001ation of success. Tonight, we're celebrating two schools whose extra efforts have paid off. Each school will receive a certificate and $250 that we hope will support the strategies that work best to promote good attendance. Principles, when I call your name, when I call your school name, please come to the DIS and receive your certificate from President Downey. Congratulation goes to best third quarter attendance, Pimabute Elementary School. Come on [Music] [Applause] down. Nice job. Runner up for best third quarter attendance, Santa Rosa Elementary School. Come on down. Most improved third quarter attendance, Saddleback Elementary [Applause] School. Hello. Congratulations. And then runner up for most improved third quarter attendance, Maricopa Wells Middle School. Right on. Nice job. And that's my report. President Downey. Thank you, Dr. Lutman. We now move on to item three, governing board members
002report. Member Rothschild. Good evening, everyone. Um just wanted to take an opportunity um to once again thank everyone who was responsible for uh scheduling the uh day at the cap. It was quite um an adventure and opportunity again to just hear from not only our legislators but also uh the many educators and support staff that were there. So, thank you again for um taking the time out of your busy day um to go down to the capital and explore and find out about all of the work that we need to do to continue to uh be public school proud. So, thank you, Member Owens. Thank you, President Downey. Uh let's see here. So, a lot of my report revolves around my youngest daughter. Um so, she's part of Winter Guard at Desert Sunrise. So, uh,
003March 29th, Saturday, um, MHS and Desert Sunrise, both winter guards were at state at Millennium High, uh, both, um, showed up, did what they needed to do. Uh, MHS, uh, went back for finals. Uh, I did not stay to watch that. Um, but, uh, they, uh, they did, uh, did really, really well. Um, we got to see last night there was a combined uh Winter Guard um at Desert Sunrise where MHS and Desert Sunrise both performed their performances. Um, so that was kind of fun to see. It was I think only the second or third time that I'd seen uh MHS. Um, and both both just had a incredible um progression from the beginning of the year to uh to where they're at now. Uh let's see here. Tomorrow night uh I will be at
004the Desert Sunrise Eco Audit proposal showcase um hosted uh it's uh it's a serious uh lesson in science uh math and English. So, um, having a daughter that went through the blended program or both daughters actually, um, really set them up for this, uh, for this project where they're actually presenting to a business to get funded to make a difference in, um, uh, in ecology and the way that the school operates and that kind of thing. from a from a science standpoint. Um, so I'll be there tomorrow night. Um, and then as we get to the end of the year, there's always lots of celebrations, uh, competitions, that kind of thing. I know that, uh, there's state math competitions, national competitions, that kind of thing, uh, coming up. So, good luck to, uh, to all
005those kids as well. That's all I have. Thank you. Member Lopez. I don't have anything to report. Thank you, Vice President Coutree. Thank you, President Downey. Um, so I was able to attend the greenhouse opening at Desert Sunrise and uh it was so impressive that greenhouse is probably better than some of the professional ones that I've even seen at like UFA Egg Center. Um, it's amazing. Um, but I am waiting for another update on my seeds. I want to know how big my plants are now. So, I know Mr. Verdugo is going to get me that. So, uh, and again, uh, kudos and thank you for everything everybody that had a hand in planning that legislative day. Uh, wonderful conversations with Representative Martinez, um, and Lopez. And the one thing that we can take away
006from that is that email communications matter. and she could not stress enough on the reason this 347 project is moving forward um is because of the massive amount of emails that this community continues to send and it's not done yet and we can't put the brakes on yet. So I encourage you if you have not done so already to please go to 347facts.com and send an email regarding the five-year plan. We've got to get this road fixed. It's important for our families so that they can start spending family times together and that they can come to the celebrations, the competitions, and that they're not stuck on the road. So, thank you. Thank you. Um, I've actually been out of the country for five of the last six weeks. We have nothing to report. Um and
007I move on to item four work study specifically 4A information related to the 202526 assessment value interest rates and is issuance of a sale of school improvement bond Mr. Harmon. All right good evening President Downey members of the board and Dr. Lopeman. Um we're happy to have Mike Lvali with Stiful Public Finance. There are underwriters for the bond to give us kind of an update on our property value numbers that came in as well as interest rates and a little bit about this bond issuance. It's a great time also to ask any questions that you may have for the upcoming action item later in the agenda. I'd like to bring Mr. Lali up here to uh to take over. Good evening, Mr. President, members of the board. Dr. Lman, it's a pleasure to be back
008before you this evening. um for your first sale post election. Congrats on that. Um as uh Jacob mentioned um I'm here to talk to I have just a couple sl few slides here to walk through. I'll touch on property values first. The district received their your February estimates for next fiscal year and and they are an estimate until the third Monday in August when they get approved, but uh they typically do not change. And so that far right two columns there, blue and red, are what you can expect for the next fiscal year in property value growth. Uh the blue bar is your net full cash assessed value. That one is more closely aligned with what's going on in your overall economy. Uh because it's unrestricted as to growth. Uh it and it also is
009used to calculate your bonding capacity. Um, and I I have a that formula per statute here in a couple slides to share with you. Your bonding capacity. Um, the red bar is your net limited assessed property value. That's how you, the district calculates its tax rates, all of your rate, your rates, primary and secondary, anything voter authorized, and your general fund tax. Um, and so I'm going to hone in on the uh the red bar here. Um, you you'll see though that the the most recent estimates for in February here for next fiscal year, you have a 9.6% growth year-over-year on the red, which is really great. Um, because that red is restricted as to formula. As a as a reminder, uh, it's at an individual property owner level, not the district level. Anybody who
010has a home, for instance, year-over-year that grows in market value by 10%, their tax value is capped at up to 5% growth. for any homeowner, any commercial property, the highest uh the tax value can grow is 5% year after year. And so you're above 5%, which tells me uh not only was it just individual homes, existing homes growing, uh it was also new new homes, new new commercial hitting the tax roles, which is a great which is great for for the district's uh values. Um up on the top right up there, uh you'll see the 10-year average and the five-year average. If you go to the far right under the red column there, the district's 10ear average is 8.46% for the for the net limited assessed property value. Um right above it, the 5-year average
011is 10 just over 10% growth. For our projections, we're using that 8.46% instead of the 10% even though the last five years you've had about 10% on average. We want to be uh more conservative than that. And so we we're projecting eight just just under eight and a half percent growth for a few years. We I'll show you that in a slide here shortly. So that's your tax values. Um this is your outstanding bond debt service. The blue is principal, the red is interest. And so the principal and interest equals debt service. It's like your mortgage payment. Um you can see how it's going down over time. We're going to be with your action this evening if you approve going forward. We're going to be layering in in such a way where we keep that
012debt service as level as possible. But you can see there's room to to layer in the new debt. Um and then our goal is to uh try to maintain the the property tax rate around 79 cent the bond tax rate around 79 cents a as uh we had kind of shown in the voter panel and I'll show you a slide on that here shortly. Before I do, here's that bonding capacity calculation of the district. Your bonding capacity calculation is way higher than what you ask the voters for and authority. What that means though is you can sell all your bonds at once if you need to. Except we're trying to maintain a tax rate. But thankfully bonding capacity is not an issue for your district anymore. It was over the 25 years I've been working
013with you. In the early 2000s, you had needs of 10 or 15 million, but your bonding capacity was four. And so that gets tough because then you can't fund all your projects. Uh but now your bonding capacity uh come third Monday in August or 91 that far right column is estimated to be about $220 million. Again, you you didn't ask the voters for that amount. You asked for substantially less. And so your voter authority then is $70 million. That's what the voters uh approved for for the district. So this is the last slide. This is what we call a tax impact page. Uh it has uh several columns. I've labeled the columns up up top. So column two is the district's uh projected assessed valuation. Um you have the 2425 that's actual at 11.3% growth
014which is column 3 shows the growth rate. Uh then the next year 2526 that's coming up. That's the number that we just got for you. We don't expect that to change. 9.61% growth. And then we project your growth thereafter. Again, we're using the 10-year historical growth average for a couple years. Looks like three years, 8.46%. And then we're going to back it off to six for a couple years. And then 2% thereafter. Now, we hope that you outperform every single one of those years. Okay? So, if you get above 8.46, which you did the last, you know, three, four, five years, then it makes all the the tax rates look better. Okay. Uh all thing everything else being uh unchanged. So if you outperform column three, which is what we hope you do, then your
015tax rates on the far right column there, column 11, will start to trend down even even more than what we're showing here. Uh before I get to talk about column 11, just real quick, columns four and five is your old debt service. You have like four years left on on the old debt, which makes it nice because the voters voted in a new 70 million. you can layer in in such a way to maintain your tax rate. And that layering in process is in columns six through nine. Uh column six and seven is this upcoming bond sale which you have a resolution before you this evening an action item uh to sell I think not to exceed 43 million but we're estimating it to be 42 million750 of principal amount um not to exceed 20
016years. Arizona is very conservative. School districts can't borrow out longer than 20 years, even though our mortgages can go 30. Cities and towns can borrow for 30, up to 30. Um, school districts are capped at 20, but you're you're actually financing projects that are going to last probably 30 or 40 or 50 years, a lot of the projects, right? And so, we we're going out the full 20 years because of that. Uh, the useful life of all your projects will be way longer than than the 20-year repayment on the bonds. Uh we do highlight some of the amounts in column six in orange. We just keep an eye on the first five years uh and total it at at the bottom. That's an amount that can be used, doesn't have to be, but it can
017be used for furniture, technology, and equipment. So bonds that are used to buy computers, for instance, have to be repaid within five years. And so we just need to be cognizant that if you have a computer campaign to fund from bonds, we want to make sure pay off whatever. Let's say it's for $2 million. We want to make sure we have you paying off at least two million of this $42 million sale in the first five years. So, we keep track of that as well. In the orange, we're estimating interest right now 4.75%. I am hoping that's conservative. I'm hoping you're going to be between four and a quarter and four and a half percent. The last several weeks interest rates have gone down 30 basis points, up 40 basis points, down 50. I mean,
018it's been it's been a rodeo ride the last several weeks. Uh, so, but all in all, all that volatility, it hasn't really come out of a I mean, a little bit higher rates than than the last previous four or five months. But thankfully, it's not just constantly going up. As an example, we see a lot of up and down. Right now, tariffs, no tariffs, whatever is happening worldwide. um impacts the bond markets and the stock markets, but we are long story short, we're we have a placeholder of 4.75% interest. We're hoping to outperform that. We're we're uh with your permission tonight, we'll move as quickly as as possible to get into the market to lock in interest rates. So, you have no more interest rate risk on this upcoming sale for 43 million or 42750.
019Um once you lock in rates, then we will know what that interest rate is for your bond sale this year. Again, hopefully it's below 4.75% overall. Um but that's what we're targeting for now. And then not knowing what rates are going to be a year or two out, we just did 5% for the next sale. That's just a placeholder. That's in 2027, April, spring of 27. Two years out, you it doesn't have to be two years out. It can be a year and a half out. It can be three years out. You can sell your next bond sale whenever you want to. You have up to 10 years after you after the election. I'm sure you're you you want to sell it soon as soon as possible to avoid the inflationary costs every year on
020construction construction site. Um but anyway, so we we layer that in as well as an estimate so that we can then give you the estimated tax impact of your total bond program which is in column 11. And so again, we're trying to target 79 cents as a bond tax rate. Uh give but you know, given projections in your tax base, which is in column three, and given projections in your interest rate, which is in column seven and nine. But we're going to have one interest rate here locked in for this largest part of your bond sale here in a few weeks. In fact, timing wise, with your permission tonight, we hope to lock in rates the week of either April 28th or May 5th and then deliver funds to you for your projects uh third
021week in May, I believe. May 22nd, which is usually graduation day, but anyway, so that's when funds we hope uh will be available for the district. I'll pause. That was a lot. Let's see if you have any questions. Um what happens if we don't pay the bonds within the stated time? What? Well, so your bond the bonds uh are basically an IOU. Once they're sold, the board doesn't have once you take action tonight and we issue the debt, it will get repaid. The county will raise the tax rate every year on your behalf to levy for the debt service payment every year. And so they'll they'll levy the tax rate and then collect taxes throughout the year for each of the debt payments each year. And so if if some people say don't pay their
022taxes, is that what you're asking? Um then the county always adds a delinquency factor on top of the amount that they're collecting every year. sometimes three to four or 5% above the amount that they actually need to make the payment because then there could be 2% delinquencies or 3% delinquencies. Uh so they have a they look at historical data the county does and say oh in the Maricopa area you're running at a two or 3% delinquency people that aren't paying the taxes. So we're going to set we're going to overlevy if you will by 3% as an example. I see. And so that way then every year the investors get paid. You do never want to have the investors not get paid. Yeah. That would be damaging to your credit rated the district. Thank you.
023Um just so I can understand when we look at our tax bill and there's line items, right? Mhm. So, there will be two, one for the previous bond and one for the upcoming or are they going to get put together on one line item? I believe the counties put them together because they're all being paid from the same pots. They're all being paid from the property tax. So, yes. Right. But it'll show um it'll it'll be separate from the any overrides or your primary your fund. It'll be a separate line item, but I believe the new debt service gets added to whatever's left of your old debt service. Okay. Yes. And that old debt in four years is paid off. Correct. Okay. Yep. In July 1, 2029, that is gone. Perfect. Thank you. So, I
024have a slightly technical question. We take out the um we take the bond. We approved the bond tonight for 43 million. Okay. You get it at the end of May. If we don't use it for several years, we still have to make these payments and we're still charged interest rate. Okay. Sure. Um, but when you we have a what we call a due diligence call with for every bond deal we do required for federal securities purposes and the district has to tell us the lawyer not me the lawyers um that you reasonably expect to spend the money within three years. Okay? So whatever amount you're taking down this year not all your 70 million just the first sale that you intend to spend it within three years. If you don't it's not like you lose
025the money. You just need to call your your bond lawyer or me. I'll turn you on to your bond lawyer to just make sure that you're following federal regulations after year three. But most districts get all their bond money sold within three years. Every once in a while they can't spend it by that deadline. I've never had it had it be a real problem. Um things change, projects change, sometimes delays happen, supply issues, whatever, and it winds up being four years. uh they really want you spending at least 85% of that 43 million within three years. It was actually in preparation but since you've gone down the path for Mr. Harmon later on saying that we're actually taking on a very aggressive full set of projects over the next two or three years to use
026this 43 million and I'm going to be asking them can we actually spend it and meet it. So in preparation Mr. Armen. Um, and it's so you don't have to answer it now. Later on whenever we come to the the the real one about voting for permission. Um, but it's really nice also that we're staying at 79 cents. Um, I would like to see it a little bit lower so we have a little bit of buff buffer, but I see you've got 5% interest rate for out outgoing years. At the moment that seems pretty high and pretty comfortable. Um, but we did promise I like to say what I'll do and do what I say and we promise no rate increase for the community and that's the 79. Our hope is to manage expectations by
027in your voter pamphlet putting in what we hope are conservative interest rate estimates, conservative assessed valuation, property valuation projections and then hopefully we outperform everything. Yeah. On your end your assessed valuations outperform you get more building than we thought hitting the tax rules, right? Maybe you get 12% growth and we're only estimating eight. That really helps out on the tax rate. Okay. And thank you very much. Thank you. I really appreciate it. Mr. Ar, are you finished? Did you have something to wrap up? That's it. Okay. So, let me move on to the next item. Now, I move on to item five. Call to the public. Lisa, I don't have any cards, so we can skip that. We now move on to item six, consent agenda. Motion to approve as written. Second. Lisa, we have
028a motion to second. Shante Rothschild. Hi. Ben Owens. Hi. Carolyn Lopez. Hi. Patty Coutrey. Hi. Robert Downey. I. So move. We now move on to item seven, action items. Specifically 7A, discussion and possible approval of the personnel schedule. Mr. Beckett. Thank you, President Downey. Members of the governing board. Dr. Lman, you have a busy personnel schedule in front of you tonight. I'll take any questions you would have at this point in time. Good evening, Mr. Beckett. Good evening, Mr. So where are we at with open teaching positions because I see a lot of new hires unfortunately I see also a lot of people leaving but so at this point in time got figures on Monday I believe Matray 25 gened positions still open and about a dozen special education positions now that was on Monday
029we continue to have new hire paperwork coming through on a consistent basis But uh we're still very very optimistic that we'll be ready for the start of the new year. And do we did we get all of our contracts returned? Yes, I was able to share some information with the uh with Dr. Lman and the cabinet. Um we had a 92% retention rate this year, people returning contracts. That's up from about 87% last year. So, we're very excited about that that that good total. Um, our related service providers, I think we're at 95%. Our counselors, I believe, are at 93% for this year. So, we're very excited about those figures. That that reflects well on the the district board's commitment to uh providing good salaries and good working conditions for our people. Very positive. That
030is that very good accomplishment. I think that's great. Mr. Becket, do you have any idea or uh inkling what other districts may look like? I'm just curious. I have just uh anecdotal information from the valley. a lot of the districts, at least in the East Valley, were actually reducing staff. Um, and uh, of course, not offering the raise level that we are. I think 3% was the highest I've heard anywhere, even in the state. Uh, so again, 5% is is awfully aggressive raise for our people. And um, again, we we are seeing people applying for positions here from the Mesa, the Chandlers, Higley, Queen Creek area. Good deal. Yes, Mr. It's nice to be at this place. I was in this position when that was not the case when we were struggling to keep people
031on a yearly basis and saw attrition rates in the 20s percent rate. So, this is very exciting for us. Big step forward. There's no other questions or discussion. So, again, congratulations on the retrition rate. Um, with that, is there a survey or anything that would give specific details on why we were able to retain so many um, educators and support staff this year? Well, as in terms of surveying, we are still working through our exit surveys. Maybe that's kind of the negative portion of why people are staying, but uh, at least we're getting an idea of um, the reasons why. There's some specific reasons related to family retirements. We we always have a number of those situations occur. Uh but um we're not seeing salary as the reason we're not seeing uh you know poor
032working conditions. It's just been encouraging to see that. But again, we're continuing to survey as as people early district. Well, congratulations again. Thank you. Appreciate it. And Mr. Becket, I just I just want to make a comment. It's sort of similar to what um you miss Lupin or Rothchild just discussed. I want to just highlight it's not just salary. I think that's bringing people here and I want this district to be a district where people run to and not have run out of um it's also the working conditions. It's also the education and training which is pretty significant and it's things like we have not increased our health care costs to the employee a lot of employees this year. So there's a lot of stuff going on. And so I just want to say good
033well done to the board for not just focusing on one thing but a package um for the for the school district and it seems to be working. I mean 92 93% retention rate I think anywhere is pretty high year over year. Thank you. Now I motion to approve. Awesome. I motion that we approve the HR agenda. Second we have a motion second. Shante Rosschild. Hi. Ben Owens. Hi. Carolyn Lopez. Hi. Patty Kushra. Hi. Robert Downey. Hi. So moved. Mr. Becker, I believe you have another announcement. Yes. I got a couple of introductions to make. I'd like to start out with Kevin Stomayor, our new high school principal at Maropa High School. It's great to have him here. And and a familiar face. Usually he's stuck behind that window back there, but Christine Dickinson will be
034our Butterfield Elementary principal for next year. Thank you. Thank you, Mr. Beckett. I move on 7B to consider and if deemed advisable and to adopt the resolution authorizing the insurance of a seal of school improvement bond for the district. Mr. Harmon. Thanks again, President Downey, members of the board, and Dr. Lopeman. Um, we were able to hear from Mr. Lavali and have some questions answered. If you have any other questions, I'm happy to answer them, but we're seeking approval for the resolution authorize our bond sale. Mr. Harmon, originally when we we had talked about this, we talked about doing three iterations of bond sales. So, can you share with the public because I kind of know why we're doing this, but I think it's important for them to hear why we've gone from uh a
035three to now selling twice. Yeah, I think what was in the uh voter information pamphlet was kind of an example of of what could happen. Um when we look closely at our projects, we are breaking ground on the K8 and the STO development this uh this upcoming in the month of May. But we're also it's time for us to start our project for the Maropa High School um workforce development project. um if that project breaks ground a year from now, we we need to have some of those funds available for a year of planning. We'll we'll need to start here really soon. So, accelerating that and uh we made a call to to Stifel to make sure that that was possible and looking at the tax rates and the growth. Um it's possible for us
036to do the full 43 million, which was the the amount we need for those two projects and have them ready to go for the duration. Thank you. What happens if we wait? I mean, do we do we need to sell now or is it something that we could wait a year on and see, you know, maybe markets settle down a little bit? You know, some of the volatility kind of comes out um because right now, as Mr. Levali said, we're in a very, you know, it's it's a very uncertain market right now. the uh the the funds that we need for the STO project. Um we can delay those because our project's going um we don't need the full $20 million right now for the Maricopa High School project. Um what I'll say about interest
037rates in the future, um it could get worse if we wait. If it gets better and it's significant, we can always do what's called a refunding, similar to like a mortgage refinance. there's a cost of issuance there, but we've done refundings um in Dr. Lobman's tenure. We've done a refunding whenever um we analyze our our interest rates and and and it's worth uh doing a resale at a lower rate for a a tax savings. So, that's always an option for us. Um but the future's very uncertain. We don't know if if waiting is beneficial or not. um when we go to market if the markets are really volatile um Stifl will will advise us to to delay maybe weeks or days or or um you know whatever that duration that we're allowed to to hold
038on if the markets are really volatile but outside of that um you know I think the best the best course of action is moving forward. So just because we approve it tonight doesn't mean it goes to market until he said the 28th or May 5th, right? Yeah. This resolution triggers a number of events. We have uh calls with rating agencies to determine our our our rating our um which will will determine our our rates and whatnot. And then they want to get to market as soon as possible to really see where the rates are so we can lock in a rate. Okay. Um It's as he as he mentioned below 4.75%. Okay. Thank you. So that particular rate is there something in place to where if we um are offered a rate higher than that
039then that would put a hold on things or what happens if there's anything outside of what you're expecting? Uh it's a great question. We'll work closely with with the experts with our underwriter um and obviously with with Dr. Lman to make sure that this is what we need to do. As long as we're within our our tax rate, 79 cent tax rate, that's really what we're we're holding to that commitment. Okay. Thank you, Mr. Arman. I sort of alluded to the question, but I actually state it slightly differently. Um, but it's good to hear about the refunding. I hadn't heard about that option. Um, so but picking up on member Owens, two major projects. We're a growing district. There's a lot going on. Um, I want the community to hear that you and maybe Dr.
040Lman will have a comment that you've seriously thought about the amount of work you're taking on for the next two to three years. Um, and just I'll leave that there. Can you make a comment? So the we're not going to this for the sake of getting money, having money in the bank and not being able to use it because we lack resources or skills or whatever. Yeah, we have the resources and the skills to take these on. We're we're very confident that we can uh run these two projects at the same time. We This isn't our first goaround, so we're a little bit better than we were with Desert Sunrise. And I think that project turned out pretty well. I would add that we've selected a familiar team with a proven track record and we
041know that the students are coming and we have we the demand is there. So we've um obviously we're uh confident in our construction partners and our architect and then we have a great team in the district office uh and at the schools in terms of the leadership and administration and the you know while we're talking about interest rates and the price of glass um and timelines. Uh we leave that conversation and join the reading conversation and the math conversation and the athletics conversation because it never misses a beat at the district and school level ever. So, I'm I'm confident in our external partners because I know we have the best internal team around. Yeah. And I I just I'll just add and this isn't our first rodeo. I want to go back to delivering Desert
042Sunrise High School. In fact, delivering more than what we promised to deliver in 15 months with Desert Sunrise High School for the amount of the money that we promised. I want to say in the middle of COVID certainly the early part of that project was very much when CO was going on it was delivered and I want to just reinforce that the team that we're bringing in the external resources the consultants etc are the same that we use for that project and there's two projects instead of one but we feel very confident in them their competency and we've got a good working relationship not just us to them but them with them around the different architects and the builders and the suppliers and procurement etc. So, it's it's going to be challenging and I think
043you got your work cut out. Let's see what happens. Yeah, we're growing and that those are good challenges, but we're we're ready for it. Um, if there's no other comments, I will make a motion to authorize the issuance and sale of school improvement bonds for the district. I'll second. Lee, we have a motion to second. Shante Rothschild. I Ben Owens. Hi, Carolyn Lopez. Hi, Patty Catra. Hi, Robert Downey. I so moved. Thank you, Mr. Harmon. And I move on to item 7 C. Approve to adjourn to executive session pursuant to ARS58431.03A7. The governing board may vote to convene in executive session for discussion regarding land. President Denny, is it possible to motion um to approve both items 7, C, and D since we will be going into executive session for both? I actually asked someone
044about that and see when we can. We can. Yeah. Okay. So, I would like to make a motion that we adjourn into executive session for items 7 C and 7D. Second. Le motion to second. Shante Rothschild. I. Ben Owens. Hi, Carolyn Lopez. Hi, Patty Catra. Hi, Robert Downey. I so moved. Just want to say to people, these are the last two action items on the agenda. The last thing we have is a journ. And uh I don't think you want to sit around for 45 minutes, an hour just to hear us ajourn. So, thank you very much. Not chasing you out. You can stay if you want, but uh that's all we have. German.