Oct 03, 2022 Community Services Corp. (Type B)

[ 1. Call to Order]

[00:00:02]

AND AT THIS TIME I'LL CALL TO ORDER THE MEETING OF THE COMMUNITY SERVICE CORPORATION TYPE B.

FIRST ITEM ON OUR AGENDA IS CITIZEN APPEARANCES.

HAVE WE THAT WANTED TO APPEAR?

[3A. Consider approval of the minutes from the August 15, 2022 Community Services Corporation (Type B) Board meeting.]

MEMBERS BELIEVE YOU'VE HAD A COPY OF THOSE TO REVIEW THEY WERE IN THE PACKET, YES.

OKAY. SO IF YOU ALL ARE COMFORTABLE WITH THOSE, I'LL TAKE A MOTION.

I MOVE TO APPROVE.

I'LL SECOND [INAUDIBLE].

OKAY. [INAUDIBLE] FROM FLETCHER TO APPROVE.

ALL THOSE IN FAVOR. ALL RIGHT, RAISE YOUR HAND.

ALL RIGHT, ALL RIGHT.

THAT PASS BY UNANIMOUS VOTE.

NEXT ONE IS ITEM THREE B TO CONSIDER APPROVAL, REQUESTING THE CITY COUNCIL TO PASS AN INTENTION OF REIMBURSE RESOLUTION

[3B. Consider approval requesting the City Council pass an intention to reimburse resolution that includes an amount not to exceed $14,915,000 for various parks and trails capital improvements as reflected in the Parks and Recreation 5 year Capital Improvement Plan]

THANK YOU, PRESIDENT MCCLENDON AND BOARD MEMBERS THIS ITEM AND AGAIN, IT IS A REIMBURSEMENT RESOLUTION.

AND AGAIN, WHAT A REIMBURSEMENT RESOLUTION IS, IS JUST IT'S A BRIDGE, AS I CALL IT, BETWEEN THE CIP PLAN BEING APPROVED AS PART OF THE BUDGET PROCESS AND ALSO STARTING THE PROJECT AND THEN ACTUALLY ISSUING THE BONDS TOWARDS THE END OF THE PERIOD.

SO AGAIN, IT ALLOWS A THE FUNDING TO BEGIN ON A PROJECT, BUT BEFORE PRIOR TO ISSUING BONDS, THAT'S THE WHOLE BASIS OF WHAT THIS REIMBURSEMENT RESOLUTION IS.

CITY ANTICIPATES ISSUING BONDS TOWARDS THE END OF THIS FISCAL YEAR IN JULY 2023.

NORMALLY HAPPENS BETWEEN JULY OR AUGUST.

SOMETIMES IT COULD BE JUNE. IT JUST DEPENDS ON THE MARKET, DEPENDS ON THE VOLUME OF WHAT WE'RE AT AND GOING FORWARD WITH THAT.

WHAT A REIMBURSEMENT RESOLUTION DOES IS IT ALLOWS ALLOWS FOR THE CITY TO INCUR EXPENDITURES OVER AN 18 MONTH PERIOD AND THEN YOU COULD ISSUE BONDS AND YOU COVER THOSE ITEMS. EXCUSE ME, TO PAY YOURSELF BACK.

YES. YES.

HOW DO WE KNOW HOW MUCH I MEAN, HOW DO WE PLAN FOR HOW MUCH WE CAN ADVANCE OURSELVES? WELL, I THINK THE WHOLE BASIS WITH THIS IS IS THE REASON FOR THIS $14 MILLION IS THE $14 MILLION IS TIED TO THAT CIP PLAN.

SO THE WHOLE FOCAL POINT IS IT ALLOWS STAFF TO DETERMINE WHAT ARE THOSE PROJECTS WITHIN THAT THOSE THOSE AREAS THAT THEY COULD START OVER A PERIOD OF TIME.

SOME CAN START NOW, SOME COULD START FORWARD.

IT ALL IT ALL IS IS THAT IN WHATEVER EXPENDITURES YOU'VE INCURRED AND AGAIN, WE'LL NEVER EXCEED THE $14.9 BECAUSE THAT IS THE MAX OF WHAT WE'RE SAYING UNLESS WE COME BACK TO COUNCIL AND WE REDIRECT THAT.

BUT THE WHOLE BASIS IS, IS THE REIMBURSEMENT PART ONLY REPRESENTS WHATEVER YOU SPEND ON THAT PROJECT UP TO THE POINT THAT YOU'RE ISSUING THE BONDS.

THAT'S THE REIMBURSEMENT PART.

SO AND THEN GOING FORWARD, WHATEVER IS REMAINING ON THAT PROJECT, THEN THE BOND PROCEEDS THAT YOU'VE COLLECTED NET OF WHAT YOU'RE REIMBURSING GO FORWARD TO COMPLETE THAT PROJECT. SO IT'S IT'S IT'S A TIMING OF OF THE PROJECT VERSUS THE ISSUING OF THOSE BONDS.

I WOULD JUST ADD THE ACTUAL CASH OUTLAY BETWEEN WHEN YOU HAVE THE REIMBURSEMENT RESOLUTION YOU ISSUE, THE BONDS WOULD BE MUCH LOWER THAN THAT AMOUNT BECAUSE THE PROJECTS WOULD BE BUILT OVER A NUMBER OF MONTHS AND OR YEARS.

SO THIS ALLOWS YOU TO ISSUE A PO GET STARTED WITH A ONCE THOSE ARE APPROVED BY 4B AND THEN THE COUNCIL IT ALLOWS YOU TO START THE PROJECT.

BUT ACTUAL CASH OUTLAY, WHAT YOU PAID OUT WILL BE MUCH LESS THAN THAT.

HOPEFULLY THAT MAKES SENSE. AND AGAIN, THIS RESOLUTION IS NOT AN AUTHORIZATION TO ISSUE BONDS WHATSOEVER.

ALL IT IS IS GIVING THE STAFF AND THE CITY THE OPPORTUNITY TO BEGIN A PROJECT THAT WAS WITHIN THAT CIP PLAN TO MOVE FORWARD AND BE INCLUDED AS PART OF THAT REIMBURSEMENT RESOLUTION. AND AGAIN, YOU START A PROJECT WITHOUT ISSUING BONDS, WITHOUT A REIMBURSEMENT RESOLUTION, THEN YOU WILL NEVER BE ABLE TO APPLY THOSE COSTS AGAINST THAT BOND. THAT'S WHAT THAT REIMBURSEMENT RESOLUTION IS FOR, TO ALLOW YOU THAT TIME PERIOD TO DO THAT.

IT DOESN'T MEAN YOU HAVE TO START ALL THE PROJECTS.

IT DOESN'T MEAN ALL OF THAT. IT JUST MEANS IT ALLOWS YOU THE OPPORTUNITY AND THE STAFF WILL THEN DETERMINE WHAT THOSE PROJECTS ARE.

SOME WILL START OCTOBER, COULD BE IN NOVEMBER, COULD BE GOING FORWARD IN REGARDS TO THAT PLANNING PROCESS.

AND AGAIN, GOING BACK TO SOME HISTORY HERE.

APRIL 18TH WAS WAS THE TIME WHEN WHEN THE FIVE YEAR PARKS AND RECREATION CIP PLAN WAS PRESENTED TO COUNCIL.

[00:05:06]

AND THEN ON AUGUST 15TH, WE CONTINUE, WE CAME TO THE BOARD AND PRESENTED THE BUDGET OF FISCAL YEAR 2023, ALONG WITH THE CIP PLAN OF THE PARKS AND RECREATION.

AND THEN ON SEPTEMBER 12, COUNCIL APPROVED THE FINAL READING OF THE BUDGET, ALONG WITH THE FIVE YEAR CIP CAPITAL IMPROVEMENT PROGRAM.

AND AGAIN PART OF THE PORTION OF THE ENTIRE CIP PLAN WAS THAT PARKS AND RECREATION INCLUDED ABOUT $14.9 MILLION IN CAPITAL PROJECTS THAT WERE IDENTIFIED TO BE FUNDED BY ISSUANCE OF DEBT.

THAT'S THE INITIAL PART.

SO AGAIN, IF YOU GO BACK TO THESE PROJECTS, THESE ARE THE PROJECTS THAT YOU FOCUSED ON FISCAL YEAR 2023.

YOU SEE ALL THOSE PROJECTS THERE.

AND THEN YOU GO TO THE NEXT PAGE.

AND IF YOU LOOK AT THE BOTTOM, THE EVEN THOUGH THERE'S $16.9 MILLION, APPROXIMATELY, THERE IS ABOUT $2 MILLION IN AVAILABLE FUNDS.

AND THEN THE OTHER REMAINING PART OF $14.9 IS, IN ESSENCE, THE ANTICIPATED BONDS THAT WILL COVER ALL OF THOSE PROJECTS.

AND TODAY WHAT WE WERE ASKING FOR THE BOARD TO DO IS IN ESSENCE TO APPROVE AND RECOMMEND COUNCIL APPROVAL OF THIS INTENT TO REIMBURSE RESOLUTION THAT IT WILL INCLUDE THE $14.9 MILLION.

AND WHAT WE'RE PRESENTING TO COUNCIL IS IT'S A MUCH LARGER DOLLAR AMOUNT BECAUSE IT INCLUDES ALL OF THE OTHER CIP PROGRAMS. BUT AS IT RELATES TO THE 4B IT IS IT IS THEIR PART RIGHT NOW IS THE $14.9 MILLION.

SO WE ASKED FOR APPROVAL AND COUNCIL AND THE STAFF RECOMMENDS APPROVAL OF THAT PARTICULAR RECOMMENDATION.

ANY OTHER QUESTIONS OR COMMENTS? I'M GOOD. NO QUESTIONS OR COMMENTS.

AND WE'RE READY FOR MOTION.

I'D LIKE TO MOTION TO APPROVE.

SECOND. I HAVE A MOTION BY FLETCHER AND A SECOND BY VICTORIA JOHNSON.

ALL THOSE IN FAVOR.

AND THAT MOTION PASSES WITH UNANIMOUS VOTE.

SORRY. YES, SIR. THANK YOU, MARTIN.

NEXT ITEM ON OUR AGENDA IS REQUEST FROM THE BOARD FOR ANY FUTURE AGENDA ITEMS OR FUTURE REPORTS THAT YOU'D LIKE TO SEE.

ANYONE HAVE ANY REQUEST? ALL RIGHT. I SEE NONE.

WITH THAT SAID, WE WILL ADJOURN THIS AFTERNOON'S MEETING AT 3:09.

THANK YOU.

* This transcript was compiled from uncorrected Closed Captioning.