the
city's
not
pledging
any.
J
Money
or
revenues
other
than
what's
described
in
the
in
the
loan
agreement
right,
which
is.
J
A
I
I
just
always
feel
it's
important
to
kick
that
risk
tire,
mainly
because
of
some
some.
C
All
right,
it's
alex
crowley.
Can
I
ask
a
question:
is
there
is
there.
E
Question
it
was
that
question
for
ice
miller,
yeah
price
yeah.
I
mean
I
guess
I
would
say.
J
Between
taxable
and
tax-exempt
paper,
you
know
that's
just
a
function
of
comparing
basically.
J
Treasury
rates
to
what
this
ends
up,
at
which
the
freddie
mac
product
that
we're
talking
about.
J
Here
for
the
execution
of
the
bonds
is
based
on
a
floating
treasury
rate,
plus
a
spread
so.
F
F
To
make
sure
they're
involved
in
the
you
know
future
livelihood
of
the
projects,
if
that
makes.
F
I
I
Provide
as
an
as
a
lender
I
mean
I
is:
is
that
approximately
what
the
that
difference
in
value
is.
I
The
advantage
that
a
public
sector
issuer
has
versus
just
going
on
the
private
markets
and.
I
That
origination
fee
you're
absolutely
right,
and
so
I
I
certainly
support
this.
This
is
great.
I
I
E
J
What
credit
pricing
generally
is,
these
days,
I
think
we've
got
91
or
92
cents
on
the
dollar.
D
I
think
four
bids
and
so
there's
lots
of
things
that
go
into
the
bid.
But
of
course
the.
D
Very
good,
thank
you
other
questions
by
either
members
of
the
commission
or
members
of
the
staff.
A
For
the
sake
of
convenience
and
because
the
resolution
has
been
published,
I'll
dispense.
I
G
Oh,
can
you
hear
me
I'm
sorry,
I
apologize
yeah.
We
can
okay,
there's
one
more
step
to.
G
G
Between
august
25th
and
august
31st,
if
that's
possible,
that's
kind
of
a
narrow
window,
we
could.
G
Send
out
a
little
bit
of
a
doodle
poll
in
the
next
day
for
you
all
to
respond.
But
I
would.
G
On
this
resolution
and
the
note
issue
for
the
crespon
community,
rad
conversion.
A
Yeah
happy
to
do
that.
So
so
we
didn't,
we
didn't
get
the
we
didn't
get
the
10
days.
G
A
Access
zoom
access,
but
I'm
happy.
I
also
have
a
great
deal
of
respect
for.
A
And,
and
also
in
effect,
because
of
the
meeting
requirement,
we
really
don't
have.
A
We
don't
have
legal
passage
of
the
resolution.
We
just
need
to
go
through
and
actually
pass
that.
A
After
you
have,
after
you,
have
it
posted
correct
the
resolution's
fine,
the
resolution.
A
Thank
you
for
educating
me
larry
I'll,
go
ahead
and
volunteer
to
connect
with
the
commissioners.
B
F
Hearing
15
minutes
should
should
suffice
just
to
share
that
last
tidbit,
so
apologize.
F
B
Okay,
great
okay,
jane.
I
wanted
to
just
throw
something
in
for
just
reporting
in
progress.
B
Sorry
about
that
yeah
go
for
it.
There's
a
possibility,
commissioners,
that
a
tax.
C
Up
we're
negotiating
right
now,
if
it
does,
if
the
timing
works,
then
that
so
be
it
and
just
kind.
C
C
A
G
C
A
G
Yeah,
absolutely
you
know,
I
know
we
all
like
seeing
each
other.