Jan 05, 2021 Fort Pierce Utilities Authority

[00:00:07]

LADOMIRAK. MEYER.

AAPEX. >> THE MEETING CALLED TO ORDER ON JANUARY 5G9. 2021.

WE WILL STAND FOR OPENING PRAYER AND REMAIN STANDING FOR THE PLEDGE ALLEGIANCE OF THE FLAG AND MISS ALICE LADOMIRAK WILL DO THE OPENING PRAYER ZWROOCHLT YOU HAVE MADE THE HEAVEN EARTH BY GREAT POWER BY OUTSTRETCHED ARM. THERE'S NOTHING TOO DIFFICULT OR TOO WONDERFUL FOR YOU. OH MIGHTY GOD CREATOR OF HEAVEN AND EARTH THANK YOU FOR LOVE AND GOODNESS FOR ALLAS WE HEAD INTO THE NEW YEAR GUIDE OUR HEARTS AND MINDS TO YOUR WILL FOR OUR CITY AND GLORY. INSPIRE ALL LEADER CREATIVE IDEAS WISDOM AND PEACE IN THEIR DECISIONS PROTECT OUR CITY FROM HARM AND HELP OUR LEADERS TO DISCERN THE DIFFERENCE OF GOOD AND EVIL. MAY THE CITY OF FT. PIERCE ALL THE BUSINESSES AND CITIZENS BE A SHINING CITY ON THE HILL.

BLESSED CAN HEALTH PROSPERITY AND INGENUITY FOR OTHERS TO FOLLOW. THANK YOU FOR ALL THOSE HERE REPRESENTING OUR COMMUNITY MAY THAT BE LED WHICH YOUR SPIRIT IN YOUR PRECIOUS OH MIGHTY NAME, AMEN.

ROLL.

[A. SET THE AGENDA]

>> AT THIS TIME THE CHAIR READY FOR A MOTION TO SET THE AGENDA.

>> SO MOVED. >> SECOND.

>> IT'S BEEN MOVED AND SECONDED. ANY QUESTIONS?

>> MADAM SECRETARY, CALL THE ROLL.

[B. APPROVAL OF MINUTES]

>> MOVE APPROVAL. >> SECOND.

>> MOVED BY MAYOR AND SECONDED. ANY QUESTIONS?

>> CALL THE ROLL.

>> AT THIS TIME WE RECOGNIZE ANY MEMBER OF THE PUBLIC HAVE ANY COMMENTS IF YOU DO COME UP, YOU HAVE THREE MINUTES.

SEEING NO ONE WE CLOSE THE TIME FOR PUBLIC HEARING.

[D. CONSENT AGENDA]

AGENDA. >> MOVE TO APPROVE.

>> SECOND. >> THEN MOVED BY MISS GIBBONS AND SECONDED AND THAT WE HAVE MOVED THE CONSENT AGENDA.

ANY QUESTIONS? >> CALL THE ROLL, MADAM SECRETARY.

>> SO WE DON'T HAVE ANY LETTERS FOR THE RECOMMENDATION FOR APPRECIATION NO OLD BUSINESS AT THIS TIME.

WE ASK YOU TO GET STARTED WITH THE NEW BUSINESS.

[G.1. Electric Disconnects Update – For Information Only.]

AND THE STATUS OF SERVICE DISCONNECTIONS.

WE WILL MAKE A VIRTUAL PRESENTATION.

>> GOOD EVENING. CAN YOU HEAR ME?

>> YES. GREAT.

THANK YOU. I'M HERE THE TO PROVIDE A UPDATE FOR ELECTRIC DISCONNECT FOR JANUARY 2021.

WHAT I WOULD LIKE TO START OFF WITH MR. TOMPECK MENTIONED THE EFFORT TO DATE WE HAVE MADE TO HELP THE CUSTOMERS.

STARTING BACK IN MARCH OF 2020 WE WAVED FEE FOR LATE AND PENALTY FEES AND IN DECEMBER, WE WAVED RECONNECT FEE FOR ANY CUSTOMER THAT WERE CUT FOR NONPAYMENT AND RECONNECTED.

FROM MARCH THROUGH DECEMBER 31ST.

WE HAVE PROVIDED COVID RELIEF OF OVER 657,641 FOR OUR CUSTOMERS.

AND WE'RE ALSO PROVIDED A COVID RELIEF PROGRAM SPECIFICALLY WITH UTILITY PAYMENT ACCOUNT FOR OUR CUSTOMERS.

WE ORIGINALLY HAD 100,000. WE INCREASED TO 200,000.

[00:05:01]

I THINK THAT'S REALLY A BIG NUMBER BIG RELIEF TO CUSTOMERS, REALLY IMPORTANT TO US TO EMPHASIZE.

WE HOVER AROUND 72% RATE FOR AUTOMATIC PAYMENT PLAN SO OUR CUSTOMERS MAKE PAYMENT ON TIME FOR AUTOMATIC PAYMENT PLAN.

AND AT THE LAST BOARD MEETING WE WERE 1.41 AND SOME CHANGE MILLION. WE'RE DOWN BELOW -- WE'RE DOWN BELOW THAT 1.32 MILLION RANGE. TO DATE WE'VE HAD 194 OF OUR CUSTOMERS MAKE GOOD FAITH PAYMENT.

BOTH PRESIDENTIAL AND COMMERCIAL ACCOUNTS.

AND WE WILL CONTINUE TO DO A THREE-DAY SCHEDULE THIS WEEK FOR DISCONNECTS. THIS WILL BE THE LAST WEEK THAT WE'LL BE DOING THREE-DAY SCHEDULE THAT WE DISCUSSED SEVERAL TILE. WE WON'T BE DISCONNECTED TODAY, WEDNESDAY AND THURSDAY. THEN RESUME NORMAL OPERATION NEXT MONDAY JANUARY 11TH. WE -- THAT WILL BE FOR RESIDENTIAL CUSTOMERS ONLY. COMMERCIAL ACCOUNTS WE ARE THE COUNTY STILL WORKING ON DISTRIBUTION OF FUNDS FOR THOSE COMMERCIAL ACCOUNTS. COMMERCIAL ACCOUNTS WILL RESURM NORMAL OPERATION ON JANUARY 18TH.

AND IF I GO TO NEXT SLIDE HERE, WE TALKED ABOUT FOR THE TWO COLUMNS IN GRAY TO THE RIGHT. I WANT TO SUMMARIZE ORANGE AND GREEN COLUMN. WE ORIGINALLY IF YOU LOOK AT THE ORANGE COLUMN, THE SECOND AND THIRD ROW WE HAVE 207 PEOPLE ORIGINALLY ON THE LIST TO BE DISCONNECTED WHO ARE ELIGIBLE FOR DISCONNECT. AND IF COMPARE TO YEAR AGO WE WERE 352 ACCOUNTS ELIGIBLE. WE ACTUALLY ONLY MADE 40 CUTS THE WEEK OF THE 15TH, 16TH AND 17TH.

AND IF YOU COMPARE TO YEAR AGO WE WERE AT 153 CUTS.

RECONNECTS WE WERE ABLE TO RECONNECT 34 OF THOSE ACCOUNTS BECAUSE THEY'VE MADE PAYMENT AND WE'VE WRITTEN OFF 12.

I REALIZE THAT 40 TIMES 34 IS DIFFERENCE SOME ACCOUNTS FROM THE PREVIOUS WEEK FROM THE PREVIOUS SCHEDULING WEEK OF SCHEDULED CUTS. FROM EITHER THE FIRST OR THE TENTH OF DECEMBER. THAT'S WHY SOME OF THE NUMBERS DON'T ADD UP. WE HAD ABOUT 8800 OF WRITE OFF.

TO FINISH OFF THAT COLUMN. THERE'S 645 PEOPLE WHO WERE -- WHO WERE ELIGIBLE FOR CUT WHOSE RECEIVED SOME TYPE OF NOTICE AND THEY PAID THEIR BILL PRIOR TO BEING -- PRIOR TO BEING CUT. I THINK THAT'S REALLY THE -- THAT REALLY HIGHLIGHTS THAT INFORMATION FOR THAT WEEK.

MOVING ON TO THE GREEN COLUMN. WE ACTUALLY HAVE THREE DAYS UP THERE. 29TH, 30TH AND 31ST.

WE DIDN'T DO CUT ON THE 31ST. WE HAD 151 CUSTOMER SCHEDULED TO BE CUT DURING THAT WEEK. WE ACTUALLY ONLY CUT 32 CUSTOMERS. AND WE RECONNECTED ALL 32 CUSTOMER AND IDEALLY BECAUSE WE RECONNECTED CUSTOMER THAT WERE DISCONNECTED. WE WRITE OFF NUMBERS WOULD BE NONE OR ANY KIND OF CARRY OVER FROM THE PREVIOUS WEEK.

AGAIN WE HAD 566 CUSTOMER ELIGIBLE FOR CUTS WHO RECEIVED A NOTICE THEY WERE PAST DUE AND ELIGIBLE AND THEY MADE A PAYMENT ON THEIR ACCOUNT. THAT NUMBER A MOVING TARGET.

I THINK THE REALLY IMPORTANT HERE TO EMPHASIZE IT'S THE FOCUS ON A NUMBER OF ACTUAL CUTS. AS YOU CAN SEE.

THOSE NUMBERS HAVE GONE DOWN EVERY WEEK AS WE MADE EFFORT TO WORK WITH THE CUSTOMERS TO HELP THEM AVOID INTERRUPTION OF SERVICE. I WILL GO BACK TO THE SECOND FLYERED FOR A SECOND HERE. I WANT TO PROVIDE A LITTLE BIT OF CLARITY IN CASE I MISSED IT HERE.

JANUARY 11TH. WHICH IS NEXT MONDAY WILL RESUME NORMAL OPERATIONS FOR RESIDENTIAL CUSTOMERS.

AND JANUARY 18TH WILL BE NORMAL OPERATIONS FOR OUR COMMERCIAL CUSTOMERS FOR DISCONNECTS. AND AGAIN THAT'S THE DIFFERENCE IN DATA BECAUSE WE WAIT ON THE COUNTY TO DISTRIBUTE THE FUNDING

[00:10:02]

YOU MAY HAVE. >> ANY BOARD MEMBER HAVE ANY

QUESTIONS? >> I HAVE TWO QUESTIONS OF A CONCERN. FIRST ONE IS PINK SLIPS.

THOSE PERSONS WHO SAY THREE MONTHS BEHIND, DID THEY GET A NOTICE LIKE THE DAYS YOU DID THE PINK SLIPS AND YOU STILL DO THIS SNEM I TALK ABOUT EVERY THIRD DAY PAY ON THE 30 DAY TO GET A PINK SLEEP. THOSE THAT WERE THREE MONTHS

MIND DID THEY GET A PINK SLIP? >> YES, SIR THEY DO.

THEY GET A PINK SLIP EVERY MONTH.

IF THEY ARE ONE OR TWO MONTHS BEHIND THE PINK SLIP WILL INCLUDE THE AMOUNT THAT'S PAST DUE.

WHATEVER AMOUNT THE PAST DUE IN SOME CASES SOME CUSTOMERS WERE FOUR, FIVE SIX MONTHS MIND. THE LATEST PINK SLIP FROM WHAT YOU WOULD HAVE GOTTEN YESTERDAY OR A MONTH AGO OR WHEN YOU RECEIVED IT WOULD HAVE INCLUDED THE TOTAL AMOUNT YOU WERE PAST

DUE. >> MY OTHER QUESTION ITALKING ABOUT THEM TRYING TO HELP THE SMALL BUSINESS BEING BEHIND.

THEY RECEIVED THE BLOCK GRANT. I WOULD LIKE TO SEE HOW THEY DID THAT. THEY ARE STARTING TO DISTRIBUTING NEXT WEEK, MONDAY TO SMALL BUSINESSES TO HELP THEM WITH THEIR UTILITIES. LEXY WILL GET THE INFORMATION ON

>> THAT WAS CDBG MONEY. >> THAT WAS ALSO FOR HELPING

THEM IN. >> ALL I'M SAYING IT'S CDBG MONEY AND THE CITY OUR CITY ALREADY DID THAT MUCH EARLIER IN THE PANDEMIC. MUCH EARLIER.

OKAY. THANK YOU.

[G.2. Debt Refinancing Update – For Information Only.]

>> MR. TOMPECK. >> THE NEXT ITEM IS A PRESENTATION BY OUR FINANCIAL ADVISOR JULIE SANTA MARIA FROM RBD AND DUANE DRAPER FROM OLIVE ON DEBT FINANCING.

GOOD EVENING. THANK YOU FOR HAVING US.

WE WILL TRY TO KEEP THIS SHORT, ALTHOUGH WE HAVE SOME MATERIAL HERE THAT YOU CAN ENJOY FOR YOUR READING PLEASURE IF YOU LIKE TO KNOW MORE ABOUT THE TAXES. THIS DUANE DRAPER, HE IS THE UTILITY AUTHORITIES BOND COUNCIL WITH BRYANT MILLER OLIVE.

WE WOULD LIKE TO KEEP THIS INFORMAL IF THAT'S OKAY WITH YOU. IF YOU HAVE QUESTIONS AS WE GO THROUGH THE SLIDES, PLEASE STOP AND ASK.

WHAT IS MUNICIPAL BOND? IT IS SIMPLY DEBTED INSTRUMENT THAT'S USED BY LOCAL GOVERNMENTS TO BORROW FOR CAPITAL PROJECTS.

AND THE UNITED STATES YOU HAVE THE ABILITY TO ISSUE TAX EXEMPT BONDS WHERE THE INVESTOR DON'T PAY INCOME TAXES ON THE INTEREST EARNINGS. THERE WAS IT'S MUCH MORE COST EFFECTIVE THAN THE WAYS THEY UTILIZE TO FINANCE OTHERED PROJECTS IN EUROPE FOR EXAMPLE AND AUSTRALIA.

BUT THEY COULD BE EITHER ISSUE AS TAX XHOEMENT OR TAX SECURITIES DEPENDING ON THE TOP OF PROJECT IF THERE'S ANY PRIVATE USE. WE'LL BRIEFLY GO THROUGH THE BOND PROCESS STARTING WITH THE INITIAL STEPS DEVELOPING THE PLAN OF FINANCE. THE ACTUAL CREATION OF THE DOCUMENTS, AND THEN THE SELL AND CLOSING AND POST CLOSING REQUIREMENTS. FINANCE TEAM THAT'S INVOLVED, OF COURSE, IS THE ISSUER STAFF. FINANCE GROUP THE ATTORNEY, THE ADMINISTRATION, OPERATING DEPARTMENT DIRECTOR AND THE ROLL OF STAFF IS TO COORDINATE COMMUNICATION PROTECT THE GOVERNMENT INTERESTS, PROVIDE THE LIAISON WITH THE BOARD MEMBERS AND ENSURE THAT IT'S A COMFORTABLE STRUCTURE FOR THE ENTITY'S PERSONALITY. THOSE PERSONALITIES CAN RANGE

FROM DIFFERENT AUTHORITIES. >> GREAT.

AND AGAIN I'M DUANE DRAPER. I'M WITH BRYANT MILLER AND OLIVE. I HAD THE PRIVILEGE TO WORK WITH THE AUTHORITY FOR OVER 15 YEARS. ON YOUR PRIOR BOND ISSUES.

WE SERVE AS BOND COUNCIL. WHICH IS A ROLE THAT ULTIMATELY

[00:15:07]

WHEN YOU DO A PUBLIC OFFERINGS THERE'S ALSO THE NEED FOR DISCLOSURE COUNCIL. WE SERVED IN THAT ROLE AS WELL IN THE PAST WHERE YOU PREPARE AN OFFICIAL STATEMENT, INSTITUTIONAL AND RETAIL INVESTORS CAN INVEST UTILITY AUTHORITIES BONDS. THOSE ARE THE TWO LEGAL ROLES THAT WE SPECIALIZE IN. AT OUR FIRM AND AGAIN WE WORK SHOULDER TO SHOULDER WITH THE GENERAL COUNCIL IN DELIVERING THE LEGAL WORK IN CONNECTION WITH THE BOND ISSUES.

>> THE FINANCIAL ADVISOR, RBC CAPITAL MARKETS MUNICIPAL FINANCIAL ADVISOR TO THE AUTHORITY FOR MANY YEARS.

WE HELP DEVELOP THE STRUCTURE OF THE DEBT WORKING WITH ADMINISTRATION AND FINANCE LOOKING AT OPERATING NEEDS AND HOW THOSE CAN BE EFFECTED BY ADDITIONAL TO ANNUAL DEBT SERVICE. WE ASSIST WITH THE SELECTION OF FINANCIAL TEAM. HELP WITH DOCUMENT REVIEW, AND ALSO COORDINATE THE RATING PROCESS.

AND ADVICE ON THE PRICING OF THE BONDS ONCE WE GET TO THAT STAGE.

THE UNDERWRITER FOR PUBLICLY OFFERED BONDS ACTS AS LIAISON BETWEEN INVESTORS AND THE AUTHORITY.

THEY PRICE THE BOND. WE ADVICE THE AUTHORITY ON THE PRICING TO ENSURE THAT IT'S FAIR AND REASONABLE.

UNDERWRITER PURCHASES THE BOND AND RESALES THEM TO INVESTORS COULD BE BANKS INSURANCE COMPANY.

INDIVIDUALS, MUTUAL FUNDS AND TRUST DEPARTMENTS.

>> A BANK LOAN AS DUANE MENTIONED AT TIMES DEPENDING ON THE LENGTH AND THE SIZE OF THE FINANCING MAY BE MORE COST EFFECTIVE. WE MAY DO AN RFP FOR A BANK LOAN AND SEND THAT OUT TO INSTITUTION WHOSE ARE VERY ACTIVE IN THE MARKET AND ALSO LOCAL BANKS WHO OFTEN WANT TOWN VEST IN, IN THEIR COMMUNITIES AND THEN THERE'S ALSO STATE RESOLVING FUND LOANS WHICH ARE SUBSIDIZED BY THE FEDERAL AND STATE GOVERNMENTS FOR DRINKING WATER, WASTEWATER, AND STORMWATER PROJECTS ONLY. NOT REFINANCING.

BUT THEY HAVE VERY LOW INTEREST RATES ALTHOUGH THEY ARE ADMINISTRATIVE ISSUES. LET YOU TALK ABOUT IT.

>> SURE. WHEN YOU DO A PUBLIC OFFERING.

THE LAST TIME THE AUTHORITY DID A PUBLIC OFFERINGS IN 2009, OFTENTIMES YOU GET INVOLVED IN INDEPENDENT CONSULTING ENGINEER AND INDEPENDENT FINANCIAL FEASIBILITY CONSULTANT, SO YOU CAN EXPLAIN WHAT THE NEEDS OF THE AUTHORITY ARE IN TERMS OF CAPITAL. OVER THE NEXT FIVE YEARS AND WHAT TYPE OF REVENUE AND EXPENSES ARE GOING TO BE GENERATED FROM THE AUTHORITY TAKING INTO ACCOUNT RATES AND ADDITIONAL EXPANSION AND SOME OF THE REVENUE GENERATING ASSETS LET'S SAY TO PAINT OF PICTURE OF WHAT IT WILL LOOK LIKE FROM STANDPOINT OF DEBT COVERAGE AND THE ABILITY TO MEET THE NEEDS.

AND THOSE APPEND TO THE OFFICIAL STATEMENT WHICH WE PREPARE.

SO THAT AGAIN THE INSTITUTION RETAIL INVESTOR CAN UNDERSTAND THE CREDIT AND OFTENTIMES THAT IS OUTILIZED DURING THE RATING AGENCY PROCESS IN TERMS OF UPDATING THE RATING BASED UPON YOUR BORROWING PLANS. INSURANCE IS NOT USED AS MUCH TODAY AS IT WAS PRIOR TO THE CREDIT CRISIS OF '09.

BACK THEN THERE WERE A LOT OF TRIPLE-A BOND INSURERS.

NOW THERE'S LESS INSURER AND THEY ARE CLOSER RATING AT BEST DOUBLE A. IT'S THE ONLY MUNICIPAL BOND INSURANCE ON PUBLICLY OFFERED BOND IF IT'S COST EFFECTIVE.

AND IF THAT'S THE CASE THEY HAVE SOME REQUIREMENTS AS WELL.

THAT'S ANALYSIS THAT THE FINANCIAL ADVISOR DOES AS WELL.

>> THE CAPITAL IMPROVEMENT PLAN IS, OF COURSE, ULTIMATE IMPORTANCE LOOKING AT THE ABILITY TO PAY GO VERSES NOT REQUIRING ALL OF YOUR CURRENT RATE PAYERS TO PAY FOR ALL OF THOSE CAPITAL NEEDS. WE CALL THAT ENTER GENERATIONAL EQUITY IF YOU HAVE GENERATOR OR PLANT THAT'S GOING TO BE IN USE FOR 30 YEARS, IF YOU USE ALL OF YOUR CASH TO PAY FOR THAT, THEN YOUR CURRENT RATE PAYERS PAY FOR THAT ENTIRE CAPITAL AMOUNT.

BORROWING IS OFTEN OUT LOOISZED TO SPREAD THE COST OF THAT OVER THE FUTURE RATE PAYER WHOSE WILL BE ENJOYING THE USE OF THOSE

[00:20:09]

THERE'S SOME ADDITIONAL PROJECT THAT HAVEN'T BEEN INCLUDED THAT WE'LL TALK ABOUT. WE HAVE AN EXAMPLE, BOND AMOUNT FOR NEW MONEY ISSUANCE IF THE AUTHORITY WOULD LIKE TO MOVE FORWARD IN THAT MANNER. IT DEPENDS ON THE TYPE OF PROJECT IN THE AVERAGE LIFE, THE STRENGTH AND THE AVAILABILITY OF THE REVENUES TO PLEDGE. YOUR REVENUES ARE VERY STRONG AND YOU HAVE EXCELLENT COVERAGE THAT INSIST YOU TO BORROW WHEN THERE'S AN OPPORTUNE TIME. THE MARKET SHUT DOWN FROM MARCH TO JUNE. THERE WEREN'T ANY INVESTOR INTERESTED IN BORROWING ALTERNATE ALL NO MATTER THE STRENGTH OF THE CREDIT BE IT UTILITY OR SCHOOL DISTRICT OR TRANSPORTATION BECAUSE OF THAT EXTREME VOLATILITY.

BUT THAT HAS OPENED BACK UP AGAIN.

AND THE MARKET HAS BEEN UNUSUALLY STRONG BOTH ON THE STOCK SIDE AND THE BOND SIDE WHICH CAN BE A BIT OF CONUNDRUM WHICH WE WILL REMAIN TO SEE WHAT HAPPENS OVER THE NEXT FEW MONTHS. WE ALSO LOOK OUTSTANDING DEBT AND ALSO THE BOND COVENANCE WHERE THERE MAY BE SOME CONSTRAINTS CAUSED BY YOUR EXISTING DEBT.

>> ON THE BOND COVENANCE. YOU HAVE THOSE BAKED INTO THE DEBT. AND OFTENTIMES THAT'S A DOUBLE-EDGED SWORD. THE STRONGER THE BOND COVENANCE ARE, THE BETTER RATING YOU CAN GET, THE LOWER COST OF FUNDS.

WE HEARD THE WEAKER THEY ARE STRONGER THEY FROM OPERATIONAL STANDPOINT. BECAUSE RATES ARE SO LOW THERE'S SOME FINANCING OPPORTUNITY THAT YOU MAY CONSIDER.

IN THE NEAR FUTURE. IF WE'RE ABLE TO TURN OVER 51% OF THE BONDS, IN OTHER WORD REFINANCE MORE THAN HALF OF YOUR DEBT YOU MAY HAVE AN OPPORTUNITY TO LOOK AT BOND COVENANCE TO DETERMINE IF THERE'S ANYTHING WE WANT TO TWEAK FROM OPERATIONAL STAN STANDPOINT WITHOUT PROVIDING ANY IMPACT UPON THE CREDIT QUALITY OF THE BONDS.

>> AGAIN A PUBLIC OFFERING OF BONDS INVOLVES THE OFFICIAL STATEMENT AS DUANE MENTIONED. THERE ARE HIGHER UP FRONT COSTS.

IT TAKES LITTLE LONGER TO COMPLETE, YOU CAN HAVE MORE FLEXIBILITY THAN A BANK LOAN. YOU HAVE A FINAL MATURITY UP TO 30 YEARS. AND YOU HAVE MORE FLEXIBILITY IN STRUCTURING TO MEET WRAP AROUND YOUR EXISTING DEBT TO TRY TO, AGAIN, CREATE ENTER GENERATIONAL EQUITIES SO YOU HAVE A SMOOTH OVERALL LEVEL DEBT PATTERN RATHER THAN HIGHER DEBT SERVICE THAT ARE REQUIRED NOW BECAUSE OF OUTSTANDING DEBT ISSUED

PREVIOUSLY. >> WITH A BANK LOAN IT'S A MORE QUICKER PROCESS. THERE'S NO OFFICIAL STATEMENT THE FINAL MATURITY MORE LIMITED. FOR EXAMPLE UP TO 20 YEARS.

YOU DON'T HAVE BOND INSURANCE OR ONGOING CONTINUING DISCLOSURE TO THE MARKET. THE SRF LOAN AS WE MENTIONED IT IS NOT AVAILABLE FOR ELECTRIC AND IT'S ONLY FOR NEW MONEY.

YOU HAVE LESS FLEXIBILITY TO STRUCTURE AROUND YOUR EXISTING DEBT. IT'S TYPICALLY 20-YEAR DEBT SERVICE. THERE'S AMERICAN STEEL AND DAVIS BACON REQUIREMENTS THAT CAN INCREASE THE COST OF THE PROJECT, BUT THE DEPARTMENT OF ENVIRONMENTAL PROTECTION DOES TAKE ADVANTAGE OR THEY ADJUST THE INTEREST RATE BECAUSE THEY KNOW OF THAT INCREASE COST COMPARED.

FPLE CURRENTLY HAS A LITTLE BIT OVER 55 MILLION IN OUTSTANDING DEBT. THERE ARE THREE ISSUES.

1999-B BANK LOAN. SERIES 2009 WHICHES PUBLICLY OFFERED BOND AND SERIES 2016. AND THESE -- THIS OUTSTANDING DEBT IS RELATIVELY SHORT WITH THE FINAL MATURITY IN 2029.

AND THIS IS THE ANNUAL DEBT SERVICE FOR EACH OF THE ISSUES.

YOU ARE CURRENTLY PAYING APPROXIMATELY 7.6 MILLION.

DROPS DOWN IN 2027 AND PICKS THROUGH 2029.

[00:25:05]

WHICH MEANS FPLA HAS THE OPTION TO REDEEM THEM FROM INVESTORS WITHOUT ANY PREPAYMENT PENALTY. COVID AND FUNDS RATE IN REACTION TO THE ECONOMY DIFFICULTIES HAVE CAUSED RATE TO DECREASE TO NEAR HISTORICAL LOWS. THE OPPORTUNITY HERE TO REFINANCE THESE BONDS AT LOWER INTEREST RATE NOT EXTENDING THE FINAL MATURITY SIMPLY HAVING LOWER ANNUAL INTEREST RATE COULD SAVE 6.8 MILLION WHICH IS 23% OF BONDS REFUNDED THAT'S QUITE HIGH AS THE GPLA RECOMMENDS MINIMUM THRESHOLD OF 325% OF BOND REFUNDED. AND IN THE COLUMN ON THE RIGHT, YOU SEE THE ANNUAL SAVINGS WHICH ARE APPROXIMATELY 1.2 MILLION.

WHICH DISCUSSED A POTENTIAL NEW MONEY ISSUANCE THAT COULD BE COMBINED SO YOU COULD TAKE ADVANTAGE OF THE CURRENT LOW INTEREST RATES. WE JUST UTILITILIZED AN EXAMPLE AMOUNT OF 30 MILLION. AS WE KNOW THERE ARE PROJECTS AGAIN NOT ON THE CIP. YOU DO HAVE TO SPEND THE UNDER THES WITHIN THREE YEAR OR EXPECT TO FOR TAX EXEMPT PROCEEDS.

THIS AN EXAMPLE STRUCTURE WHERE BECAUSE OF THOSE SAVING THAT WE JUST LOOKED AT YOU COULD BORROW 30 MILLION IN NEW MONEY AND DEFER THE PRINCIPLE SUCH THAT YOU WOULD NOT PAY HIGHER INTEREST COSTS IN THESE EARLIER YEARS BECAUSE OF THIS SAVINGS.

>> WHAT WOULD THE AVERAGE INTEREST BE IF A SITUATION LIKE

THAT OCCURRED? >> CURRENTLY THE AVERAGE RATE LESS THAN 2%. BASED ON CURRENT MARKET CONDITIONS. .

>> DOES IT MATTER WHICH MONTH IT STARTS IN?

>> NOT WHAT MONTH. THE FINAL MATURITY COULD DEPEND.

WE ASSUMED 20-YEAR DEBT SERVICE FOR THE NEW MONEY.

YOU COULD GO OUT TO 30 YEAR. YOU COULD SHORTEN IT UP AS WELL.

THAT DOES EFFECT THE RATE. >> THESE ARE A COUPLE OF SLIDE ON THE MARKET COMMENTARY AS WE KNOW THE POLITICAL ENVIRONMENT IN WASHINGTON AS EFFECT THE STOCK MARKET IN A POSITIVE MANNER, IT REMAINS TO BE SEEN WITH THE RUN OFFS TODAY AND ANY VOLATILITY THAT MAY CAUSE. AND INVESTOR REMAIN FOCUSED ON THE COVID-19 VACCINATION NEWS. IT HAS CAUSED STOCK MARKET TO

RALLY. >> I WILL SKIP THROUGH THESE SLIDES. THEY ARE ECONOMIC INFORMATION SHOWING THAT IF YOU WERE TO BORROW IT'S AN OPPORTUNE TIME.

INTEREST RATES ARE EXTREMELY LOW.

>> SO THE RATINGS PROCESS AS WE GO THROUGH WITH REFINANCING.

THEY DO EXTENSIVE ANALYSIS AND REQUIRE QUITE A BIT OF INFORMATION AND GO TO COMMITTEE AND THEY RELEASE THE RATING AND THERE'S ONGOING SURVEILLANCE PROCESS.

AND FPUA RATING ARE CURRENTLY STRONG.

A-RATING FROM STANDARD POOR AND A-PLUS FROM FITCH THAT WERE

RECENTLY AFFIRMED. >>

>> YOU MAY RECALL FROM EARLIER SLIDE THERE'S OUTSTANDING INDEBTEDNESS. THE NONCALLABLE CABS PUBLIC OFFERINGS. THE 2009 PUBLIC OFFERING WHICH REFINANCING OPPORTUNITY BECAUSE IT IS CALLABLE.

THEN THEN IN 2016. THOSE ARE YOUR THREE PIECES OF DEBT. THEY ALL EXIST UNDER A MASTER BOND RESOLUTION. IN EACH CASE, WHETHER IT'S A PUBLIC OFFERING THE FIRST TWO, BONDS MRURL ARE -- PLURAL ARE ISSUED. A BOND SINGLER IS ISSUED.

THESE ARE ALL LONG-TERM PIECES OF INDEBTEDNESS.

ON PARITY WITH ONE ANOTHER. COMBINED WITH GAS SEWER SYSTEM.

[00:30:04]

MODERNIZE BONDS. >> IF WE DO 51% AT 2%.

STILL CAN DO IT IN 20 YEARS TO PAY OFF?

>> YOU COULD SELECT WHICHEVER FINAL MATURITY YOU ARE

COMFORTABLE WITH. >> THE TAX LAW IS THAT THE AVERAGE LIFE OF THE INDEBTEDNESS NEEDS TO COMMENCERATE WITH USEFUL LIFE OF PROJECT FINANCED. AND TYPICALLY IN YOUR WORLD THEY LONG USEFUL LIFE ASSETS IN THE DECISION ABOUT WHETHER OR NOT TO PAY BACK THE DEBT SAY OVER 20 YEARS OR 30 YEARS, IS REALLY MORE OF FINANCIAL POLICY DECISION THAN IT IS NECESSARILY A LEGAL DECISION. YOU HAVE THE ABILITY TO DO BOTH.

AND THE ADVANTAGE OF PAYING IT OFF OVER A LONGER PERIOD OF TIME IS THAT PERHAPS YOUR DEBT SERVICE PAYMENTS ARE LOWER.

THE DISADVANTAGE YOU MAY PAY MORE INTEREST OVER THE COURSE OF THE LOAN. AND THOSE TWO NEED TO BE BALANCED OFF BECAUSE SOMETIMES HAVE LONGER DEBT CREATES LESS PRESSURE ON THE CUSTOMER IN TERMS OF RATES.

BUT IT ALSO INCREASES THE AMOUNT OF INTEREST THAT YOU PAY ON THE DEBT. THOSE ARE THE TYPES OF ISSUE YOU HAVE TO THINK ABOUT FROM POLICY STANDPOINT.

>> >> THE RATES WE'RE DISCUSSING ARE UNDER 2%. ARE THEY ADJUSTMENT OR IS THIS A STATIC -- THIS WOULD BE A FIXED RATE.

>> LONG-TERM FIXED RATE. >> AFTER PRICING THAT RATE IS LOCKED IN. THROUGH THE FINAL MATURITY.

>> THAT 2% INDICATOR, SO IT COULD GROW IN TWO OR THREE MONTHS. IT'S VARIABLE BETWEEN NOW AND

THEN BUT THEN IT WILL BE FIX. >> FIXED FOR 20 YEAR THEN THERE'S A SITUATION IF WE PAID IT OFF QUICKER WE WOULD SAVE.

>> YES. >> THIS IS ONLY TALK --

>> I'M TALKING ABOUT IN 20 YEARS.

I'M NOT TALKING ABOUT COME BACK IN ONE YEAR.

THE NEW MONEY PORTION. >> OKAY.

WE DO A PUBLIC OFFERING LIKE WE DID IN 1998 AND AGAIN IN 2009 BECAUSE YOU ARE NOT BORROWING FROM RESOURCEFUL SOPHISTICATED LENDING INSTITUTION, WHERE YOU ARE ON EQUAL BARGAINING POWER, YOU'RE ACTUALLY SELLING BONDS AND DENOMINATIONS AS LOW AS 5,000. THEORY SOMEONE COULD INVEST FPUA THEIR ENTIRE $5000 REQUIREMENT ACCOUNT, RETIREMENT ACCOUNT IN A BOND THE FCC REQUIRES FULL AND FAIR DISCLOSURE THROUGH AN OFFICIAL STATEMENT. THAT'S WHY WE DO AN OFFICIAL STATE ON THE PUBLIC OFFERINGS. AND SO WE ARE REQUIRED THE AUTHORITY TO TELL THE INVESTOR POTENTIAL INVESTORS EVERYTHING ABOUT THE UTILITY INCLUDING BOND HOLDER RISKS, AND THINGS OF THAT NATURE. THAT'S WHAT WE REFER TO ON THIS PAGE THE OFFICIAL STATEMENT WITH SECURITY AND EXCHANGE COMMISSION RULES IN, A PUBLIC OFFERING, CONTEXT WHICH IS ONE OF THE TOOLS IN YOUR TOOLBOX THAT'S BEING CONSIDERED FOR YOUR FINANCING PLAN. AND THEN TO FINISH THAT, YOU -- ONCE THE BONDS ARE ISSUED FOR 20 YEARS.

EACH YEAR YOU HAVE TO PROVIDE WHAT'S CALLED CONTINUING DISCLOSURE, THE AUTHORITY ALREADY DOES WITH REGARD TO 98 AND '09 AND UPDATE THE STATUS OF COVERAGE AND CERTAIN FINANCIAL METRICS AND THAT PROVIDES AN UPDATE TO THOSE INVESTORS BECAUSE THOSE TRADE ON THE SECONDARY MARKET AND THAT WOULD BE BASED ON THE ORIGINAL STATEMENT AS UPDATED BY THE

CONTINUING DISCLOSURE. >> THE PERSON THAT'S INVOLVED OR

THE BANK? >> THE FPUA WOULD PAY FOR THOSE.

TYPICALLY THEY ARE WRAPPED INTO THE FINANCING.

YOU DON'T COME OUT-OF-POCKET FOR THEM.

>> IT'S KIND OF BUILT INTO THE AGREEMENT.

>> OKAY. THIS DISCUSSION ONLY RELEVANT TO

THE 2009 SERIES AND 2016 SERIES? >> JUST THE 2009.

IF YOU WANTED TO MOVE FORWARD ONLY WITH THE REFINANCING AND NOT BORROW ANY FOR NEW PROJECT AT THAT TIME.

>> 2016 DOESN'T -- THAT'S A NONCALLABLE BOND.

IS THAT IT. >> WHAT I BELIEVE --

[00:35:02]

>> IT'S 2.41%. >> YOU CAN'T REFINANCE FOR

ECONOMIC BENEFIT. >> IT'S ONLY THE '09 THAT PROVIDES YOU A POTENTIAL REFINANCING OPPORTUNITY FOR FINANCIAL SAVINGS AT THIS TIME. WHAT 2016.

>> THE 2016 IS NOT ECONOMICALLY CALLABLE.

AT 2.14 IT'S NOT WORTH TO REFINANCE.

>> EXACTLY. THAT'S THE OTHER PIECE OF THE

EQUATION. >> I JUST WANT TO MAKE SURE ON THIS. LOOKING AT THE DEBT FOR THE 2009 THE PRINCIPAL REPAINING IS MILLION 665.

IT WILL COST IT 38,9995. >> AND THEN IF WE REFINANCE IT IT'S GOING TO SAVE US 6 MILLION 37,000.

>> 6,840,000. >> AS ANNUAL SAVING.

>> OVER TIME THE TOTAL CASH FLOW SAVINGS WOULD BE 10.9 MILLION.

BUT WE WOULD BE USING A CASH FUNDED DEBT SERVICE FUND.

TO DOWNSIDE THE REFINANCING BECAUSE IT'S NO LONGER REQUIRED.

IT'S NOT A MARKET STANDARD ANY MORE FOR YOU TO HAVE TO SET ASIDE THE MONIES IN CASE YOU HAVE A PROBLEM PAYING YOUR DEBT SERVICE. AND SO SUBTRACTING THAT OUT OF THE SAVING BECAUSE THOSE ARE BORROWED PROCEEDS, YOU ARE NET

SAVING ARE 7.4 MILLION. >> WITHIN OUR PACKET IS DIFFERENT THAN THE ONE WE SHOW THERE.

>> BECAUSE IT'S SHOWING WHEREAS YOU HAVE ALL INCLUSIVE TRUE INTEREST COST IT'S 2.03 VERSES 1.

OKAY. NET PRESENT VALUE SAVINGS 4, 95.

YOU SHOW 6840. NET FROM SENLT 16.8 VERSES 23%.

>> THE PAGE 17 IS STAND ALONE REFUNDING.

IT DOESN'T TAKE THAT'S NOT INCLUDING NEW MONEY.

IF YOU JUST DID THAT AS A PUBLIC OFFERINGS, THE ESTIMATED INTEREST RATE WOULD BE AROUND 1%.

>> OKAY. I DON'T THAT'S IN OUR PACKET.

>> PAGE -- >> THERE WAS AN UPDATE.

>> MAYBE IT WAS LAYING ON MY DESK.

>> YEAH. >> OKAY.

THIS MIGHT BE. >> WHAT'S YOUR TOTAL NUMBER OF

PAGES. >> PAGE NINE AT THE BOTTOM.

THERE'S TWO PAGES ON IT. >> OKAY.

PAGE 1 ON THIS CORRECTED SHEET MATCHES WHAT YOU HAVE.

>> OKAY. OKAY.

LET ME ASK SOMETHING ELSE THE WAY THIS IS LOOKING FIRST OF ALL DOESN'T SEEM LIKE IT TAKES MUCH TO SAY WE OUGHT TO REFINANCE ON THE 2009. BUT ALSO IT LOOKS LIKE IF WE CONTINUE WITH OUR CURRENT WAY, WE'RE DEBT FREE BY 2029.

>> YES, MA'AM. >> OKAY.

THAT WOULD BE PRETTY NICE. >> YES.

>> I THINK, THAT WOULD BE DELIGHTFUL.

NEED TO DO SOME EXPANSION. LLY- >> I'M NOT SAYING YES.

I REALIZE THAT. I THINK ONE OF THE NEXT STEPS HERE IS THAT FOR THE STASH TO COME BACK AND DISCUSS THE TYPES OF PROJECT WE WANT TO DO. WE'VE GOT SOME GOOD PROJECTS IN WATER WASTEWATER AND NATURAL GAS AND FINISHING UP AMI AS PART OF THIS. WE CAN EXPEDITE THE COMPLETION OF THAT. I THINK THOSE WOULD BE SOME GOOD PROJECTS. AND WE'RE CONSTANTLY, CONTINUING TO BE IN A SQUEEZE BETWEEN REVENUE AND EXPENSES.

THE ONLY WAY WE CAN BREAK THAT SQUEEZE IS TO HAVE FEW MORE PEOPLE ROWING THE BOAT. WE NEED MORE CUSTOMERS.

AND THAT'S WHAT WE'RE INTENDING TO DO WITH THIS MONEY.

WE NEED TO DO IT. WE HAVEN'T DONE ANY KIND OF A DECENT SIZE EXPANSION THAT I CAN REMEMBER IN THE LAST 15 YEARS.

>> HOW MUCH NEW MONEY ARE YOU THINKING ABOUT?

[00:40:01]

>> THINKING ABOUT 30 MILLION DOLLARS.

THAT'S WHY THE EXAMPLE IS THIS WAY.

WE'RE STILL NEED TO BANG OUT THE EXACT NUMBERS IN THE PROJECT FOR YOU TO TAKE A LOOK AT AND MAKE SURE THEY ARE PROJECTS YOU THINK WE SHOULD CONTINUE ON WITH. THE BOND COVENANCE YOU WERE TALKING ABILITY STRICT VERSES FLEXIBILITY.

WHEN YOU TALK IN THE FUTURE, I WOULD LIKE TO KNOW IF AND WHEN WE DECIDE WHAT THE COVENANCE ARE.

WE USE THEM A LOT. WE CAN'T DO THAT BECAUSE BOND COVENANT. I THINK IT WOULD BE GOOD TO UNDERSTAND WHAT WE CAN AND CANNOT DO.

>> I THINK A MASTER BOND COVENANT 1985 DOCUMENT, I BELIEVE. THAT'S REALLY THE KIND OF THE BEDROCK OF THE ENTIRE THING. I WILL MAKE SURE YOU ALL HAVE A

COPY OF THAT. >> CENTRAL EXAMPLE MAY BE RATE COVENANT. IF YOU MAKE IT HIGHER IT'S LESS FLEXIBILITY BUT VERY WELL RECEIVED BY THE RATING AGENCY AND THE COST OF THE DEBT IF YOU MAKE THAT A LITTLE BIT LOWER, IT MIGHT, YOU KNOW GIVE YOU A LITTLE BIT MORE BREATHING ROOM BUT AT THE SAME TIME RATING AGENCY MAY BE CONCERNED AND THOSE ARE THE TYPES OF THINGS. YOU WANT TO TAKE A LOOK.

NOW THAT WE HAVE AN OPPORTUNITY TO LOOK AT THEM.

ANY OF THEM THAT ARE WORTH IN LIGHT OF WANTING TO KEEP THE RATINGS, THAT WE CAN LOOK AT. THAT'S ANALYSIS THAT WE --

>> I'M SURE THAT WOULD MAKE SENSE.

I'M SURE I COULD THINK OF THEM. IT ALSO PROTECTS US FROM

OURSELVES. >> THAT'S RIGHT.

>> THAT'S RIGHT. FOR EXAMPLE THERE'S RENEWAL REPLACEMENT AND IMPROVEMENT. ACCOUNT REQUIREMENTS THAT FORCES YOU TO INVEST IN THE SYSTEM, OF COURSE YOU DO IT ON YOUR OWN BETTER THAN YOU'RE REQUIRED TO DO AS BARE MINIMUM.

AT THE SAME TIME YOU CAN ENVISION A FUTURE BOARD NOT DOING THAT AND THEY WANT TO MAKE SURE THAT YOU DO THAT.

THEY ARE ALSO VERY CONCERNED ABOUT TRANSFERS OUT AND THINGS OF THAT NATURE TOO. THEY DON'T WANT TO SEE A LEAK IN THE SYSTEM. AND THINGS OF THAT NATURE, TOO.

THERE'S A LOT OF DISCUSSION OVER THE YEARS ABOUT THAT SAFEGUARD WHICH HELPS THE RATING AND THE BUSINESS.

THE AUTHORITIES BUSINESS. >> ONE OTHER THING I WANT TO MENTION ABOUT ENTER GENERATIONAL EQUITY WHAT YOU MENTIONED.

THE BOARD MEMBER MADE A GOOD POINT.

IT WOULD BE NICE TO BE DEBT FREE.

SOMETIMES IF YOU WERE ABLE TO DO A LOT OF PAY AS YOU GO THAT WOULD BE GREAT. THERE'S A POLICY DECISION THAT YOU MAKE TOO WHICH IF YOU DO PAY-GO PROJECT.

ALL YOU DO PAY-GO. SOMEONE PAYS FOR IT THIS YEAR AND THEY MOVE OUT OF TOWN, FOR THE NEXT 29 YEARS AND SOMEONE BUYS THEIR HOUSE AND ENJOYS THAT BEING CUSTOMER FOR THE NEXT 29 YEARS. THE PERSON PAY FOR IT ALL UP FRONT AND THE PERSON WHO CAME IN HAD FREE RIDE ON THE 29 YEARS.

THERE'S A POLICY IN THERE THAT YOUR DEBT YOU WANT TO MAKE SURE YOUR DEBT IS SOMEWHAT GETS PAID BY THOSE WHO ARE ENJOYING THE USE OF THE SYSTEM ASSET. THAT'S THE ENTER GENERATIONAL EQUITY CONCEPT WHICH KIND OF GOES AGAINST BEING DEBT FREE.

>> PARTICULARLY WHEN YOU HAVE AN INTEREST RATE ENVIRONMENT LIKE THIS WHERE THE RATES -- WE HAVE NEW HISTORIC LOWS EARLIER THIS

SUMMER OVER THE PAST 30 YEARS. >> YOU DON'T WANT DEBT FREE NECESSARILY. BUT YOU DON'T WANT TO BE DEBT

BURDENED. >> EXACTLY.

>> ABSOLUTELY. YOU'VE BEEN ON THE CONSERVATIVE SIDE. YOU HAVE 7 YEARS OF DEBT LEFT

AND YOU HAVE 30-YEAR SYSTEM. >> WE HAVE TO MAKE SURE ADDITIONAL DEBT WITHIN OUR CURRENT DEBT RATIO.

WE'RE COMFORTABLE WITH THAT AMOUNT.

WE'VE BEEN PAYING THAT AMOUNT. THAT'S IMPORTANT TOS.

WE WATCH THAT ALL THE TIME. AND YOU REPORT IT ALL THE TIME.

>> I LIKE TO BE RESPECTFUL OF YOUR TIME.

I THINK WE WALKED THROUGH THE MAINS A SPEBLTH OF THE PUBLIC OFFER VERSES A BANK LOAN. THE REST THE SLIDES ARE MORE PROCEDURAL. AND YOU HAVE THOSE THAT YOU CAN REVIEW. I KNOW YOU HAVE A LOT ON THE AGENDA. UNLESS YOU WOULD LIKE FOR TO US

KEEP GOING. >>

>> ANY OTHER QUESTIONS? >> NO IT'S ON THE PACKET.

>> STAFF GOING BACK TO DRAWING BOARD FOR US ANYWAY.

>> THAT'S OUR JOB TO COMPLETE THE FINANCING.

>> WE THANK YOU. >> I APPRECIATE THE

[00:45:02]

>> TOMPECK, NEXT ONE. NEXT ITEM UPDATE ON FPUANET.

[G.3. FPUAnet Update – For Information Only.]

>> GOOD AFTERNOON. HAPPY NEW YEAR.

>> I'M EXCITED TO PRESENT TO YOU THIS UPDATE.

IN OCTOBER OF 2019IST BROUGHT ON MANAGER WITH 17 YEARS OF EXPERIENCE FROM ELECTRIC AND GAS ENGINEERING DEPARTMENT.

THE PORNSZ OF COMMUNICATION HAS BEEN INCREASING OVER THE LAST DECADE. BUT THE PANDEMIC HAS SHOWED US THAT BROADBAND IS AN ESSENTIAL UTILITY.

WITH THE NEW VISION OF FT. PIERCE BECOMING A SMART CITY. A NEW APPROACH IS NEEDED.

PFUA NET OPERATE FROM FIVE PILLARS.

ENGINEERING AND PLANNING. NETWORK AND SYSTEM OPERATIONS, CONSTRUCTION AND MAINTENANCE, SALES AND MARKETING AND BUSINESS OPERATIONS. WE HAVE A RESPONSIBILITY TO RESPOND 365 DAYS A YEAR. CURRENTLY WE HAVE A SMALL TEAM BUT MIGHTY IN RESOURCES. THE DIRECT TEAM CONSIST OF MYSELF THE MANAGER, STEVEN KRITES KNELT WORK ENGINEER.

SALES ACCOUNT REPRESENTATIVE. WE HAVE ADDITIONAL RESOURCES FROM ITS, ELECTRIC AND GAS ENGINEERING, ELECTRIC DISPATCH, ELECTRIC T AND D. CONTRACTOR AND FEW NETWORKING CONSULTANTS. I WILL GIVE YOU HIGH LEVEL LOOK AT THE PROJECTS WE'RE WORKING ON.

TO BRING ABOUT THE VISION OF THE SMART CITY, START PROVIDING ADVANCE BROADBAND SERVICES TO FT. PIERCE AND EVALUATION OF THE CURRENT NETWORK AND INFRASTRUCTURE WAS REQUIRED.

TO COMPLETE THIS TASK WE CONTACTED TO ASSIST US IN THE ENGINEERING DESIGN EVALUATION. EVALUATE WAS COMPLETED IN AUGUST OF 2020 AND COST OVER 86,000. THE EVALUATION INCLUDED MARKET ANALYSIS OF FT. PIERCE AREA. SOME HIGH-LEVEL FINANCIAL AND BUSINESS MODELS TO HELP EVALUATE SERVICES WE SHOULD OFFER.

AND EVALUATION OF THE CURRENT NETWORK AND ARCHITECTURE.

A DESIGN -- HIGH LEVEL DESIGN AND WIRELESS EVALUATION FOR LINCOLN PARK AREA AND DEVELOPING AN OPERATIONAL AND MAINTENANCE MODEL. THE NEXT PROJECT WE'RE WORKING ON FOR OVER THE LAST 18 MONTHS. KNELT WORK CORE UPGRADE.

ANYONE INTO PHYSICAL FITNESS UNDERSTAND THE IMPORTANCE OF STRENGTHENING THE CORE. IT'S NO DIFFERENT IN COMMUNICATION NETWORK. THIS INCLUDE THREE PHASES DNS SERVER REPLACEMENT COMPLETED IN APRIL.

CORE SWITCH REPLACEMENT SCHEDULED -- SCHEDULED TO BE COMPLETED BY END OF JANUARY AND DIVERSIFYING THE NETWORK LOOPS BY THE END OF FEBRUARY. THIS MAJOR OVERHAUL OF CORE KNELT WORK WILL REMOVE MANY SINGLE POINT OF FAILURES AND REPLACE EQUIPMENT THAT'S OVER TEN YEARS OLD.

I WANT TO COMMEND STEVE FOR HARD WORK AND PERSEVERANCE ON THIS PROJECT. I ASKED HIM TO BE HERE TODAY.

CURRENTLY THE NETWORK NOT SCALEABLE FEW HUNDRED SUBSCRIBERS. BUT TO BRING ABOUT THE VISION OF FT. PIERCE BEING SMART CITY SIGNIFICANT ARCHITECTURE CHANGE THE NEED. .

WE WORK WITH FUJITSU. WE RECEIVED THE EQUIPMENT AND PROJECT WILL BE COMPLETED BY END O FEBRUARY.

COST ABOUT 177,000. THIS CHANGE WILL ALLOW US TO SCALE TO THOUSANDS OF CUSTOMERS TO BRING FIBER TO THE PREMISES FOR SMALL BUSINESSES, AND RESIDENTIAL CUSTOMERS IN THE FT. PIERCE AREA. GOON ALLOWS ADVANCE BROAD-BAND SERVICE BY SPLITTING FIBERS UP TO 32 WAYS.

[00:50:01]

>> WHO DID YOU SAY YOU GOT TO -- >> FUJITSU NETWORK

COMMUNICATION. >> WHAT WE DID WITH FUJITSU THAT DID AN EVALUATION ALL OF THE DIFFERENT VENDOR THAT PROVIDED.

THERE'S TOP THREE. WE WORKED WITH THEM TO LOOK AT THE TOTAL COST DIFFERENT TYPES OF TECHNOLOGIES AND WE CHOSE

AD-TRAN. >> GOOD CHOICE IN

>> ARE YOU FAMILIAR WITH THEM? >> MY UNCLE THE COFOUNDER.

>> HE AND MARK SMITH AND I GO TO ALABAMA ABOUT EVERY EIGHT WEEKS.

>> THAT'S REALLY NEAT. ONE THING WE'RE EXCITED ABOUT CURRENTLY SOME OUR UTILITY THAT WE'RE WALKING THIS PATH TOGETHER WITH. ALSO USED THEM.

AND SO THAT IS GREAT. THE IDEA OF US WALKING THIS PATH TOGETHER. WHEN ONE FALL THE OTHER CAN BE

THERE TO HELP. >> THAT'S GREAT TO KNOW.

>> LAST PROJECT LINCOLN PARK SMART NEIGHBORHOOD.

APPROVED ON AUGUST 13TH OF 2019. FPUA SPONSORED ALLEGHANY MINISTERS TO FUND THE PROJECT. THIS PROJECT WILL WORRY SIGNIFICANT POSITIVE IMPACT TO THE LINCOLN PARK AREA BY POSITIONING LINCOLN PARK TO BE SMART NEIGHBORHOOD READY.

WE BEGIN TO OFFER FREE PUBLIC WIFI WHILE THE NEW FIBER INFRASTRUCTURE WILL ENCOURAGE REDEVELOPMENT OF BUSINESS CORRIDORS. THE LINCOLN PARK BROADBAND ADOPTION RATE IN THE LOWEST IN ST. LUCIE COUNTY.

THE HOPE OF THE PROJECT TO BRIDGE THE DIGITAL DIVIDE BY INCREASING DIGITAL EQUITY WITHIN THE LYNN KAN PARK AREA.

THERE'S FIVE PHASES. WE HAVE COMPLETED THE FIRST PHASE WHICH IS HIGH-LEVEL DESIGN AND WIRELESS EVALUATION.

WE'RE CURRENTLY WORKING WITH FUJITSU ON SPECIFIC AUTHORIZATION TO MOVE FORWARD THE SECOND FACE.

THE PROJECT SCHEDULED TO BE COMPLETED BY AUGUST OF '22.

THIS IS INFORMATION ONLY ITEM. IF YOU HAVE ANY QUESTIONS, IT WOULD BE HAPPY TO LISTEN OR DISCUSS WITH YOU.

>> >> I HAVE A QUESTION.

SO IN FEBRUARY, AT THE END OF FEBRUARY, YOU WILL BE ABLE TO

OFFER RESIDENTIAL CUSTOMERS --. >> WOULDN'T SAY THAT.

>> UNDERSTANDING OUR CURRENT NETWORK.

CURRENT NETWORK DESIGNS FOR MUNICIPALS.

A LOT OF MUNICIPALS IN THE COUNTY AND CITY.

WE PROVIDE SERVICE TO THEM. AS WELL AS FPLA LARGE BUSINESSES. THE WAY THE ARCHITECTURAL IS DESIGNED IT'S NOT SCALEABLE TO SMALL BUSINESSES AND RESIDENTS.

WHAT WE WILL BE DOING WE'LL HAVE THAT PIECE OF EQUIPMENT IN.

THAT'S GOING TO ALLOW US TO START MOVING TOWARD THAT REALM.

WE'VE GOT A LOT OF TESTING TO DO.

YOU KNOW RESIDENTIALS ARE -- THINK ABOUT THIS.

BUSINESSES ARE 8:00 TO 5:00. RESIDENTIAL.

WHAT DO YOU WANT YOUR INTERNET ON.

YOU WANT IT WHEN YOU GET HOME. IT'S A LITTLE BIT DIFFERENT ENVIRONMENT. I WOULD EXPECT THAT IN THE SECOND QUARTER OF 21 WE WOULD START DEPLOYING IN THE SMALL BUSINESS MARKET. I WOULDN'T EXPECT US TO REALLY START TARGETING THE RESIDENTIAL PROBABLY UNTIL JANUARY OF '22.

QUICK HIGH-LEVEL IDEAS RIGHT NOW.

>> HOW WOULD YOU DO THAT? >> HOW WOULD SOMEONE KNOW TO BE

CUSTOMER? >> WE GET CALLS AND WE HAVE LIST OF PEOPLE THAT WANT SERVICE. BECAUSE YOU KNOW FT. PIERCE HAS LESS THAN 3% OF FIBER OFFERINGS. THEY ARE YOU WE'VE GOT HIGH RATES FROM CURRENT INCOUPLE BENSE.

HORRIBLE SERVICE, WE JUST QUALITY OF SERVICE AND CUSTOMER SERVICE IS NOT GOOD AT ALL. AND SO YOU KNOW WE WANT TO STAND BEHIND FPLA MISSION STATEMENT TO PROVIDE CUSTOMER ECONOMICAL RELIABLE AND FRIENDLY SERVICE. WE WANT TO ENTER THE ARENA TO PROVIDE A BETTER SERVICE AND A LOT BETTER CUSTOMER SERVICE AS

WELL. >> SOUNDS GOOD TO ME.

I'M VERY EXCITED ABOUT THIS. THAT'S -- I DON'T THINK IT'S A PROBLEM WITH ME THAT IT TAKES TIME.

IF THAT'S WHAT WE'RE HEADED TOWARD.

AND THE STATE OF FLORIDA VERY INTERESTING IN MAKING SURE THAT EVERYBODY HAS ACCESS TO THIS BECAUSE THAT'S GOOD FOR BUSINESS

AND GOOD FOR THE RESIDENTS. >> IT'S A BIG DEAL NOW.

THE PANDEMIC HAS TURNED INCUMBENTS ON THEIR HEADS.

TYPICALLY WHEN YOU GUYS SERVICE, YOU FIND HEY THEY FOCUS ON

[00:55:03]

BUT NOT AS UPLOADING IS JUST AS IMPORTANT TODAY.

YOU KNOW, WE DONE HOW MANY VIDEO CONFERENCES.

SO MANY TIME DID YOU SIT WHEN YOU GET RECEIVING.

THEY DON'T HAVE THE TIME TO GET THE BANDWIDTH OUT.

NO ONE IS BUILDING IN FT. PIERCE.

THEY BUILD IN NEW DEVELOPMENT. MARTIN COUNTY.

THEY BUILD IN INDIAN RIVER COUNTY.

NO ONE IS BUILDING IN FT. PIERCE.

BUT WE. >> WE HAD A PRESENTATION LAST NIGHT AT THE COMMISSION MEETING ABOUT LEGISLATIVE PRIORITIES.

AND ONE OF THEM CONCERNS BROADBAND AND THE AVAILABILITY OF IT AND THE ACTUAL ACCESSIBILITY OF IT AND REPORTING OF IT HOW MUCH IS REALLY AVAILABLE AND IS NOT AVAILABLE. I WOULD ENCOURAGE YOU AND I WILL PUT YOU IN TOUCH -- BECAUSE I THINK THAT -- SHE WOULD BENEFIT FROM WHAT WE ARE DOING HERE AND WOULD NEED TO KNOW THAT.

I THINK THAT WOULD BE A GOOD YESES.

ONE OF THE THINGS THAT WE REALLY NEED TO DO I THINK WE'RE THE BEST KEPT SKROOELT IN FORLT PIERCE.

IT NEEDS TO BE THAT WAY. UNTIL WE REALLY GO TO TALLAHASSEE AND BEGIN TALKING TO OUR REPRESENTATIVES BECAUSE WE

WANT TO TELL THEM THE STORY. >> ABSOLUTELY.

>> THAT SHE WORKS WITH THEM. SHE NEEDS TO KNOW YOUR STORY

TOO. >> THAT'S WHAT WE HAVE ORGANIZATION CALLED FMBA. YOU ARE FAMILIAR WITH FNEA.

IT'S VERY SIMILAR ACCEPT FLORIDA MUNICIPAL BROADBAND ALLIANCE.

WHAT WE DID WITH THAT BECAUSE GOVERNOR DE-SANTOS CREATED OFFICE OF BROADBAND WHICH WE'RE EXCITED ABOUT, WE'VE GOT A CHANCE TO TALK WITH HIM AND WORK WITH HIM TO SAY HEY LOOK, MUNICIPALS ARE HERE. WE WANT TO ENTER THE ARENA.

WE WANT TO PROVIDE THE SERVICE TO COMMUNITIES BECAUSE THE

INCUMBENTS AREN'T. >> I WILL GET THAT INFORMATION TO YOU AND FOR JASON TOO. I WOULD LIKE FOR OUR STORY TO BE TOLD TO HER AND SO SHE KNOWS THAT WHAT WE ARE DOING.

>> I THINK WE'RE POSITIONED REALLY PROPER.

BECAUSE THE FEW THINGS. LINCOLN PARK WHICH PROVIDE SERVICE A VERY UNDERSERVED AREA. THE SMART CITY THE KEOSKS AND PUBLIC WIFI THESE TYPE OF THINGS ARE ESPECIALLY THERE'S A LOT OF GRANT FUNDING AND FEDERAL MONEY THAT GOT RELEASED.

WE LUCKY WE GOT AN E-MAIL FROM GRAY ROBINSON FOR LEGAL COUNCIL.

WE'RE TALKING WITH THEM ABOUT SOME OF THE OPTIONS AND THE AVAILABLE. IF WE'RE DOING IT'S EASY TO GET MONEY. WHEN YOU DO THEY TOOK INITIATIVE. THEY ARE INVESTED.

WE WANT TO GIVE IT TO THEM. >> THEY LOOK FAVORABLE ON IT

WHEN YOU SKIN IN THE GAME. >> WE DO FEEL LIKE WE'RE IN THE GREAT POSITION TO MOVE THAT FORWARD.

>> I'M EXCITED THAT YOU'RE EXCITED.

>> I HAVE A QUESTION ABOUT LINCOLN PARK.

DOWNTOWN YOU HAVE KEOSKS THAT YOU WILL BE ABLE TO BOOST OUT TO BROADCAST WIFI. WHAT'S THE PLAN IN KIN COHN PARK. HOW WILL THAT LOOK?

>> WITH 1.25 MILLION WE CAN'T P CAN'T PROVIDE WIFI TO THE WHOLE AREA. WE HAD TO SCALE BACK.

WE'RE WORKING WITH THE CITY TO FIND SPECIFIC LOCATIONS --

>> WHAT I'VE GOT HERE POTENTIAL LOCATIONS.

THIS THE STILL OF FT. PIERCE JUST ACQUIRED THIS SCHOOL FROM SAMS COUNTY. GREAT LOCATION TO BE THE HUB FOR THE SMART NEIGHBORHOOD. WE ALREADY HAVE FIBER THERE.

EXCUSE ME AND IT WOULD BE GREAT LOCATION TO PUT PUBLIC WIFI THERE IN THE PLAZA ON THE NORTH AND STRENGTH STREET.

MAYBE THE TRANSIT FACILITY. MAY THE LINDSEY SCHOOL OF ARTS ASSOCIATION. PUBLIC WIFI NOT TYPICALLY SOLD AS SERVICE. IT'S REALLY PROVIDED FOR FREE SERVICE. MY BEST ANALYSIS IS THIS.

50 OR 60 YEARS AGO, STREET LIGHTS DIDN'T EXIST.

BUT ONE DAY SOMEONE CAME AND SAID, PROBABLY UTILITY CAME LET ME PUT THIS STREET LIGHT UP. THE CITIES LOVED IT.

WE LOWED IT. WE HAVE STREET LIGHTS ANYWHERE.

[01:00:02]

PUBLIC WIFI WILL BE THE SAME TYPE OF SERVICE FPLA-NET WILL SHOW CASE. WE'LL SHOW YOU THIS THE XH MOVING TORD WAR. I THINK PARTYING WITH THE STILL OF IT WILL BRIDGE THE DIGITAL DIVIDE AND THE EQUITY NEEDED.

I THINK WE'RE WORKING WITH IT. I WOULD LOVE TO PROVIDE MORE DETAILS. I REALLY -- DON'T HAVE ALL THOSE

FIGURED OUT YET. >> YES.

IT MAKES SENSE. >> DOES THAT HELP YOU?

>> YEAH. >> ANY OTHER QUESTIONS?

>> OKAY. THANK YOU, SIR.

>> WELL DONE. >>

[G.4. N. 17th Street Roadway Improvement Project – For Information Only.]

>> MR. TOMPECK. UPDAYLIGHT ON THE NORTH 17TH STREET ROADWAY PROJECT. BASED ON YOUR REQUEST MR. MATTHEWS. ERIC MEYER WILL MAKE THE PRESENTATION. THANK YOU MR. TOMPECK.

CHAIRMAN MATTHEW AND MEMBERS OF THE BOARD.

I'M ERIC MEYER SUPERVISE ENGINEER FOR ELECTRIC AND GAS ENGINEERING DEPARTMENT. TONIGHT I WOULD LIKE TO PROVIDE A STATUS UPDATE THIS EVENING ON OUR NORTH 17TH STREET ROADWAY IMPROVEMENT PROJECT BETWEEN ORANGE AVENUE AND AVENUE D.

BEGINNING THE UPDATE I WOULD LIKE TO QUICKLY DISCUSS THE REASON FOR THE PROJECT. NATURAL GAS FACILITY EXISTING TWO STEEL NATURAL GAS MAIN WAS DETERMINED TO BE CONFLICT WITH THE EXISTING SANITARY LINE. THIS WOULD IMPACT THE REMOVAL OF SANITARY LINE AND INTEGRITY OF THE GAS MAIN.

TO RECTIFY THE CONFLICT PLACEMENT OF NEW 2 INCH GAS MAIN WAS INSTALLED. FOR ELECTRIC FACILITY EXISTING POLINGS AND OVERHEAD LINE WERE IN CONFLICT WITH THE CITY OF ROADWAY DESIGN PLAN. THESE LINE WERE ALSO NEEDING REPLACEMENT DUE TO AGE. TO RESOLVE THE CONFLICT FPLA AGREED THE VIABLE SOLUTION TO CONVERT TO UNDERGROUND.

WATER AND WASTEWATER UTILITY HAS CONFLICT WITH THE GAS MAIN AND WISHED TO USE THE OPPORTUNITY TO REPLACE THE INFRASTRUCTURE IN THE AREA. NATURAL GAS CONSTRUCTION STARTED IN MID-JUNE 2020 AND WAS COMPLETED IN LATE SEPTEMBER 2020. THE PROJECT CONSISTED OF FIVE PHASES. PHASE ONE INSTALL TWO INCH GAS LINE FROM ORANGE AVENUE TO OF B. PHASE 2, INSTALLATION FROM AVENUE B TO AVENUE C. PHASE 3 WAS FROM AVENUE C TO CANAL TERRACE. PHASE 4 WAS CANAL TERRACE TO D.

AND PHASE FIVE WAS THE PED GAS LINE ACROSS AVENUE E.

THE OLD TWO-INCH STEEL GAS MAINLY MOVED BY THE CITY CONTRACTOR. ELECTRIC CONSTRUCTION STARTED IN MID SEPTEMBER 2020. IT'S PROJECTED TO BE COMPLETE AROUND MAY OR JUNE OF 2021. THE CITY CONTRACTOR INSTALLED 15-INCH. FROM THE NORTH SIDE OF PROJECT ELECTRIC CONDUIT WORK CANAL TERRACE AND D IS ABOUT 85% COMPLETE. ALL FOUR TRANSFORMER PADS AND TRANSFORMER WERE SET WITHIN THE SECTION IN THE DIRECTION NORTH OF AVENUE D WAS COMPLETED. REMAINING WORK IS THE PLACEMENT OF SECONDARY CONDUIT ON THE EAST SITE OF 17TH AND CABLE HANDLE AND DECORATIVE STREET LIGHT LEFT TO BE INSTALLED.

FOR THE SOUTH SIDE OF THE PROJECT BETWEEN ORANGE AND AVENUE C IS 80% COMPLETE. 6 OF THE 7 TRANSFORMER HAVE BEEN SET. THE REMAINING CONDUIT ARE ON AVENUE C AND EACH 17TH STREET. TWO-INCH CONDUIT INSTALLATION ALONG THE WEST SIDE OF WEST 17TH.

THEY'VE COMPLETED 70% OF THE CONDUIT WORK FOR THE NEW DECORATIVE STREET LIGHTS. THE POLES WILL BE REMOVED WHEN THE DECORATIVE LIGHTS ARE INSTALLED AND ENERGIZED.

THE COMMUNICATION FACILITY FROM THOSE POLES.

WE'RE LOOKING TO ADD NEW UNDERGROUND SYSTEM IN PLACE BY LATE JANUARY AND EARLY FEBRUARY OF 2021 FOR THE NORTH AND SOUTH SIDE OF THE PROJECT. WE CAN BEGIN THE ACTUAL SERVICE

[01:05:01]

EXISTING OVERHEAD DISTRIBUTION LINE WILL BE REMOVED WHEN THE NEW UNDERGROUND SYSTEM IN PLACE AND ENERGIZED.

IT'S IMPORTANT TO KNOW FPLE WORKING HAND IN HAND TO INCREASE FEASIBILITY. OVERALL WE ARE ABOUT 48% COMPLETE WITH THE ELECTRIC WORK. WATER AND WASTEWATER CONSTRUCTION STARTED IN EARLY JUNE OF 2020.

COMPLETED EARLY DECEMBER. WATER MAIN, SEWER MAIN AND FORCE MAINLY PLACEMENT. INFRASTRUCTURE, SIDEWALK AND DRIVEWAY IMPROVEMENTS AND ROADWAY RECONSTRUCTIONS.

FOR SPECIFICS 1900 LYNNIAR FEET OF WATER MAIN ALONG 42 SERVICES 1500L LINEAR FEET. THE ROAD COST FOR THE PROJECT CONSIST ALL UTILITY COORDINATING TOGETHER REPLACEMENT OF THE FACILITIES. THE COST INCLUDED GAS 180,000.

ELECTRIC 184,000; FIBER WEAR 22,000.

CITY STREET LIGHTING 126,000, SEWER 328,000 AND WATER AT 220,000 FOR TOTAL COST AROUND 1 MILLION.

LOOK TO HAVE IT FINISHED BY THE SUMMER OF 2021.

>> WITH THAT I WILL TAKE QUESTIONS.

>> I HAVE ONE QUESTION FOR THE SAFETY SIDE.

STREET LIGHTS SIDEWALKS ALL THAT WILL BE PLACED BACK SO THAT THE STREET WHERE THEY TRAVEL KIDS TRAVEL GOING TO SCHOOL.

THAT'S MY UNDERSTANDING. EVERYTHING WILL BE REPLACED BASED WITH STREET LIGHT AND SIDEWALKS.

>> THIS MOST EXPENSIVE PROJECT THAT THE CITY IS DOING WITH THE MONEY IN THIS PARTICULAR YEAR. 17TH STREET.

>> MOST EXPENSIVE. >> AND CONGRATULATIONS ON YOUR

NEW JOB TITLE. >> THANK YOU, MA'AM.

>> THANK YOU. THANK YOU VERY MUCH.

>> THANK YOU. >> THERE'S JUST TWO QUICK ITEMS

[J. DIRECTOR]

OUR NEXT MEETING HERE WILL BE AT 3:00 BECAUSE OF THE HOLIDAY, HOLIDAY ON MONDAY THE CITY WILL BE HAVING THEIR MEETING AT 4:30 THAT AFTERNOON. WE'LL START AT 3:00.

WE SHOULD BE FINISHED IN TIME FOR THEIR 4:30 MEETING.

[K. ATTORNEY]

AND THAT'S ALL I HAVE. >> GOT ANYTHING YOU WANT TO TELL

US? >> MR. CHAIRMAN, JUST BRIEFLY, MEMBERS OF THE BOARD, WE ALL HAVE THAT MEETING JOINT MEETING WITH THE COUNTY AND THE CITY ON JANUARY 15TH.

AS I UNDERSTAND IT TO DISCUSS THE RELOCATION OF THE WATER

TREATMENT PLANT. >> THAT'S THURSDAY.

>> THAT'S THURSDAY. THIS THURSDAY.

>> EXCUSE ME, THE 7TH. >> I THOUGHT IT WAS THE 15TH.

I GET MIXED UP. I DID SOME RESEARCH ON THE OWNERSHIP OF THE PARCELS. AND I UNDERSTOOD THEY WERE OWNED BY THE COUNTY OR THE CITY OF FT. PIERCE.

BUT IT TURNS OUT THAT A SUBSTANTIAL PORTION OF THE FILLED PART OF THE LAND IS OWNED BY THE FT. PIERCE UTILITY AUTHORITY. DEED IN 1975.

NOT ONLY ARE WE A PLAYER IN THE RELOCATION, WE SHOULD BE A THAT PROPERTY, ONCE THE PLANT IS RELOCATED.

AND THAT PROPERTY IS SHOULD BE AN EXTREMELY VALUABLE PIECE OF PROPERTY. AGAIN, I DID NOT KNOW OR REALIZE -- NEVER REALLY LOOKED IT UP THAT WE ARE -- WE ACTUALLY OWN PROPERTY TWO-THIRDS OF THE FILL PROPERTY.

THE CITY OWNS A PORTION OF THE FILL AND MOST OF THE SUBMERGED

[01:10:06]

BUT AT LEAST WE'LL HAVE THAT WHEN WE MEET WITH THE CITY AND COUNTY. JUST THOUGHT IT WAS IMPORTANT FOR THE BOARD TO CONSIDER THE FACT THAT WE ARE A PLAYER IN THE DISPOSITION OF THE PROPERTY. IN ADDITION TO THE COST OF RELOCATING THE PLANT YOU KNOW, HERE IN NEAR FUTURE.

>> IF YOU HAVE ANY QUESTIONS I WILL BE HAPPY TO ANSWER.

>> THANK YOU. >> YEAH, THANK YOU.

>> ANY MEMBERS OF THE BOARD HAVE ANYTHING?

>> IF N

* This transcript was compiled from uncorrected Closed Captioning.