001Bergkog superintendent elect Holly Derlo Babcock chair broad man school board Hollis great all right so let me just pull up my outline if you don't mind I don't have anything on printed so um are there any agenda adjustments that I need to be aware of there are none okay so at this point at 605 ah it's not 605 anymore at 606 I'm going to open the floor for public input um if there were members of the p well there are members of the public here. Um they would be asked to state their name and address for the record and that input should be focused on items included in the agenda. Um it is not intended to be a back and forth discussion but rather an opportunity for the board to hear from residents before acting
002on agenda items. The floor will be open for public input for a half an hour 30 minutes. So we will close at 6:36. If this meeting um adjourns prior to that then we're going to adjourn. Um, so tonight's discussion is the bond resolution for anyone in the public who would like to speak. Is there anyone who'd like to speak? Seeing none, we will move forward with our agenda. Again, the the floor will remain open until 6:36 or until So, discussion. Uh, hold on one second. So, we have a co-op bond resolution on our agenda for discussion. Um, I'm going to kind of like turn the floor over to um the superintendent- elect and to members of the facilities committee um just to kind of give us whatever background we need um before making a moving
003on to the deliberative item. Okay. So, um in the board packet there's the loan agreement and the bond resolution. So tonight we are looking for action regarding the loan agreement and bond resolution to be able to move forward with them. So I will share some backstory. Uh in our March meeting we had um discussed two different warn articles. One was simply HVAC at the middle school including removing an underground storage tank that is out of compliance and has been out of compliance for over a year. Um, and the proposal was to switch it to propane, um, and, you know, create a a centralized boiler point and a number of other HVAC upgrades. At the time, the interest rate that we were quoted was 3.84%. Right now, we're looking at 4.23%. Um, we were looking at
004doing that over 20 years, financing that over 20 years with the bond. The solar project at the time in March, we were quoted a 3.59% interest rate. Right now, we're looking at 3.96% interest rate there. We are not expecting those rates to change drastically between now and the bond sale in July, but they there could be a little bit of a of a shift. Um, inside there's exhibit A inside the documents in the packet. It's page nine of 13 of the agenda packet, but you can see um overall it's a 20-year payoff, but years 1 through 15 include both the the portion that's for the solar and the portion that's for the HVAC. So the the the payment varies between 417,000 and change and 410,000. Um but essentially it's around that 415 for 15 years.
005That's well below the target of underneath 600,000 which is what the facilities committee was um was tasked with I don't about 415,000 and so we were tasked with trying to do this work within the 600,000 of the bond that is coming off the books right now. So that is well under the 600,000. Um and then you can see in years 16 through 20 that um principal or the the payment drops to around 265 to 260 over those final five years. And so that is when the solar is completely paid off and we're only paying for the HVAC at the middle school. So while it was required that we bundle both of those um amounts for a total of $7.5 million or so they are still sort of broken up with different rates um and different
006terms in terms of the number of years 15 years and 20 years. So that remains the same. Um so that is what we are looking at in terms of rates and um length of of the bond and if we would like an update on the specifics regarding where we stand with the project. I'm a little confused. Are they two separate bonds we're talking about? It's it's it's a bundled bond. Okay. But they're two elements. The two elements are treated differently based on interest rates, if you will. It could be many bonds. It turns out they how they choose once once they issue it. They can the bond bank can break can fragment any I see. But the payment um terms are scheduled for 15 years on the amount attributable to the solar project and 20
007years the amount attributable to the H. Got it. That was a big clarification that we got. Yeah. So that's what we're looking at. So, I know there were some questions that the were discussed at length at the facilities committee and um Tom graciously emailed a summary of those to the school board and I think it's appropriate for the public to have an understanding of what information we've received from the facilities committee member which is Tom and Rob, but we got it from Tom. Yeah, thanks for summarizing that by the way. That was very helpful. Um yeah, as much as anything I wanted people to understand my skewed thought process so that the comments I make were some at least in context for my way of thinking. Um the big issue that came forward between the
008time that we generated the plan and we u are now facing was the reliance or counting on getting federal uh program rebates which have covered 20 over 25% of the cost of the entire program and based on information that had been presented in the news and things. Uh there was uh concern had had that money gone away because even though the the bond and the warrant article was worded to cover the full amount without the rebates presentation and much of the conversation with the public uh talked about the net cost to taxpayers is the community and the schools and I was I wanted to understand that. So we had a presentation from EI who is the consultant group with whom we're working who be the project leaders for the program and they are really uh
009well engaged with this topic and what we learned was that there are some significant updates that have come through particularly regarding the rebate program and although nothing at this time is firm we are cautiously optimistic that the current state is worst case because there is a bill that was passed by the house. My understanding is it's before the senate. There's been some push back from the Senate um and they don't to try and relax some of the the the options connected to the the budget bill. And if it goes through as it's currently written, it will end the rebates um effective of the passing, but will honor the rebates for any programs that have completed at least 5% construction or completion by 60 days after the date that the bill is enacted is signed. So
010like signed. Yeah. Right. Signed into law. We would be grandfathered if we met those requirements. Not it's not grandfathered. It's safe. There there is a a period during which work can continue to to qualify. But that timeline ends 60 days after. The current anticipated vote date is July 5th, which would bring us into September. So the question was, can we start and be involved deeply enough in the project to ensure that we qualify? Um, would the boiler work be recognized as part of that work? It's got to be particularly solar. It's got to be the project that is being used to qualify for the rebates for the rebates. The rebates are strictly around the renewable energy in this case solar. There's a separate window for geothermal. There there's different but for for solar the solar
011project that would need that deadline would be 60 days after July 5th. Worst case anticipated at this point. Mhm. If the if it's signed on July 5th, it could be passed by the Senate on July 5th and signed on July 6th or 7th. Like if the president has to sign it, it could be pushed back by the Senate and a vote could be months away, right? July 5th is the earliest, okay, that it is anticipated. And the definition of of completion includes uh actual construction work that's been done as well. materials for the project that have been purchased and delivered on site. So, what we would need to do is uh make those purchases, get get the items delivered, and have any potential support work done at the high school, which is where um the
012first element of the solar project would take place. but it covers the entire project, both the high school and the middle school. One quick question, sorry to interrupt you. Would the roof work at the middle school, because it's being done so that we can move the solar onto it, would that qualify as part of the project? Part of the part of the funding package. Okay. And the rebate package for the work. Okay. Yeah. But the good news is uh we have been told with uh no um hesitation I'll say that that amount of completion can be achieved in that time frame conditioned upon the funds being made available quickly contract being signed with EI and essentially as giving the green light to the work. Um if we delayed on that then that could push other
013things out just because of lead times for items and work that needs to be done. So the net result is that we believe that the u the work can be done. The second element of that is that part of the process of doing the work actually doing the project is getting a permit from Eversource to whom the the the system will be linked. We had initially talked about what's called a grid tie um for net metering and where excess u excess energy is stored back on the grid and credited to our account. Uh the problem is there's a 4 to eight month lead time right now on the permitting process. So the proposed workaround for that is to have on-site storage at the for the high school in the form of battery storage. And battery
014storage for a fixed facility is not like batteries in an electric car or even power wall kind of things that a lot of consumers. It's a wellestablished, safe and um uh long life system because weight doesn't matter. Physical size doesn't matter up to a point. It's just a question. There is added cost of both the battery and the the controllers for it. However, Eversource uh in conjunction with the state has an ongoing incentive program for doing these kind of storage systems because it takes loans off the grid and the value of that is $200,000. So, there's a significant offset of the cost of purchasing the batteries versus uh uh just the the raw cost itself. There are some other complexities, but the net result is if you if we used a battery system and went
015for permitting on that at the high school, that permitting process is a couple of weeks. It's a much more streamlined process and we could proceed uh proceed through in that manner. Um there are some tweaks to the system. There are some options. One of the nice things about having a battery system is it can also function as backup generator and where the existing generator high school is more than two decades old and would likely show up on a on a a capital purchase program in the in the near future. If we had the batteries, that potentially would not have to be there. There's also an offsetting benefit of having batteries that it has a load leveling effect that allows you to draw off your battery system during peak raid hours. And it's all computerized to
016to manage that. But the the the big question that would have to get answered some point along the line is number one, do we want to um size the batteries so that we can store as much as we think we'd ever make or do you do something smaller? Do we still stay in line for the grid tie and still look at that option at the high school 4 to8 months if if they'll let us have parallel? So there are some additional options that this present but the net result is uh a general um impression that the system can stay the same same number of panels relatively the same efficiencies throughout. The only difference is there is a a little bit of incremental difference in the the project cost which would extend the uh break even
017point of the return on investment by uh several months less than a year but several months is I think the numbers that that DEI has calculated is that correct stuff right there uh I um no I didn't pick it up off the printer but it it was it went from nine nine years and some odd months to 10 years and some odd months. Uh so that left us with the feeling that we have the ability to continue with the program and deliver for all intents the same functionality that was presented to the voters. That was that was really the a primary concern. uh it does create some options and it creates some decisions. It requires that we we take some action pretty quickly. Um but the main things that I wanted people to understand is
018that the change in scope, it's not really scope, the change in detail from battery storage grid tie from grid tie to battery storage at the high school, not the middle school, the need to accelerate the high school work. And that means that we have to do whatever it takes to have place to put stuff this summer if they need to be pulling some electric and things like that that um any summer activities be made aware of potential impact to the availability space. And um you recognize that even with this, regardless of which plan, the changing landscape with uh regulatory issues still present some volatility to overall project elements and project cost as we move. We ran into the same thing at the Hollis district when we were doing the energy upgrades uh where um material
019went skyhigh um and obtaining it and to the point where we weren't able to complete the project as presented. Um you might have remember that the the gym was not finished for several years. That was the part where we couldn't finish. Right. So there this this happens this level of dynamics does has any construction project. Yeah. You're going to run up against it. I like the idea of keeping uh ourselves in line for the net meter metering if they'll allow it. Yeah. Yeah. If they'll allow it. Um we probably should pursue the batteries. I prefer the net metering because I think it's just although it's difficult for Eversource I think it's a cleaner install and from an operation point of view but I think the bottom line is we want to get that we want
020to get the high school done. There would be nothing technically that would preclude us at any point further down the line to pursue net metering if we didn't do them in parallel. And that was my question. Like by putting in these batteries, does it does it take us out of the running for getting getting net metering at some maybe better or opportune time down the road? It doesn't. What it does is it just it just kicks that that lead time issue. And and that brings to the final point is why are we meeting tonight and why is is this so urgent? And um it was I probably heard it before, but it was the the New Hampshire bond bag offers things twice a year and uh the way that we f have chosen to fund
021things through the bond if we didn't do this and the way it's bundled, we would lose we would not have access to the funds we're counting on to do the propane conversion and the boiler work, which is it's imperative that that We we would have to then start essentially borrowing money from ourselves and stealing it from the budget hoping Yeah. and then going back to the bond bank in January to take another cut at it or resort to commercial lenders whose current interest rates are um substantially higher uh at this point I think almost two points higher. So there is a strong motivation to act now while we can as long as we are not jeopardizing the project or in my opinion altering it in such a way that it's not the project that we
022presented in and I say this because I've probably been the most vocal person about objections or or concerns about it and the information that's been presented to date has a has satisfied my understanding from the technical standpoint of the projects. The only open question that I have and I don't know that it's a will sway it um one was just answered which is are we still in line with our goal of being at or below the um bond value that's coming off and Gina has stated clearly we are substantially below. Yes. And the second question is we had presented the solar project as essentially budget neutral from the standpoint that once the rebates come in the combined uh influx of income from from that plus the savings essentially offset the costs that we will pay
023in the early stages of solar program. so that the next several years of budgets aren't heavily burdened by taking on this project. And do you have information? So, the only information I can um put to that is it really depends on when they're completed, when the projects are completed. Um, but yes, it would still be expected to be essentially budget neutral, but we can't say that until we rebates based on the the bond cost. Not Oh, yeah. Based on the bond cost. Absolutely. Okay. Because we were in the we would have been in that same boat. Correct. If we um weren't making making this twist. Yeah. I think another piece of it though is that it's not going to look so like now we're saving be if we offset and do the high school first
024and then the middle school, you know, after the middle school roof is is ready for solar because and if we wait for net metering approval, um you're going to see two waves of savings in terms of energy. We I think if we were going to see that anyway even before this because logistically we could get this we could get the high school online faster. We we could have waited on the high school. Yeah. Um under the other program, but there's there's every reason to get it done as quickly as we can. Absolutely. Yeah. And I I tend to think that as long as we are under the that that the bond coming off and what we're planning to spend, as long as we're at or around that level, and I'm very happy to hear that
025we're well below it, that's the key thing for me that would give if we exceed that and start getting north of that 600. That's the piece for me that would give concern that we're not staying to the plan. The how we do the project and and you know net metering versus batteries versus that's just part of a project. That's I mean maybe somebody can come and be upset at us for not doing what we said we're going to do, but it's the money that's I think the more relevant and more concerning that would cause people to say, "Hey, what's going on? You told us X and now it's costing Y." So that that's what I mean for me that's what I'm focused on is where are we with these payments and how close are we
026to that red zone of that 600 and the voters supported this. I looked it up. I mean they supported the first part 72% and the second the solar project was 67% which are really significant majorities. support. It's good support. And I do think that someone I know someone asked the question about the rebates and Mike did answer that there were no guarantees and this vote was in March when there were already threats to the I think this was the inflation reduction act where the um where this these rebates were um developed. So I think most folks in the room given the climate in March, you know, of where we were in terms of a country and we had a new administration and new ideas that, you know, I think people were kind of aware that
027there could be changes in the nitty-gritty. Um, and as long as we are putting in solar, which I think some folks voted on because they really want to see us be um in a more um climatefriendly type of um energy, but I also think that people want to make sure that we're at a solar will pay us back. And it sounds like with the battery system, we store our own energy which which we can use. And so it seems like to me it's we need to I I believe we need to support what the voters wanted and I think they voted for this. Agree. And I think it's important that we secure the funding by the action of this body. Right. And then the other piece is having the facilities committee continue to monitor all
028the other moving parts and not screening it for the board, but but um condensing it, if you will, and bringing maybe the best path forward after we've kind of looked at all these different things because we could spend the rest of our meetings until next January talking about facilities. just that's why we have a facilities committee for you to break it all down. We want to break it down. We want to we'll keep an eye on the moving parts and we'll bring the best way forward and update and then my only question is in terms of triggering all of this and getting this done that the office is capable of doing that. The SAU office you guys are ready to go. We're ready. What would be the next steps after tonight if the resolution and
029the agreement are approved? Um so once this is approved then we go to the official bond sale in July. Um but we can still trigger EI to um draw up um a contract for the complete project. So so it's that contract that shows the $2.2ish million for the solar that we need need to ensure at a minimum 5% in order to safe harbor the project. So we would go ahead and get that contract, sign it, you know, now that funding would be secure and then they can move forward with the purchasing of equipment for the high school. Now they they had told us previously that the contract could uh be executed and initiated prior to the bonding if as a district we were willing to do that because um from their standpoint the their risks
030are minimized. Um, do do you believe that the administration and the office is is willing to execute that contract before the bond sale? Yeah, my understanding was if this passed, we would move forward with with the contract. And when's the when's the bonds? I think it's early July. So, we could get several weeks jump start on it. Mhm. Well, that that was going to be my questions as far as the rebate. When does the timeline start? The timeline starts whenever it's signed. But I mean for the 60 days when signed by the when the president signs the if the if the law passes that the rebates are pulled once it's signed into law. So the vote it takes us four weeks to get a permit and four weeks to get a battery and if I
031mean I'm just wondering if any of that's going to delay. I mean not the whole project. No, but for the rebate, what they what EEI told us is that they can get um they can issue the purchase order and start bringing product on site as soon as the contract is signed. They can start and just the solar panels alone are likely to bring us to that level. Okay. I would say a fraction of the solar panels will bring us to the 5% We're looking at $100,000. Just Yeah, just the ones for the for the height. Yeah. Their expectation is that the first thing they would do is order the solar panels uh and look to have them delivered. And the other is to potentially start pulling some wires. One of the reasons for that is
032isn't just the date. It's to to do it in during the least disruptive period. Try to get it done during the summer. Yeah. Okay. because the roof work can be done can actually be done during the school season. Before we found out about the rebate issue, we were talking about can we do it get the solar panels in and up for this uh calendar year. Not because one of the things that happens with the rebates is you can apply for the rebate after you have um completed the project. When I say apply for it mean apply for actually getting a payment, right? So one benchmark is getting it started at 5% completion to put you make you eligible for the rebates. You have I think three years to actually complete the project, but you can't
033ask for the money until it's done until after you've completed that that portion of it. They can break the project up from a a rebate standpoint between the buildings, but from a from a um a bonding and uh bonding process and the the do total dollar amount of a project it's all being considered one. So the qualifying we got to get 5% of the total high school middle school not just it'll be okay. So um is everyone comfortable with me moving forward to deliberative deliberations because I have you can close public input. Oh thank you. Yes. And I'm closing public input at I'm Is it okay to close public input? Okay. I'm closing public input at 6:37. All right. So, I have to um read the resolution into the record and then there'll be a
034motion after that. So, before I do that, one last comment. Sure. Because I was just want to get it all done because I'm going to read this make the motion and I'm not reading this if you're if we're going to this is going to fail. There has been some feedback that seems a lot misunderstanding of wording in the information that's been presented when they talk about break even. And when we talk break even has has uh been used to describe the point at which the amount of savings has fully offset the cost of the project. After that point it um the savings are now true savings and surplus. Some um some some people have misunderstood break even meaning you hit break even it's neutral no this the I don't know so much about what the
035what the status will be what projections have been done on the HVAC stuff but on solar um once we hit break even we were projected over the expected life of the the panels to have over a million dollars of surplus through energy savings and that's conserv They're really using current energy rating. Right. Yeah. And I think it was very clear that the break even point was an estimate at the March meeting and um and very conservative because I think it was a static a static number, right? Carried forward and it wasn't handling, you know, changes and and you know, I think voters were aware that that was an estimate. I think voters were aware that the rebates were not 100% guaranteed. So I feel really comfortable in supporting this. So can I read this? Can
036I go? Okay. Can you May I read it? Okay. So I need to read this into the record. Resolution to authorize 7,57355 bond bank loan agreement and issuance of bond for installation of energy conservation equipment at district schools. The school board of Hollisburg and Cooperative School District. The district hereby resolves as follows. one that pursuant to the municipal finance act RSA chapter 33 the New Hampshire municipal bond bank law RSA chapter 35-a all other applicable law and approval of the voters of the district of war of warrant articles 1 and two at the annual school meeting held March 4th 2025 collectively the authorizations the treasurer and the chair of the school board of the district are authorized to execute a test and deliver a loan agreement between the district and the New Hampshire municipal bond
037bank hereby called the bond bank substantially in the form presented to this meeting with such changes not inconsistent with this resolution as the treasurer and member of the school board may approve set approval to be conclusively evidenced by the execution and delivery thereof the loan agreement to affect a borrowing from the bond bank in the aggregate principal amount not to exceed 757355 to finance cost for the design acquisition and installation of energy conservation equipment HBMS boilers controls LED lighting and other end of life rooftop units and related did building improvements at Hollis Brookline Middle School in the principal amount of 5,291,200 the middle school project and the design acquisition and installation of energy conservation equipment solar panels and related building improvements at the Hollis Brookline Middle School and Hollis Hollis High School it says here
038in the principal amount of 2,216155 the solar panel project collectively the project that the expected useful life of the solar panel project is determined to be not less than 15 years and the expected useful life of the middle school project is determined to be not less than 20 years. That pursuant to the terms of the loan agreement and authorizations, the district is authorized to borrow from the bond bank a sum of up to 7,57355. And to evidence such indebt indebtedness, the treasurer and majority of the school board are authorized to issue a general obligation bond of the district in an original principal amount of up to 7,57355. the bond and to pledge the full faith and credit of the district in payment of the bond. Four, that the bond shall be dated on or about
039August 14th, 2025, shall mature in accordance with the schedule set forth in exhibit A of the loan agreement and shall bear an interest cost rate as defined in the loan agreement or such lesser interest cost rate as may be determined by the bond bank. Five, that the bond shall be signed by a majority of the schoolboard and counter signed by the treasur and be in such form as the signatorries may approve set approvals to be conclusively evidenced by the execution of delivery thereof. Six, that the district does not have an official seal. Seven, that the bond shall be sold to the bond bank at no less than par plus any applicable premium and that pursuant to RSA 35- A col 29, the treasury may apply any premium received by the district on account of issuance
040to the bond. I one I guess to the payment of the cost of preparing, issuing, and marketing the issuance of the bond. Two, to the cost of the project. Three, to deposit in the general fund of the district and to be available to be appropriated for any lawful purpose of the district. Or four, to any combination of the fourgoing. That neither eight that neither the proceeds of the bond nor the project cell used in any manner that would cause the bond to be arbitr bond or a privately a private activity bond within the meaning of sections 148 and 141 of the Internal Revenue Code of 1986 as amended. the code that in connect nine that in connection with the bond the treasurer is authorized to execute and deliver on behalf of the district an arbit
041arbitrage and use of proceeds certificate in form approved by the district's bond council and to covenant on behalf of the district to file any information report and pay any rebate due to the United States in connection with the issuance of the bond bond and to take all other lawful actions necessary to ensure that the interest of the bond will be excludable from the gross income of the owners thereof for purposes of federal income taxation and to refrain ain from taking any action which would cause interest on the bond to become includable in the gross income of the owners thereof. 10. that the treasurer and the business administrator acting singly is authorized in consultation with bond council to implement procedures with respect to the bond for the purpose of one ensuring timely remedial action for any
042portion of the bond that may become non-qualified bonds as those terms are defined in the code and regulations they are under and two monitoring the district's compliance following the issuance of the bond with the arbitrage yield restriction and rebate requirements of the code and regulations they are under 11 that the treasurer and the proper officials of the district acting singly are author authorized to execute and deliver on behalf of the district such other documents and certificates, including such documents and certificates as may be required by bond council or the bond bank and to do or cause to be done all such acts and things as may be necessary or desirable in order to affect the transactions here and authorized and any such prior action by them is hereby ratified and confirmed. 12. that the treasurer,
043chair of the school board or district clerk, for any given reason are unavailable to as applicable approve, execute or attest to the bond, the bond or any related financing documents. The person or persons then acting in any such capacity, whether an assistant, deputy, or otherwise us authorized to act for unavailable official with the same with the same force and effect as if such official had himself herself performed such act. 13. that any of the officers or officials of the district who have signed or attested the bond shall cease to be such officers or officials before the bond so signed and attested shall have been actually authenticated or delivered by the district. Such bond nevertheless may be authenticated, delivered and is issued with the same force and effect as though the person or persons who signed
044or tested the bond had not ceased to be such officer official. And also any such bond may be signed or tested on behalf of the district by those persons who at the actual date of the execution of the bond shall be the proper officers and officials of the district. Although at the nominal date of the bond, any such person shall not have been such official or officer or official. 14. that the district hereby resolves and declares its official intent pursuant to section 1.150-2e the Treasury regulations that the district reasonably expects to use the proceeds of the bond to reimburse certain original expert expenditures from the district's general reserve or other fund paid not earlier than 60 days prior to the adoption of this resolution or to be paid which original expenditures have been or will
045be occurred in connection with the cost of the project and that the district reasonably expects the maximum aggregate principal amount that the district will issue to finance the project is 7,57355. And 15, that the clerk include an attested copy of this resolution and certificate of vote with the minutes of this meeting. Well done. Thank you. Arbitrage. What's that word? Arbitrage. Thank you. I knew I was saying that one wrong. I don't know what it means. They use it a lot. Finance. Not a finance girl. Um, so I need a motion. I I was like, what is that word? Okay. Motion by member that the resolution entitled quote resolution to authorize 7,57355 bond bank loan agreement and issuance of bond for installation of energy conservation equipment at district schools end quote be approved in form presented
046to this meeting and that an attested copy of said resolution be included within minutes of this meeting. So moved. Moved by Cindy, seconded by Rob. Is there any further comments or discussion? The one of the stipulations near the end said that 7 million blah blah fully encompasses the project. Item number 14. Is that what you're talking about? Yeah. District reason expects the maximum aggate principal amount district will issued to finance. Does that restrict us if costs go up? Yeah, we're we get 7 million507. Can we use our own money to pay additional amounts on the same project? No, I mean we can use our money. Yes. And it also answers your question from earlier. It's saying that it can be used to pay anything that we've already paid for 60 days prior to today, assuming
047we approve it. So, so we can front money from the general fund and re reimburse. Yeah. Um, and then the second question is is there is there anything that restricts us since we're doing this in phases where we get all the money and we start paying interest on it right away. Is there anything that restricts us from holding the unexpended funds in interestbearing accounts? No. Okay. So it's it's only we're only limited by our inter our own policy regarding investments. Right. Great. Any other questions? Any other discussion? All in favor? All oppose? Zero. 5. Motion carries. Um okay. So at this time I Is there anything else? No. Okay. Is this time I take a motion to adjurnn? No. Don't we have to approve the I thought there was it agreement. Did we approve both
048documents? I am I am going off the outline by Don. I thought that we had to approve the resolution and agreement. She just has the one thing. Yeah, she has one motion. Um wouldn't hurt to do it. So what do you want to approve the agreement? Do I have to read that into the record? No. Dear God. Although no resolution references agreement. Yeah, the resolution references the loan agreement. I think we have to decide if it's if it's specific enough that we don't need to do the loan agreement separately. Like it does the resolution. I I thought we did the way it was distributed. I thought there were two separate. Yeah. So it looked as though Yes, I agree with you. But the motion is resolution to authorize the agreement and issuance of a bond.
049So I feel like the motion captures both. Yeah, because it has the bomb bank loan agreement and the issuance of the bond. Okay. Just I just don't want us to do How about we just How about we approve this? We did that. Would you would somebody like to make a motion to what what is it called? to approve the loan agreement. Would someone like to make a motion to approve the co-op loan agreement for the I'll make a motion to approve the co-op pond agreement. Second. Second. Okay. Does that work? Discussion. I think that works. I mean, it's a motion. I I would not I'm not the one bothered by it. I just I had expected there would be have to be two motions. I don't think it hurts to do that. We just did
050it. So So you know, all those in favor. Okay. 5. Motion carries. Now, can I take a motion to adjurnn? May I? May I have one? Motion to adjurnn. This moved by Rob. Debatable. Second. Second. Second by Cindy. All those in favor? 5-0. Motion carries. We are adjourned at 6 51. 51.