e e e e e e e e e yeah yeah it would let good afternoon I would like to call to order the April 23rd meeting of the Oklahoma City water utilities trust next item on the agenda is the approval of the minutes of the April 9th meeting they're in your packet any questions or comments regarding the minutes seeing none is there a motion for approval and it passes next up is the consent docket a number of items on the consent docket some amendments several amendments and change orders some final acceptance of pricing agreement uh are there any questions or comments on the consent docket or any items that the trustees would like to pull for individual consideration see none is there a motion to approve the consent doet have a motion second please vote and it passes unan unanimously item four is the concurrent stocket there's one item on the concurrent stocket it's a Amendment with Downy construction for a drainage improvements at Northwestern and 63rd Street um and there are no aquate funds involved on this item is there a motion to approve 6A 4 a and it passes unanimously there are no emergency contracts on the agenda this afternoon so now we're going to move to items for cons individual consideration and we have major items today on items for consideration so let's start with item a which is resolution authorized and directing the filing of application uh with the uh Oklahoma Water Resources board for 70 roughly $75 million Mr chairman jff John Samuel will give us a short briefing on this item good afternoon chairman and the trustees JY John Samuel Financial operations manager here as you all know the Oklahoma City water utilties trust financial plan includes a mix of debt financing and pay as you go funding to execute its multi-year capital program this strategic approach contributes to awkward strong financial management commitment to long-term Financial Planning and financial policies that have enabled aquart to maintain its AAA credit rating with that said we have a series of agenda items that have lined up a Ong with these Financial strategies to execute the capital program including srf loans commercial paper program and the bond issuance approval I'll kick it off with the first agenda item followed by Dennis wayy with pfm to cover the next three items the agenda item before you is a resolution authorizing aquit to file a loan application approximately $ 75,200 a total of nine projects are part of this loan this includes electrical system improvements at booster stations 15 18 and 23 to a tune of uh 1.9 million improvements at the hefna water treatment plant include clarifier Rehabilitation where the clarifiers have reached the end of its service life also planned at the hefna water treatment plant is the clearwell foundation dewatering pumping system improvements the two projects combine to the total of 4.9 million other projects that are part of the loan include aoka intake Tower Rehabilitation an estimate of 1.6 million waterline replacement program waterline replacement from Northwest 10th to the Main Street along the pen Avenue at 6.1 million and a replacement of 5 million gallon water steel tanks at Colgate and Mum pump stations at 17 million several improvements are also planned at the Draper Water Treatment Plant including clear well upgrades this is a project that'll be done in multiple faces totaling to 39 million and a high service Pump Station electrical Improvement at 5.3 million after the review of our loan application by the Oklahoma Water Resources board it is expected to be approved by their board in the upcoming meeting as is our Standard Process our plan of action is to come to the the city council and the trust for authorization of the loan do execution of the loan documents and authorization for ineptness with that said uh staff recommends approval of this item and happy to take any questions youall may have okay so we'll start with item a here and item a is uh we do this annually it's it's a loan agreement with the uh Water Resources board for the revolving Loan Fund is there any questions regarding that is there a motion for approval a motion in second please vote and it passes unanimously Dennis wayy can you come up and tell us about commercial paper yes sir good afternoon Dennis Wy with pfm pfm is the financial advisor to the trust going to talk about Item B which is the credit facility uh the outstanding credit facility with State Street expires on June 4th a solicitation was done for a new credit facility provider that has been completed and SMBC was selected as the new credit facility provider this new letter of credit will expire May 11 of 29 and this indebtedness was previously approved uh on May 26 2020 the next item is item C now let's stop let's let's do these one at a time okay uh any questions regarding the commercial paper we've done this uh for quite a while uh we did a new solicitation and and this is the result of that solic itation uh and we have up the limit on it and uh so are there the new limit uh is 350 million uh increased from 275 million that's correct so any questions regarding Item B C none is there a motion for approval I have a motion of second please vote and it passes unanimously all right moving on to item C okay item C is the upcoming Bond sale so a resolution was approved by the Trust on March 26 for us to begin the process of issuing bonds rating meetings were held on April 18 we expect an affirmation of our AAA ratings on in early May the sale is scheduled for May 14 with a closing on May 29th and the purpose of the transaction is to refund outstanding commercial paper new money for the aoka pipeline and Wastewater improvements as well as to reimburse the trust for monies expended through a previously approved uh reimbursement resolution this morning Council approved the CP resolution and the bond sale resolution they waved competitive bidding authorizing and approving execution of of the related documents and can you give us a break down of the 300 million how much is for paying off I'm sorry the the break down down of the 300 million um 77.5 million is commercial paper 61 million is a reimbursement resolution and the remainder would be a TOA and Wastewater projects close there roughly okay all right it's a large number it's not lost on me any questions regarding item C is there a motion to for approval please vote and it passes unanimously item D is a resolution de declaring the intent of the Oklahoma City water utilities trust to expend certain funds in connection with certain Water and Wastewater system improvements with set expenditures to be reimbursed from the proceeds of the debt to be incurred by the Oklahoma City water utilties trust Mr chairman Vanessa will give us a breakdown of the anticipated projects that we may use uh funding for in the future so Vanessa good afternoon chairman and trustees Vanessa agular with utilities department so this resolution that you have before you is a reimbursement resolution which authorizes Aqua to restore its reserve for pay as you go Capital expenditures for water and wastewater projects exhibit a of the resolution includes a table that summarizes the projects that have been identified to be included in this authorization this includes Water and Wastewater RNR improvements response to growth projects transmission and distribution main projects and this just allows authorization to provide flexibility to aquit if in order to continue with the award and schedule of executing its capital program that it needs to use pay as you go reserves it provides authorization to restore those PES youo reserves in a future from a tax exempt financing transaction that's helpful thank you any questions regarding item d seen none is there a motion for approval a motion a second please vote and it passes unanimously items from trusties are there any items to be discussed this afternoon general manager reports your lakes are in good shape Mr Brownie they are doing well and probably going to get better this week uh Mother Nature is going to be kind uh a couple of things but first of all I want to acknowledge the extremely hard work that was uh put forth to bring these uh Financial items before you all today Vanessa and her team our bond counsel our financial advisor our finance department engaged quite a bit in helping us select commercial paper um bank and and you know there was just so many hours of work involved in bringing these three items before you all and I would like to acknowledge the hard work of everyone involved and I do appreciate it so thank you very much thank thank you um the only other thing the performa and I'll make it really short our revenues and expenses are on target for the year in all three business units and that's all I have Mr chairman thank you any questions for Mr Brownie citizens to be heard I'm not aware of any that anybody has signed up there's no further business before the trust so therefore we are adjourned
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