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 Okay it is nine o'clock on February 17th we have a quorum so I'll call to order

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 the Public Utilities Board for the City of Denton to order. The first item is

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 addressing anyone wanting to address the Public Utilities Board I see no one is

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 here. Is anybody on the phone? No ma'am there are no callers this morning. Okay

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 thank you. Then we'll go into the regular meeting. First item is the consent

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 agenda. Does any board member wish to pull items an item from A through C? Okay

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 I see none. Do we have a motion to approve items A through C? So moved. Thank you

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 Devin. In a second Mr. Beck all in favor say aye. Aye. Opposed? That carries. Move

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 into items for individual consideration. Do we have a motion to approve the

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 December 13th 2021 minutes? Okay Mr. Cheek moved and Barbara Russell seconded.

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 All in favor say aye. Aye. Okay then we'll move into receive nominations and hold

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 the election for chair vice chair and secretary and Mr. Nolte gave me the

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 rules here so I'll make a motion to open nominations and I need a second. All in

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 favor for opening up nominations? Say aye. Aye. All right. Slate about of

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 officers. Unless there are any other nominations I move that we keep the current slate going

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 forward for Susan as chair. I would stay as vice chair and Barbara Russell will be

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 secretary. Are there any other nominations? See we need to approve that

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 one don't we? Yes. So that was your motion. I'll second it. Okay then second it. All in

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 favor say aye. Aye. This is just a comment on this I had a discussion on the

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 agenda with staff last week and apparently we're supposed to do this

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 every year we haven't been. Right. I think we did it two years ago. I think so.

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 That might have been it. Karen went off. Yeah. All right the next item is to

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 receive a report hold a discussion and give staff direction regarding the 2022

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 schedule. Terry you have a couple of comments. Good morning. So under the

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 charter for the PUB each year the PUB should identify a schedule for meetings

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 for the year and you'll need a motion Madam Chairman for the the for the

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 meetings for this year. Thank you. Okay I'd like to make a motion. I move that

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 the regularly scheduled meetings at the Public Utility Board for the remainder

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 of 2022 occur on the second and fourth Monday at 9 a.m. of every month except

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 for November and December in which case the regular meeting will be only on the

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 second Monday. Second. We have a second. Ben seconded. All in favor say aye. Aye.

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 Opposed? This was also a little housekeeping that we needed to do. All

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 right the final item is consider adoption of an ordinance considering all

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 matters incident related to the issuance sale and delivery of 300 million in

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 principal bonds for the utility that utility system. Go ahead. Good morning

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 Randy Klingle Treasury Manager. I have a short presentation today regarding

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 utility paper utility commercial paper programs annual bond refunding ordinance.

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 I'm sorry to interrupt our screens are currently off we can't see the

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 presentation. Practice does not make perfect I'll tell you that right now. Can

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 you see my screen? Yes. Okay great there we go. Okay so for a quick overview the

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 City Council adopted a master ordinance in January of last year establishing.

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 Randy can you go ahead and maximize your your presentation please? It is on my

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 screen. Down on the right bottom right the next to the sizing bar if you just

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 click on that icon. Yes all right Terry mine is worth school. Can you see this slide deck now?

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 Yeah we can see the slide deck it's just not maximized. Okay go ahead. Okay well

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 can you see it enough for me to continue? Yes ma'am. Okay sorry about that I checked

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 it out we had it earlier. So the City Council adopted the ordinance in January

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 2021 establishing the utility extension for commercial paper program in the

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 amount of a hundred million dollars and then shortly thereafter in February 23

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 or February 23 in 2021 the council amended it to increase it to 300

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 million dollars to meet the immediate cash needs of Storm Urie and both in

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 January and in February at those times we also have the utilities ordinance for

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 refunding approved at the same time they go hand-in-hand so this is an annual

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 process and it's important so that the program it offers us the ability to

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 delegate the authority. Yes I'm sorry there's a question for mr. Beck. Yes thank

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 you. On the screen shouldn't we have that

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 overview? You need to advance your slide Randy if you would please. I'm sorry I'm

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 seeing the overview. Let me stop sharing how about that and we'll just try to

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 start that over again. I just couldn't read the fine print Randy I'm sorry. That

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 is okay it's interesting because... There you go. You can see that okay. Yes thanks.

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 Do you see it in large or do you see it in the... It's good enough. It's good

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 enough okay so we don't mess with it right? Okay I will continue then. So we

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 covered we established it in January we increased it in February and that the

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 annual refunding ordinance that you have before you today will be an annual

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 process so that you provide us the authority to refund the bonds within

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 certain parameters in the event that the commercial paper is issued and cannot

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 otherwise be retired within the 270 days. So due to Storm Uri we did have to

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 issue notes for this commercial program for a hundred and forty million dollars

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 and then that hundred and forty million dollars was refunded using the 2021

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 utility system revenue refunding bond proceeds from last year. So the benefits

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 just as a quick reminder for the CP program in general our main intent at

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 the time before Storm Uri was to use it for appropriation authority giving us

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 the opportunity to go into contract with the commercial paper program as part of

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 the backing for funding the contracts and to be provided and executed by

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 council. It provides immediate access to funds within a couple of days and notes

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 would only be issued within with interim needs arise as it was with Storm Uri. It

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 offers the lowest short-term interest rates and the debt issuance can more

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 easily closely align with projected timelines. Benefits of the actual

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 annual refunding ordinances which we are considering today it provides staff the

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 flexibility to sell refunding bonds to pay off the commercial paper outside of

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 the city's normal financing routine. The city can potentially avoid

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 additional cost of step-up rates by not having the extended by not having to

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 extend the commercial paper terms. Rating agencies also view the refunding

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 ordinance as a positive measure to ensure that the city has a quick and

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 viable means of paying off the maturity of commercial paper and potential

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 investors also view the refunding ordinance as a positive measure. So in

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 all that's really all I have other than my apologies that my slideshow did not

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 go over that well but this is an annual process that we will see every March. You

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 have any questions? Questions? So it's my understanding that this is just to make

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 sure that you don't have to go through the entire presentation process for the

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 issuance of each bond? Well if we have if we end up going through the bond issuing

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 any commercial paper like we do like we did last year we'll still go through the

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 entire process to for a bond sale but this just allows us the authority if

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 something comes up and we need to issue the notes and get cash staff has the

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 direction the authority to do that and then roll it over into a future bond

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 sale. Yeah I think that's basically what I was saying. Did you have a question? Then I agree yes. Go ahead Devin. So this 300 million is

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 it a different instrument than the previous 100 million or is it just a

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 larger amount of the same type of financing instrument? It's a larger

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 amount of the same program. Okay and you said there's a 270 day period on the

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 commercial paper after which it either so this now rolls or after by 270 days it

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 needs to be refunded from a different source? With the example of the Storm

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 Uri we received 140 million dollars which came in several different buckets

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 and recusips and we rolled that over a couple of times to get to the point

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 where it could be added to the bond sale. So we can roll it over until we need

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 that bond sale and we can produce those proceeds to refund the total amount. Okay

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 and I'm curious if there's a if we don't have any notes outstanding is there a

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 carrying fee that's higher on the 300 million than on the 100 million dollar

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 kind of line? I believe this is our first year in the program full so I can come

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 back with you and provide that information. I know most of the processes

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 are the same but when you issue the notes it depends on how much you issue

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 out of the 300 million as to like we only issued 140 last time so to produce

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 that bond sale obviously is going to be cheaper than if we issued more notes. Yeah

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 I was thinking if we if we have no need for any bond sale is there an annual

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 annual fee or something like that that we pay to to allow access to it? I

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 believe so and I will get that to you yes sir. Other questions? Okay do we have

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 a motion to approve the commercial paper program? Devin motioned in a second.

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 Lee seconded all in favor say aye. Aye. Opposed? That carries thank you. Management

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 reports we have several here we business needed to continue to be conducted

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 while we couldn't meet several of them well most of them we did have a phone

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 call with Tony Puente Billy and I so that we knew what was going on before

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 they went to council but and I know in a couple of cases he reached out to

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 individual board members because he knew they would have an interest in them. Does

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 anybody wish to have any of these pulled and have a further discussion on any of

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 them? All right there's no action on that oh yes go ahead Lee. I'm sorry Madam

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 Chair I came in a few minutes late so I'm modestly confused about the piece of

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 paper in front of me and our current schedule. Is that something else? I'm gonna stop

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 looking at that thank you. All right then we're on to concluding items does any

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 board member wish to have an item added to agenda or have anything they'd like

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 to say to the public? All right seeing none. 913 do we have a motion to adjourn

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 Mr. Cheek? We are adjourned.