001Favor. >> I so carry. I'm going to stand for the pledge of allegiance. To start pledge allegiance to the flag of the United States of America and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all. >> We're here today um due to timing. So, we have one um one item on the agenda and we'll just start and handle that. That's U Moren C1 C1 A through D. >> On pages C1 and C1 A through DD, the board will find a motion to authorize the issuance of a bond judgment bond for an amount not to exceed $13,145,023. We recommend approval. >> A motion. >> Motion. >> Other question. [snorts] Could you just explain even though it's on just why we're doing this and how this is being
002done on Friday? >> Sure. uh in order to uh sell bonds, we have to start the process with a resolution to issue the bonds. And I we need a 20-day estopple period to put legal notice in the paper uh so that we have time to go out on the market, sell the bonds, open the bid, award the bid, which we will do on during a public session on February 11th. We will close on the bond on February 12th. On February 13th, we to set up the wire to for the settlements which will which are payable on February 17th which is the day after President's Day. So it's a very tight complicated timeline >> which couldn't have been we couldn't have waited until the next meeting. >> We couldn't have waited till the next meeting. We
003would have missed the stop period and then we we would have had to ban instead of bond instead of go straight to bond and that would have doubled our borrowing costs. >> Okay. And maybe we'll just add that um we had to wait until we got the money from the insurers. Correct. >> So that's why we were under this time constraint. >> Correct. We just received >> that to that point. All that money from all three of the insurance [snorts] is in hand >> as of yesterday. It's now >> all three of the insurers is in hand. >> Yes, >> we have that money and that's just over 70% of the total payout that we're going to be facing. >> Correct. >> Okay. Can I get a motion? >> Motion. >> Second. All in favor?
004>> I I so carried. >> Are there any questions or comments? Thank you, Mory. Um, can I get a motion to exit public session? Second. >> All in favor? I. So carry. Thank you.