[CALL TO ORDER]
[00:00:08]
>> GOOD AFTERNOON. I WOULD LIKE TO CALL THE FORT PIERCE UTILITIES AUTHORITY MEETING TUESDAY MAY 17TH TO ORDER. PLEASE STAND FOR THE OPENING PRAYER AND THEN JOIN US FOR THE PLEDGE OF ALLEGIANCE.
>> HEAVENLY FATHER WE ASK YOU TO GUIDE US WITH YOUR WISDOM TODAY. [INAUDIBLE] WE'LL ASK YOU TO BLESS THE BOARD AS THEY SEEK YOUR GUIDANCE AND KEEP ALL FPUA IN WORD.
IN JESUS NAME, AMEN. >> I 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 JUST FOR ALL.
[A. SET THE AGENDA]
. >> HAS EVERYBODY HAD A CHANCE TO LOOK AT THE AGENDA? MEMBERS FIND IT ACCEPTABLE DO WE HAVE A MOTION TO
APPROVE? >> MOTION TO APPROVE.
>> SECOND. >> PLEASE CALL THE ROLL.
[B. APPROVAL OF MINUTES:]
HAD A CHANCE TO REVIEW THE MINUTES.DO WE NEED TO MAKE ANY CHANGES? IF NOT CAN I HAVE A MOTION TO APPROVE?
>> YES, MA'AM. AND WE'RE NOW GOING TO MOVE ON TO COMMENTS FROM THE PUBLIC.
IF THERE'S ANY MEMBERS FROM THE PUBLIC THAT WISH TO MAKE COMMENTS COME FORWARD, STATE YOUR NAME, WHERE YOU LIVE
[D. CONSENT AGENDA:]
AND YOU HAVE THREE MINUTES. >> DOESN'T LOOK LIKE THERE'S ANY COMMENTS FROM THE PUBLIC.
WE WILL MOVE -- BEFORE WE MOVE TO THE CONSENT AGENDA OUR ATTORNEY IS ABSENT TODAY.
HE IS SICK. I SPOKE TO HIM THIS MORNING.
THE DIRECTOR'S ALSO SPOKEN AS WELL.
DOES ANYBODY CARE TO MAKE THE MOTION?
>> I MOVE THAT WE EXCUSE HIS ABSENCE.
>> DO I HAVE A SECOND? >> I HAVE A SECOND.
WE HAVE A SHORT LIST. PRESUME WE HAVE NO ISSUES WITH MAKING A MOTION TO APPROVE THE CONSENT AGENDA?
>> I MOVE TO APPROVE THIS CONSENT AGENDA.
>> I WILL SECOND IT. >> WOULD YOU PLEASE CALL THE ROLL.
[E. RECOGNTION OF EXCELLENCE:]
AND NOW MOVING ON TO OUR FAVORITE PART OF TODAY'S MEETING THAT'S THE RECOGNITION OF EXCELLENCE.I BELIEVE WE HAVE AT LEAST ONE AWARD.
>> GOOD AFTERNOON. AND FPUANET AWARDED CORNERSTONE AWARD FOR TELECOMMUNICATION PROGRESS.
EVEN THOUGH WE'RE IN THE STAGES OF DEPLOYMENT WE'RE RECOGNIZED AS MOST NOTABLE TO DEPLOYMENT FOR FIBER TO
THE HOME. >> GOOD AFTERNOON MR. CISNEROS AND MEMBERS OF THE BOARD.
I'M PLEASED AND HONORED TO PRESENT THE CORNERSTONE AWARD FROM COMMUNITY BROADBAND.
WE ARE ONE OF SIX SERVICE PROVIDERS IN THE NATION TO RECEIVE THE AWARD. I RECEIVED MAY 4TH IN HOUSTON, TEXAS FOR EFFORTS IN LINCOLN PART.
WE HAD A COUPLE OF NATIONAL ARTICLES WRITTEN AND SOME PODCASTS DONE. WHEN THEY LOOKED AT THAT THEY LOVED THE IDEA OF BRIDGING DIGITAL DIVIDE FT. PIERCE AND HELPING TO YOU KNOW RESTORE DIGITAL EQUITY TO CERTAIN AREAS OF FORTH FT. PIERCE.
EACH YEAR A GROUP IS SELECTED AND VOTES TO BE-STOWE THIS AWARD HALF DOZEN OR SO PROVIDERS.
DEVELOPMENTS, OR MUNICIPALITIES COMMUNITIES AND COMPANIES. WITHOUT STANDING ACCOMPLISHMENT INS THE AREA OF DELIVERING TELECOMMUNICATIONS FOR THE BENEFIT OF THE END USER.
SINCE 2004 THE CORNERSTONE AWARD HAVE INCLUDED RECOGNITION FOR THE MOST NOTABLE DEPLOYMENTS.
JUST WANTED TO BRING THAT TO YOU GUYS TODAY.
ANY QUESTIONS? >> THANK YOU, GOOD JOB.
>> I HAVE A QUESTION. DID YOU SAY THE ARTICLES WERE WRITTEN IN TRADE MAGAZINES ABOUT THE PROJECT?
>> YES >> COMMUNITY BROADBAND MAGAZINE IS ONE ARTICLE THAT IT IS WRITTEN IN.
>> COULD YOU SHARE THAT WITH US?
>> THERE WAS ANOTHER ONE COMMUNITY MUNICIPAL
[00:05:06]
COMMUNITY -- SOMETHING LIKE THAT.THERE'S ANOTHER ARTICLE WRITTEN.
I THINK LAST WEEK RACHEL AND I JUST WAS ON THE BROADBAND BUNCH. WE DID A PODCAST WITH THEM.
AND THEN ME AND MR. CISNEROS DID A BROADCAST WITH COMMUNITY BROADBAND MAGAZINE A FEW WEEKS BACK.
ALL AROUND THE PROGRESS THAT'S HAPPENING HERE IN
FT. PIERCE. >> SEND US THE LINK.
>> THANK YOU. I DOESN'T LOOK WE HAVE ANY
[G.1. Bid No.19-10: Approve Amendment 1 to the 69kV Breaker Replacements Contract with Hitachi Energy USA Inc., formerly ABB DE Inc., of Cary, North Carolina, to: (i) update the Contractor's entity name, (ii) extend the contract term through April 16, 2027, (iii) include upgraded scope of work, specifications and pricing, and (iv) increase the not to exceed contract amount by $141,611 from $429,306 to $570,917, contingent on receiving the required Certificate(s) of Insurance.]
OLD BUSINESS. WE WILL MOVE TO NEWBUSINESS. >> THE FIRST ITEM THIS AFTERNOON IS REQUEST TO APPROVE AMENDMENT FOR THE PURCHASE OF 69KV BREAKERS. ERIC MEYER ELECTRIC GAS AND ENGINEER WILL PRESENT THIS ITEM.
>> THANK YOU, MR. CISNEROS. GOOD AFTERNOON CHAIRMAN FEE AND MEMBERS OF THE BOARD. ON APRIL 16TH BID NUMBER PE.
STAFF WAS NOTIFIED THE BREAKERS UNDER THIS BID WERE GOING TO BE DISCONTINUED AND REPLACED WITH NEW LINE OF BREAKER. THE NEW LINE OF BREAKER SIMILAR TO DISCONTINUEDED TYPE.
ACCEPT THE ONE LINE MODIFIED CONTROL CABINET TO PROVIDE FOR EASIER MAINTENANCE IN HIGHER INTERRUPTING CURRENT CAPACITY RATING MEANING THE NEW UNIT ARE CAPABLE OF PROVIDING MORE ROBUST PERFORMANCE THAN THEIR EXISTING COUNTER PARTS. ON FEBRUARY 28TH PROVIDED FEW LINE OF BREAKER IN PREPARATION FOR ANNUAL CONTRACT RENEWAL. ALSO STAFF REVIEWED THE PERFORMANCE OF THE 69KV BREAKERS ALREADY IN SERVICE WITH THIS MANUFACTURER. IT REACTED POSITIVELY TO REACTION TIME EASE OF MAINTENANCE AND GENERAL RELIABILITY. STAFF RECOMMENDS THE APPROVAL WITH NEW LINE OF BREAKER WHICH INCLUDE THE NAME CHANGE FROM ABB TO HITACHI.
THE EXTENSION OF THE CONTRACT TO ALLOW FOR REMAINING FIVE BREAKERS TO BE PURCHASED ANNUALLY OVER THE NEXT FIVE YEARS. UPGRADED SCOPE OF WORK NEW BRAKER SPECIFICATIONS AND INCREASE OF THE NOT TO EXCEED PRICE FROM 429,326, 570,917.
CONTINGENT ON RECEIVING THE REQUIRED CIRCUITS OF
>> I UNDERSTAND THAT WE'RE ACTUALLY LOOKING AT NEW BREAKERS AND HAVE WE LOOKED INTO ASKING OTHER COMPANIES BECAUSE FROM 429, 306, 570,917.
THAT'S A BIG JUMP. >> WHEN WE DID ORIGINALLY IN 2019. WE WENT OUT TO BID AND WE GOT SOME VENDORS WHO CAME BACK WITH BREAKER SPECIFICATIONS FOR US. THE REASON THAT WE WANTED TO AMEND THE CONTRACT IS BECAUSE OF THE VOLATILITY OF THE SUPPLY CHAIN RIGHT NOW. THE BREAKERS THAT WE ARE CURRENTLY USING ARE IN GOOD CONDITION.
EASE OF MAINTENANCE IS REALLY GOOD.
THE REACTION TIME WE'VE SEEN ON THEM.
WE PROTECT THE CIRCUIT. THEY'VE BEEN VERY GOOD.
AND WE RECOMMEND MOVING FORWARD WITH THESE ONIES THY WERE BETTER THAN THE OTHERS ONE ON THE MARKET AT THE I'M. BECAUSE OF THE FUTURE AND AT TRIBUTES OF THEM WE RECOMMEND EXTENSION OF THEM.
WE WILL SAY THAT WE ARE EXTENDING THE CONTRACT TIME LINE TO DO ONE ANNUALLY BECAUSE OF THE PRICE VOLATILITY. WE'RE NOT DOING A TWO OR THREE PER YEAR. WE WANT TO MAKE SURE IF THE PRICE DOES INCREASE, OUT OF OUR CONTROL WE HAVE THE OPTION TO ACTUALLY CAN THIS AND MOVE FORWARD AT SOME
OTHER TIME. >> HOW MUCH IS ONE?
>> ONE BREAKER RIGHT NOW IS $64,000.
>> WHAT'S THE PER UNIT PRICE INCREASE OUT OF CURIOSITY.
>> ORIGINALLY AT $33,000. $33, 600.
>> THEY DOUBLED IN PRICE. THE IDEA TO TIE END THE
PRICE. >> THAT'S CORRECT, YES.
DUE TO MARKET VOLATILITY. WE HEARD PRICES HAVE NOT BEEN GUARANTEE AND THEY RATES. TO RISE AT FAST -
>> THERE'S NOTHING THAT CONTRACTS THAT COMMITS US TO
[00:10:03]
CONTINUE WITH THE PURCHASE ORDERS?>> THAT'S CORRECT. ONE PER WE'RE.
WE HAVE THE OPTION TO CANCEL AFTER ONE YEAR.
THIS INITIAL ORDER WILL BE FOR ONE BREAKER.
THE NEXT YEAR WHEN WE RENEW IT WILL BE FOR ONE MORE BREAKER. IF IT'S DETERMINED THEY COME BACK WITH ANOTHER PRICE INCREASE THAT WE CAN'T HANDLE OUR CAN'T AFFORD, THEN WE WILL TERMINATE THE CONTRACT. DEPENDING ON THE BUDGET.
>> AND HOW IS THIS SAVING US MONEY OVERALL?
>> THE BREAKERS THAT WE'RE REPLACING OUT IN THE FIELD ARE AGING AND IN BAD CONDITION NOW.
A LETTER OF THE BREAKERS THAT WE'RE SEEING ARE JUST GETTING LEAKS. THE MAINTENANCE ON THEM IS BECOMING TEDIOUS NOW. SOME OF OUR SUBSTATION GROUP HAS TO PATCH THESE REGULARLY, PUTTING IN GAS ON SOME ONES THAT HAVE FAILED. IT'S A LOT OF MAINTENANCE AND THE COST SAVINGS WILL BE THAT MAINTENANCE OVER TIME.
WE EXPECT THE BREAKERS WILL BE ABLE TO REPLACE THEM.
AND BE ABLE TO BE USED FOR AT LEAST THE INDUSTRY
STANDARD LIFETIME. >> HOW MUCH DO YOU THINK
THAT WE'LL BE SAVING? >> THAT -- I DON'T HAVE SPECIFIC DOLLAR VALUE. BUT I DO KNOW THAT THE BREAKERS THAT WE'RE SEEING COULD GO UP TO ABOUT 25 YEARS PLUS IN LIFETIME. IT WOULD BE A MATTER OF GOING ABOVE THAT VALUE THERE.
WHICH I ANTICIPATE BEING A GOOD COST SAVINGS FOR US.
BECAUSE WITH THE BREAKERS THAT WE HAVE NOW, THEY COULD FAIL AT ANY TIME. WE WOULD HAVE TO REPLACE IT.
REGARDLESS. >> ERIC, CORRECTION ME IF I'M WRONG SOME OF THE BREAKER YOU ARE REPLACING
ARE 40-PLUS YEARS OLD. >> THAT'S RIGHT.
>> WE'RE SEEING THEM. POSSIBLY COULD BE A FAILURE
ANYTIME. >> THEY ARE BEYOND THE 25-YEAR LIFE EXPECTANCY. IT'S PRETTY SURE WE MAINTAIN TO HAVE RELIABILITY IN OUR ELECTRIC SYSTEM.
>> ONE OF OUR BREAKERS IS LEAKING AND IT'S BECOMING AN ISSUE FOR US. THE FACT THAT WE HAVE TO CONTINUALLY PROVIDE MAINTENANCE ON IT.
I DON'T KNOW THE COST SPECIFICALLY OF OUR CREWS GOING OUT IN THE MIDDLE OF THE NIGHT IF IT DOES HAPPEN.
BUT THE -- I ANTICIPATE THE COST THAT REPLACING IT NOW VERSES HAVING THE MAINTENANCE DONE OVERTIME WILL PROVIDE THE UTILITY COST SAVINGS.
>> HOW MANY BREAKERS HAVE WE REPLACED SINCE THE CONTRACT
PUT IN PLACE? >> WE REPLACED THREE.
WE HAVE TWO THAT WERE CURRENTLY DESIGNING IN REPLACING. AND THERE'S ALSO TWO THAT HAVE BEEN WERE SCHEDULED TO BE HERE ON SEPTEMBER OF 2021. BUT DUE TO SUPPLY CHAIN ISSUE THEY'VE BEEN PUSHED BACK TO JUNE OR JULY OF THIS
YEAR. >> WE LOCKED IN OUR COST FOR
>> WE PROCURED 7 BREAKER. WE NEED THE REMAINING FIVE OF THE CONTRACT. WE SLOW THAT DOWN TO ONE PER YEAR AND SEE IF THE PRICE NORMAL IZES IS WHAT I HEAR.
DOES THAT CONTRACT MEAN THE PRICE STAYS THE SAME?
>> THAT'S THE HOPE. BUT THEN YOU MAY NOT COMMIT TO THAT. THAT'S WHY WE HAVE THE ANNUAL RENEWAL. IF THEY DO JUMP TO LEVEL THAT WE CAN'T HANDLE, WE WILL BE ABLE TO TERMINATE
THE CONTRACT. >> TOMORROW AT THE FIRE BOARD, THERE'S A WHOLE LIST OF THINGS THAT THE FIRE DEPARTMENT IS ORDERING. AND LOCKING IN THAT THEY WILL NEED IN THE NEXT FIVE YEARS INCLUDING FIRE TRUCKS AND THE WHITE FLEET AND THE RED FLEET.
BECAUSE OF SUPPLY CHAIN ISSUES AND TO LOCK IN THE PRICES. BECAUSE THEY EXPECT THEM TO
BE GOING UP AND UP AND UP. >> IF THEY CONTINUE TO GO UP. YOU SAID THAT WE WILL TERMINATE THE CONTRACT. WE HAVE THAT OPTION TO TERMINATE THE CONTRACT. WHO WOULD WE GO WITH THEN?
>> AT THIS POINT WE WOULD DOGO BACK OUT TO BID. SEE WHAT OTHER PRICES WE COULD GET. PROBABLY I DON'T KNOW FOR FUTURE. WHAT WE WOULD DO IN FUTURE IF THAT'S THE CASE IF PRICES ARE OUT OF CONTROL THAT BADLY. WE PROBABLY SHELF THE PROJECT AND WAIT FOR PRICES TO GO DOWN.
OUR HOPE IS THAT THEY DON'T INCREASE OUT OF CONTROL LIKE THEY HAVE BEEN. BUT IT'S HARD TO TELL WITH
THE CURRENT MARKET. >> I'M JUST CONCERNED WITH OKAY IF THEY GO OUT OF CONTROL, AND WE HAVE TO GO BACK OUT AND YOU SAY WE'LL WAIT.
WHAT IF SOMETHING HAPPENS? THEN WHAT?
WHAT WILL WE DO? >> WE WOULD MAINTAIN IT THE
[00:15:04]
BEST WE CAN. WE HAVE A LOT OF STOOLS WITH THE SUBSTATION GROUP. WE WOULD MAKE SURE THE SYSTEM CAN GET BACK ONLINE AS QUICK AS POTENTIAL.WE HAVE A LOT OF CONTINGENCY ON THE SYSTEM WHERE WE COULD ISOLATE THE BREAKER AND MAINTAIN THE FLOW OF SERVICE
IN THE SYSTEM. >> WE MOST LIKELY WOULD PURCHASE A BREAKER UNDER EMERGENCY PROCUREMENT.
YOU NEED IT NOW. YOU PAY FOR IT.
>> IF SOMETHING DID HAPPEN WE COULD DO EMERGENCY PROCUREMENT. NO GUARANTEE WHAT THAT COST WOULD BE. DEFINITELY MORE THAN BUYING
ONE THROUGH A CONTRACT. >> THE LAST TWO ABOUT EIGHT MONTHS PAST DUE. THE NEWEST ONE, WHAT IS THE
TIME LINE ON THAT EQUAL >> THEY HAVEN'T GIVEN US A TIME LINE. DUE TO THE SUPPLY CHAIN CONSTRAINT ISSUES. I IMAGINE IT COULD BE ANOTHER EIGHT MONTHS POSSIBLY.
PREVIOUSLY WHEN THEY DID GIVE US THE ORDER I WANT TO SAY IT WAS PROBABLY ABOUT HAD MAYBE A FOUR MONTH LEAD TIME. THEY ABOUT DOUBLED IN LEAD
MAINTAINS. >> DO YOU FEEL LIKE WE SHOULD BE LOOKING AT OTHER VENDORS NOW? JESUS BECAUSE OF THE TIME LINE.
>> I RECOMMEND STAYING WITH THE VENDOR.
JUST BECAUSE OF THE EASE OF MAINTENANCE.
AND THE GENERAL LIABILITY OF THEM.
PREVIOUSLY WHEN WE LOOKED AT PAST BREAKERS WE DETERMINED THESE WERE THE BEST ONES AVAILABLE TO US.
IT'S POSSIBLE THAT WE COULD GO BACK OUT AND GET A CHEAPER BREAKER. BUT THE BREAKER MAY NOT MEET THE SPECIFICATIONS. AND OUR SUBSTATION GROUP LIKE WORKING WITH THESE ONES AND THEY BECOME FAMILIAR WITH THEIR OPERATION. AND MAINTENANCE AND ALL
DO WE HAVE ANY MORE QUESTIONS?
>> ANYONE CARE TO MAKE A MOTION TO APPROVE.
>> I MOVE TO APPROVE. >> I WILL SECOND.
[G.2. Natural Gas Rate Stabilization Fund Update - April 2022]
THE NEXT ITEM THIS AFTERNOON IS INFORMATION ITEM FOR NATURAL GAS RATE STABILIZATION FUND UPDATE.
SUPERINTENDENT WILL PRESENT THIS ITEM.
>> THANK YOU MR. CISNEROS, CHAIRMAN AND MEMBERS OF THE BOARD. STAFF RERUN THE SENSITIVITY ANALYSIS WHICH INCLUDES ACTUALS AND PRELIMINARY DATA FOR APRIL. NATURAL GAS PRICES HAVE BEEN TRENDING UP SINCE THE BEGINNING OF JANUARY.
THE PRICE OVER THE LAST FEW MONTHS AVERAGED ABOUT 4.73 A DECOTHERM. IN APRIL STRONG DEMAND SPURRED BY COLDER THAN NORMAL WEATHER.
TEMPERATURE BUILT ON STRONG CONSUMPTION.
LEVELS DRIVEN BY HIGHER POWER BURN.
INJECTION PER DAY FOR THE WEEK ENDING APRIL 22ND, 2022. STAND BELOW THE AVERAGE.
CURRENT WORKING GAS LEVELS AND UNDER GROUND STORAGE 21% BELOW YEAR-AGO LEVELS AND 17% BELOW THE FIVE-YEAR AVERAGE. INCREASE PGA APPROVED BY THE BOARD ON APRIL 19TH, 2022. NEGATIVE TWO CENTS CCF TO POSITIVE 28 CENTS A CCF. EFFECTIVE MAY 1ST.
2022. THE PRICE OF GAS HAS RISEN OVER $2 SINCE THE BEGINNING OF THE YEAR.
THIS IS THE CHART FROM LAST YEAR SESSION THAT I MESSED UP ON. THIS IS WAY IT WAS SUPPOSED TO LOOK. THIS WILL SHOW TEN CCF AT THE PERSON. NEGATIVE PAY 29 POINLT 74.
THEN $3 # 2.14 AND POSITIVE 28 CENTS SHOW $32.74.
[00:20:06]
>>> AND THE PLUS 20.28 WHAT THE BOARD APPROVED.
>> THAT'S WHAT THE BOARD APPROVED.
>> THIS IS BILL OF COMPARISON WITH CITY GAS.
THE UNFORTUNATE THING, THIS IS MARCH AND APRIL'S BILL FOR CITY GAS. CITY GAS BILLED THE PERSON FOR BOTH MONTHS. I KNOW THAT'S NOT THE FACT WHICH MEANS CITY GAS IS NOT READING THEIR METER.
AT NEGATIVE TWO CENTS FOR MARCH AND APRIL, .
NOW WITH THE NEW 28 CENTS WE'RE GOING TO BE PAYING $68.56 AND AS SOON AS WE GET THE BILL FOR MAY I WILL DO BILL COMPARISON FOR NEXT MONTH.
BUT NOT ONLY THAT, WE'VE REACHED OUT AND THEY WILL COLLECT DATA ON OTHER ALL UTILITIES SO WE CAN DO MORE
BILL COMPARISON ON THESE. >> THIS WAS FOR INFORMATION ONLY. DOES ANYONE HAVE ANY
>> IS THERE -- I KNOW WE ASKED YOU TO BREAK OUT YOUR CRYSTAL BALL ON THE REGULAR BASIS.
IS THERE ANY PROJECTED TIME LINE WHERE WE MIGHT SEE ANOTHER FLUBBING WASTE OR CHAR FLUCTUATING PRICE. TODAY $7.66.
>> LOTS OF VOLATILITY. >> IT'S CHANGING FASTER THAN WHAT WE CAN DO ANYTHING WITH.
>> LOOKS LIKE FROM THE GRAPHS WE WILL KEEP A STATUS QUO UNTIL AT LEAST PERHAPS SEPTEMBER?
>> SEPTEMBER OR OCTOBER. ANY OTHER QUESTIONS OF THE
[G.3. Status Report on Electric Power Cost Adjustment (PCA) for March 2022]
>> MR. CHAIRMAN THE NEXT ITEM IS A STATUS REPORT FOR ELECTRIC POWER COST ADJUSTMENT FOR MARCH OF 2022. MICHELLE HARRIS FINANCE MANAGER WILL PRESENT THIS ITEM.
>> THANK YOU MR. CISNEROS, CHAIRMAN FEE AND BOARD MEMBERS. I HAVE THE UPDATED NOTICE ON THE STATUS OF THE MARCH POWER COST ADJUSTMENT ALONG WITH UPDATED 12-MONTH PROJECTION THROUGH MARCH OF NEXT YEAR. FPUA COST OF POWER RECOVERED THROUGH CUSTOMER BILLING. POWER COST RECOVERED THAT ARE IN EXCESS OR $79.52 BASE POWER COST ARE ACCUMULATED AS AN OVER RECOVERY OR THE RATE STABILIZATION FUND.
IN ORDER TO RETAIN SUFFICIENT FUNDS TO PAY FOR OUR POWER COST WE LIKE TO MAINTAIN PCA RESERVE BETWEEN 1 AND 5 MILLION DOLLARS. WITH ANY EXCESS FUNDS WOULD GO BACK TO THE CUSTOMER WHEN POSSIBLE.
THE COST OF PURCHASE POWER FROM FMPA FROM THE MONTH OF MARCH BILLED $84.85. DECREASE OF 9.41 COMPARED FEBRUARY. WE RECEIVED THE APRIL BILL.
AND OUR APRIL BILL BLENDED RATE WAS 98.
EVEN THOUGH IT WENT DOWN IN MARCH.
FOR THE MONTH OF MARCH, FPUA EXPERIENCED OVER RECOVERY OF POWER COST FROM THE CUSTOMER OF 116,000 WHICH INCREASES THE OVER RECOVERY TO 1.7 MILLION.
THIS CHART TRACKS CUMULATIVE BALANCE IN RELATION TO ACCRUED POWER COST ADJUSTMENT LEVELS.
PCA LEVELS BACK WITH TWO YEARS OF ACTUALS AND PROJECTIONS FOR 12 MONTHS THROUGH MARCH OF '23.
THE AMOUNT OF THE POWER COST ADJUSTMENT IS REPRESENTED BY THE DARK BLUE LINE. WHICH FOR THE MONTH OF MARCH WAS 18 FOR KILOWATT HOURS. THE BOP O CHART REP FENT THE LEVEL OF THE RECOVERY. AGAIN OUR GOAL TO MAINTAIN ABOVE $1 MILLION WHICH ALLOWS FLUCTUATION IN PRICING. THE ORANGE BAR SHOW WHAT THE PROJECTED OVER RECOVERY WOULD BE IN THE FORECASTED NUMBERS ARE CORRECT. CURRENT FORECAST WITH THE RECOMMENDED ADJUSTMENT TO PCA TO THE END OF THE YEAR WILL KEEP THE RESERVES WITHIN THAT RATE STABILIZATION FUND. THE PROJECTION HAVE BEEN PREPARED BY FINANCIAL CONSULTANT AND BASED ON DATA
[00:25:03]
FORECAST REPAIRED BY FMPA. THE ESTIMATE OF THE COST OF PURCHASE POWER FOR THE UPCOMING 12 MONTHS HAS INCREASED BY 10%. THIS GRAPH PRESENTS A SIMILAR COMPARISON OF UPDATES PROJECTIONS TRENDING THE POWER COST RECOVERY THROUGH MARCH OF '23.AS MENTIONED THE RATE STABILIZATION FUND IS SET BETWEEN 1 AND 5 MILLION. THE GRAY LINE MAINTAINS THE CURRENT PCA OF $18 THROUGH MARCH OF NEXT YEAR.
THE RISING PROJECTION IN THE COST OF PURCHASE POWER HAD MODERATED THE IMPACT OF $18 OVER TIME.
KEEPING IT ABOVE THE ZERO MARK AND MAINLY WITHIN THE RSF. THE GREEN LINE JUST PROVIDES ANOTHER SCENARIO FOR INCREASING THE PCA OF $4 IN JUNE TO $22 MAINTAINING THROUGH THE SUMMER AND LOWERING IT $4 AGAIN IN OCTOBER.
PCA LEVEL OF 18, IF MAINTAINED WILL BE OVERCOLLECTION BELOW THE RFS UNTIL SEPTEMBER PROVIDING THERE'S NO UNUSUAL SHIFTS IN PROJECTED COSTS.
STAFF MONITORS ON THE CONTINUUAL BASIS.
IF YOU HAVE ANY QUESTIONS, I WILL BE GLAD TO ADDRESS
THEM. >> I WOULD LIKE TO ADD THAT JACOB WILLIAMS FROM FMPA WILL BE AT THE NEXT BOARD MEETING TO TALK ABOUT THE POWER COST.
HE'S BEEN MAKING HIS ROUNDS THROUGHOUT THE STATE TOO TALK ABOUT THIS SPECIFICALLY.
IT'S PRETTY IMPORTANT AND WE'LL TALK ABOUT THIS.
I WILL MENTION IT NOW. WE'LL BY BRINGING A RESOLUTION BEFORE THE BOARD TO DESIGN AS THE BOARD SO WE CAN SEND TO THE REPRESENTATIVES AND THE WHITE HOUSE. TO OPEN UP MORE WELLS AND PIPELINES. BECAUSE FLORIDA -- WELL, FLORIDA SPECIFICALLY, IS EFFECTED THE MOST BY THE RESTRICTION THAT WE CURRENTLY HAVE UNDER THE ADMINISTRATION. BECAUSE FLORIDA HAS PRODUCES ABOUT 75% OF NATURAL GAS. FLORIDA THE MOST AFFECTED BY THESE REGULATORY RESTRICTION THAT WE HAVE IN PLACE NOW.
JACOB WILL COME GIVE US A UPDATE ON THAT.
AND AT THE SAME TIME WE WILL ASK THE BOARD TO SIGN THE LETTER, ASKING THE ADMINISTRATION TO LOOSEN UP THE RESTRICTIONS. IT'S AN EQUILIBRIUM EQUATION. IF WE TAKE OUT MORE THEY NEED MORE TO GET THE DEMAND WE WANT.
>> ARE THERE ANY RECOMMENDATION?
>> WE RECOMMEND TO MAINTAIN $18.
>> I HAVE A QUESTION. SO YOU SAY WE'RE RECOMMENDING THAT IT STAYS AT 18.
I SEE HERE $4 INCREASE IN JUNE.
YOU'RE SAYING BUT IN JUNE WE'RE GOING ASK FOR
INCREASE? >> THAT'S ANOTHER SCENARIO.
THIS GRAY LINE WILL BE -- IF WE KEEP IT AT $18 FOR NOW.
WITH NO ALL THE WAY UNTIL MARCH 23RD.
THAT'S WHERE WE WILL STAY WITHIN THE RATE STABILIZATION FUND. WE WILL DIP DOWN IN THE SUMMER. IT WILL CREEP BACK UP.
THE GREEN LINE WAS ANOTHER SCENARIO AND OPTION SO YOU CAN SEE WHAT THAT CHANGE WOULD DO.
>> OKAY. ANY OTHER COMMENTS FROM THE
BOARD? >> THAT WOULD BE GOING THE
OPPOSITE OF WHAT -- >> OUR PLAN IS.
>> IT'S NOT WORKING. >> WELL IT WAS WORKING OUT
ANY SORT OF PRE -- >> IF YOU REMEMBER LAST YEAR WE WERE AT NEGATIVE 12PCA FOR ALMOST A YEAR.
OR A LITTLE BIT LONGER THAN A YEAR.
NOW WE'RE ON THE OTHER SIDE OF THAT.
IT'S SOMETHING WE HAVE TO VERY CAREFULLY MANAGE AS STAFF AND BOARD AND TO UNDERSTAND WHAT THAT MEANS.
I THINK THE RECOMMENDATION NOT TO MAKE A CHANGE.
NOT MAKE ANY CHANGE TODAY IS APPROPRIATE.
>> I DON'T THINK WE SHOULD MAKE A CHANGE.
>> OR THAT CHANGE. >> NOW TO RAISE THE PCA AND RAISE RATES IN THE SUMMER MONTHS.
I DON'T KNOW IF WE WILL MAKE IT OUT OF THIS CHAMBER.
MICHELLE WILL PRESENT THE NEXT ITEM AS WELL.
MR. CHAIRMAN, IT'S >> DID YOU HAVE A FOLLOW UP
WHAT HAPPENS IF WE ALLOW THE RATE STABILIZATION FUND TO GO NEGATIVE? ARE WE ALLOWED TO DO THAT?
>> WE HAVE SET THOSE LIMITS INTERNALLY.
IT'S JUST FINANCIALLY SOUND TO NOT GO BELOW A MILLION.
[00:30:01]
BECAUSE WE HAVE SEEN WHERE ALL OF A SUDDEN WITHIN A MONTH IT CAN GET DEEP DOWN FURTHER.IF WE'RE NOT RECOVERING THAT, THEN WE'RE DIPPING INTO OUR UNRESTRICTED CASH. WE TRY TLE.
>> WE HAVE TO MAINTAIN THAT. THAT'S PRETTY IMPORTANT FOR US. OUR BOND COUNCIL IS HERE TODAY. HE MIGHT HIT ON THAT SPECIFICALLY. WE HAVE RESOLUTIONS HERE FOR THE KNEW -- NEW BONDS THAT WE.
IT'S IMPORTANT TO PROTECT THAT.
>> IMMEDIATELY, I NOTICED THE SAME THING THAT THE REST OF THE BOARD DID. WHICH IS WE WERE REALLY BANKING ON THE FACT THAT WE WOULD BE ABLE TO LOWER THE PCA DURING THE SUMMER MONTHS.
AND PROVIDE THAT TYPE OF RELIEF.
THE CHARTINGS DON'T APPEAR THAT WE'RE GOING TO HAVE THAT OPTION UNLESS WE CONSIDER DOING OTHER THINGS THAT WE HAVEN'T PREVIOUSLY DONE.
I WAS EXCITED TO BE ABLE TO RECOMMEND THAT WE REDUCE THE PCA SIGNIFICANTLY TO COINCIDE WITH THE RATE HIKES
THAT JUST GOT APPROVED. >> AND I THINK WHAT YOU ARE TALKING ABOUT EXACTLY WHAT WE EXPECTED.
A LOT OF THE REGULATORY RESTRICTIONS THAT WE'RE TALKING ABOUT HAVE COME -- WE HAVE ONE ON FRIDAY. WE HAD ONE A COUPLE OF WEEKS AGO. ALL OF THIS IS RELATIVELY,
SIX TO EIGHT WEEKS FRESH. >> WITH THAT BEING SAID.
WHEN MR. MEYER WAS UP GIVING HIS PRESENTATION, EVERYTHING IN ME WAS SAYING, YOU KNOW, WE NEED TO TRY TO PURCHASE AS MANY BREAKERS AS WE CAN NOW.
NONE OF THE ECONOMISTS ARE SAYING THAT PRICES ARE GOING TO GO DOWN. MOST ARE SAYING THEY WILL CONTINUE TO CLIMB. BUT I DIDN'T, BECAUSE WE JUST RAISED RATES BECAUSE WE HAVE SO MANY OTHER THINGS GOING ON. WE HAVE TO PUT OFF PROJECTS LIKE THAT, THEN THAT'S WHAT WE WILL HAVE TO DO.
>> THAT'S RIGHT. >> MAYBE A GOOD WAY TO LOOK AT IT IS. EN THOUGH MAINTAIN $18 MAYBE WE WOULDN'T HAVE TO INCREASE FOUR OR $5 MORE BECAUSE OF WHAT WAS HAPPENING WITH THE ECONOMY.
US MAINTAINING IS A GOOD THING.
BECAUSE MAYBE IF WE DROPPED IT, YOU KNOW, A MONTH ORB TWO AGO WE WOULD HAVE TO GO BACK UP AGAIN.
WE'RE NOT HAVING TO INCREASE, WHICH IS MAYBE THE
WAY TO GO. >> I THINK THAT'S FANTASTIC ADVICE. HOWEVER --
>> WE DIDN'T HIT OUR GOAL. >> WE MAY HAVE HIT OUR GOAL.
>> IT'S OUT OF OUR HANDS. >> IT'S FACTORS BEYOND OUR CONTROL. AND I REMEMBER WHEN WE EMBARKED ON THIS, THAT'S ONE OF THE THINGS WE SAID WHAT IF THINGS CHANGE AND WE CAN'T LOWER IN THE SUMMER TO DO AND THEN I REMEMBERED THE AUTHOR OF THAT PHILOSOPHY, SAID, WELL YOU WOULD HAVE HAD TO DO A WHOLE LOT WORSE.
IT COULD HAVE BEEN A WHOLE LOT WORSE.
THAT DOESN'T HELP. >> NOTICING THAT WE ARE CREEPING DOWN ON THE COMPARISONS IS VERY TELLING AS WELL. THEY ARE ALL FEELING IT.
I HAVE A FEELING NEXT MONTHS BILL COMPARISON WILL PROBABLY BE LOWSER THAN WE USUAL ARE.
>> I TAKE AWAY FROM THIS CONVERSATION THAT RESOLUTION THAT WE HAVE TO PROPOSE TO THE BOARD FOR SIGNATURE IN SUPPORT OF REMOVING SOME OF NOSE RESTRICTIONS IS PRETTY IMPORTANT. YOU KNOW, WE LOOK TO YOU FOR FOR SIGNING THAT LETTER AS THE BOARD SO WE CAN SEND TO TALLAHASSEE AND THE WHITE HOUSE.
BECAUSE JACOB IS WORKING WITH ALL THE CITIES TO DO THAT. AND IT'S IMPORTANT FOR US TO SHOW SOME UNITY THERE ABOUT WHAT THAT MEANS FOR US AS UTILITY. SPECIFICALLY IN FLORIDA.
75% OF THE ELECTRIC COMES FROM NATURAL GAS PRODUCTION.
>> ONE QUESTION I HAD IN RESPONSE TO THAT STATEMENT; I KNOW THAT MANY UTILITIES AND FPUA HAS ONE OF THOSE GROUPS INSTALLING SOLAR FARMS. DO YOU HAVE AN IDEA OF SOLAR PRODUCTION IN FLORIDA.
>> IT HAS DROPPED OFF BECAUSE SOME OF THE PRODUCTION FOR THE PANELS. WE HAVE MEETING SCHEDULED FOR 24TH TO DISCUSS THE NEXT PHASE.
CURRENTLY I BELIEVE WE'RE AT 2 MEGAWATTS OF THE PROJECT THAT WE HAVE. WE'RE NOT SURE WHAT WILL HAPPEN WITH THE NEXT FEW PHASES BECAUSE OF COST OR EVEN THE ABILITY TO GET SOLAR PANELS PRODUCED.
BECAUSE MOST OF THAT STUFF COMES FROM THE MIDDLE EAST
FROM ASIA. >> YOU DON'T HAVE AN IDEA ON THE PERCENTAGE OF PRODUCTION IN FLORIDA?
>> I DON'T. I WILL AFTER THE 24TH.
I WILL GET AN UPDATE THIS THURSDAY.
[00:35:01]
BECAUSE THE FMPA IS AN AGENDA SIMILAR.I WILL FOLLOW UP WITH THAT. MISS GIBBONS, DO YOU HAVE A
QUESTION? >> I RECALL WE HAD ONE OF THE CLEANEST BURNING ELECTRIC POWER GENERATION.
TOP 20, I BELIEVE IN THE COUNTRY.
AND I WONDER IF THERE'S GOVERNMENT SUPPORT FOR THAT.
THAT'S A PRETTY BIG DEAL THAT WE'RE WATCHING WHAT QUESTION ARE DOING FOR THE ENVIRONMENT.
AND YET IT'S NOW IT'S TURNING AROUND AND BITING US FOR IT. WE CAN'T CONTROL THE COST BECAUSE OF THIS. I ALMOST FEEL LIKE THERE'S GOT TO BE A SETTLEMENT THEY COULD OFFER US.
>> I'M NOT FAMILIAR WITH THAT.
I WILL DISCUSS THAT WITH JACOB WILLIAMS. I CAN TELL YOU THAT ONE OF THE THINGS HE AND I TALKED ABOUT WEREN'TS -- WERE THE POWER PLANTS.
WE WILL TRY TO EXTEND THE TIME BETWEEN THE OUTAGES.
THEY ARE HIGHLY EFFICIENT. EVERY DAY A POWER PLANT IS OFF-LINE COST A LOT OF MONEY TO.
THE IDEA TO RUN THE POWER. THEY HAVE GOOD MAINTAIN THE POWER PLANTS. THAT HELPS REDUCE COST.
IF THEY ARE OFFLINE WE HAVE TO BUY IT FROM SOMEWHERE.
>> RIGHT. >> I KNOW THAT DIDN'T SPECIFICALLY ANSWER YOUR QUESTION.
THAT'S LOOK AT WHATS. >> NEXT PRESENTATION.
[G.4. March 2022 Quarterly Financial Operating Results – For Information Only]
MICHELLE WILL BE MAKING PRESENTATION ON THE MARCH 2020 QUARTERLY FINANCIAL REPORT OPERATING RESULTS.>> GOOD AFTERNOON. I WILL PRESENT TO YOU THE FINANCIAL OPERATING RESULT THROUGH MARCH OF '22.
SOME OF THE HIGHLIGHTS FOR THE SIX MONTH TO DATE ARE AS FOLLOWS. YEAR TO DAY OPERATING INCOME IS ALMOST $4 MILLION WHICH IS ABOUT 600,000 LESS THAN THE SAME MONTH SIX MONTHS LAST YEAR AND PRIMARILY DUE TO PURCHASES FOR RESALE. OPERATING REVENUE INCREASED 1.6 MILLION OPERATING INCREASED 6.7.
THAT'S PRIMARILY DUE TO PURCHASES FOR RESALEMENT.
AFTER THE ADJUSTMENT FOR THE CITY OUR MARCH TO YEAR IS ABOUT 1.5 MILLION. OPERATING DAYS OF CASH REMAINS HEALTHY. ELECTRIC OPERATING REVENUES LESS POWER COST UP FROM LAST YEAR BY 1% AND AN OVERALL 3% FOR THE TWO YEARS. CONSUMPTION WAS GREATER BY 2% OVER THE TWO YEARS AGO. THE COST OF OUR PURCHASE INCREASE OVER 4.8 MILLION. ABOUT 17% WHEN COMPARED THE SAME SIX MONTHS LAST YEAR. WATER OPERATING REVENUES OF 9.8 MILLION ARE UP 2% FROM LAST YEAR.
AND COMBINED 8% OVER THE TWO YEARS.
CONSUMPTION IS ACTUALLY SLIGHTLY LOWER THIS YEAR.
ABOUT 1%. BUT OVERALL 5% INCREASE OVER THE TWO YEARS. OUR WASTEWATER OPERATING REVENUE OF 7.1 MILLION UP 2% FROM LAST YEAR WHILE EXPERIENCING A DECLINE IN GALLONS BILLED OF 3%.
THAT'S MAINLY FROM ST. LUCIE COUNTY.
THE COMBINED TWO-YEAR INCREASE UP ABOUT $500,000 WHICH IS ABOUT 8%. NATURAL GAS OPERATING REVENUES LESS GAS COST CONTINUES STEADY CLIMB FOR THE LAST TWO YEARS SINCE 2020.
REVENUES GAS COST UP 3% OVER LAST YEAR AND COMBINED 7% FOR THE TWO YEARS. CONSUMPTION FOR THE TWO YEAR TOLDS ARE UP 8%. GAS CONTRACT SALES HAVE INCREASED 15% AND WOULD INCLUDE NEW CONTRACT CUSTOMER. COST OF GAS INCREASED OVER $600,000 FROM LAST YEAR. THAT'S 26% INCREASE.
OUR DEBT SERVICE COVERAGE IS RATIO OF THE 12 MONTHS AVERAGE OF NET AVAILABLE INCOME TO CURRENT DEBT SERVICE. FOR THE 12 MONTHS ENDING MARCH OF '22 CURRENT RATIO 3.54.
WE MAINTAIN 1.25 FOR BOND COVENANTS.
I KNOW THAT WAS QUESTION. THIS IS INFORMATION ONLY.
I WILL BE GLAD TO ADDRESS ANY QUESTIONS YOU HAVE.
>> ANY QUESTIONS OF THE BOARD?
[G.5. Bill Comparison for the Month of March 2022 – For Information Only]
>> THANK YOU. >> MICHELLE WILL PRESENT THE NEXT ITEM AS WELL. MICHELLE WILL PRESENT THE
[00:40:02]
MARCH 2020 BILL COMPARISON. >> THANK YOU AGAIN.
PRESENTING THE MONTHLY UPDATE AND THE LOCAL TREASURE COAST UTILITIES BILLS FOR THE MONTH OF MARCH. THE FIRST GRAPH SHOWS THE COMPARISON OF RESIDENTIAL ELECTRIC RATES FOR 1,000 KILOWATT HOURS OF CONSUMPTION FOR 13 MUNICIPAL UTILITY MEMBERS OF THE ALL REQUIREMENT PROS PROJECT.
WE REMAIN IN THE SAME POSITION IN THIS COMPARISON AS LAST MONTH. THIS GRAPH DISPLAYS COMPARISON FOR THE STAPLE LEVEL OF CONSUMPTION BUT INCLUDES ALL THE MUNICIPAL UTILITIES IN THE STATE.
OUR MARCH BILL AT 134.84 AT THE HIGHER END.
WE SHIFTED ONE SPOT TO THE LEFT.
WHILE WE MAINTAIN RATES FOR ANOTHER MONTH.
EIGHT OF THE OTHER MUNICIPALS IMPLEMENTED RATE INCREASES. LAST MONTH MISS GIBBONS WANTED TO KNOW WHAT WAS GOING ON WITH PAR ZOE.
THEY INCREASE BY 12. AND THEY ARE ACTUALLY HIGHER THAN US NOW. THEY DIPPED DOWN THIS MONTHS. THE OVERALL IMPACT RESULTED IN MINIMUM INCREASE FOR THE ARP AVERAGE FOR THE MUNICIPAL AVERAGE. THIS GRAPH PRESENTS A SIMILAR COMPARE SOON BUT FOR 2500 KILOWATT HOURS.
OUR MARCH BILL AT 339.80 BRINGS FAR TO THE RIGHT AS THIS GROUP BUT WE SHIFTED ONE PLACE TO THE LEFT ON THIS GRAPH AS WELL. OUR RATE FOR 1,000N-25 KILOWATT HOURS WILL A LITTLE BIT HIGHER THAN THE MUNICIPAL AND THE ARP AVERAGE BUT WE'RE BELOW THE AVERAGES FOR THE INVESTOR OWNED UTILITIES.
THE TABLE DISPLAYED IS MARCH COMPARISON OF THE AVERAGE RESIDENTIAL UTILITY BILL ON THE TREASURE COAST FPUA UTILITY BILL ARE INSIDE ZELL LIMITS AND SHOWN IN THE FIRST COLUMN IN BLUE. ALL OTHER BILLS HAVE ELECTRIC SERVICES BY FP&L AND WATER AND WASTEWATER SERVICES BY THE LOCALITIES PROVIDER.
THE BLUE COLUMN REPRESENTS FPUA UTILITY BILL USING STANDARD CONSUMPTION OF 1,000 KILOWATT OF ELECTRIC AND 6,000 FOR WATER. THE SMALLER TABLE AT THE BOTTOM REPRESENTS THE ACTUAL AVERAGE FOR THE REPORTING MONTH FOR RESIDENT INSIDE CITY.
DURING THE MONTH OF MARCH THE AVERAGE RESIDENTIAL CONSUMPTION FOR ELECTRIC WAS 700 KILOWATT HOURS AND WATER AND WASTEWATER WAS -- WENT TO 5,000 GALLONS.
THERE'S NO RATE CHANGE SINCE PRESENTED.
IF YOU HAVE ANY QUESTIONS, IT WOULD BE GLAD TO ADDRESS
>> THANK YOU, MICHELLE. I BELIEVE WE ARE MOVING ON
[I.1. Series 2022 Bond Resolutions]
WE HAVE THREE RESOLUTIONS TO ADOPT.
BOND RESOLUTION. LAST NIGHT AT THE CITY COMMISSION RATES WERE APPROVED FOR ADJUSTMENTS TO ELECTRIC, GAS AND WASTEWATER SYSTEMS FOR THE CONSTRUCTION OF NEW WASTEWATER PLANT. THE FIRST RESOLUTION UA2022 MASTER BOND RESOLUTION. THE SECOND ONE UA-2022-11 AUTHORIZING RESOLUTION. AND THE THIRD IS UA2022-12 SUPPLEMENTAL SCHEDULE EXHIBITS.
AGAIN MY NAME THE DUANE DRAPER.
WE'VE BEEN PRIVILEGED TO REPRESENT THE AUTHORITY ON THE BOND ISSUES FOR MANY, MANY YEARS.
I DO THE BOND COUNCIL WORK FOR THE FIRM.
WITH ME TODAY IS MY COLLEAGUE ALICIA SMITH.
SHE DOES THE DISCLOSURE WORK FOR THE AUTHORITY.
BEFORE YOU ARE THREE RESOLUTIONS.
THEY COLLECTIVELY AUTHORIZE NOT TO EXCEED 160 MILLION IN AGGREGATE PRINCIPLE AMOUNT OF THE AUTHORITY UTILITY REFUNDING AND RENEW BOND 2022-A FOR THE PURPOSE OF REFUNDING THE OUTSTANDING SERIES 2009 BONDS FOR DEBT SERVICE SAVING AND THEN FINANCING A CAPITAL
[00:45:04]
IMPROVEMENTS TO THE SYSTEM. OTHER THAN TELECOM.SERIES B WHICH IS PART OF THAT AGGREGATE NOT TO EXCEED 160 MILLION WOULD FINANCE THE TELECOM IMPROVEMENTS.
IT'S IMPORTANT THAT THE RESOLUTION BE ADOPTED IN THIS ORDER YOU WILL FIRST BE VOTE ON AMENDED AND RESTATED BOND RESOLUTION UA2022-10. MODERN IZEING BOND COVENANTS FOR ADDITIONAL FLEXIBILITY FOR THE AUTHORITY IN TERMS OF CODIFYING THE TELECOM EFFORTS INTO THE CAPITAL S SYSTEM WITHIN THE BOND COVENANT, BOND COVENENCE PROVIDING MORE FLEXIBLE AND ADDITIONAL BOND TESTS PROVIDING AN ABILITY TO AVOID RESERVE FUNDING IF COST EFFECTIVE. AMONGST OTHER ENHANCEMENTS DUE TO THE FINE WORK OF STAFF AND THE AUTHORITY'S FINANCIAL ADVISOR, AND THE CREDIT FACILITY PROVIDER IN 1999 LAST WEEK GRANTED CONSENT TO THOSE AMENDMENTS.
THE NEXT RESOLUTION YOU WILL BE VOTING ON AUTHORIZING UA-2022-11. WHICH DEFINES THE PROJECTS AND APPOINTS THE UNDERWRITERS LED BY RAYMOND JAMES WITH PNC BEING THE COMANAGER.
FINALLY YOU WILL VOTE ON RESOLUTION UA 2022-12.
WHICH SET FORTHS OTHER DETAILS INCLUDING DELEGATION, PARAMETERS, IF CALL FOR CONDITIONAL REDEMPTION OF 2009 BONDS PROVIDES THE FORM OF THE BONDS, THE POINTS PAYING AGENT AND AUTHORIZES THE ABILITY TO DO BOND INSURANCE IF COST EFFECTIVE.
WE ALSO HAVE A CERTIFICATE AS THE PUBLIC MEETING AND NO CONFLICTS OF INTEREST TO BE EXECUTED BY EACH VOTING BOARD MEMBER TODAY WHICH I CAN PASS DOWN.
I WILL GIVE IT TO JILL. THIS IS JUST ONE ORIGINAL AND ALL BOARD MEMBERS WOULD SIGN ABOVE IT ON IT ABOVE THEIR NAME. THIS COMPLETES MY BRIEF PRESENTATION. AND CERTAINLY WOULD BE HAPPY TO ANSWER ANY QUESTIONS THAT YOU ALL MAY HAVE.
>> ANY QUESTIONS OF THE BOARD?
>> WHAT'S THE CURRENT LENDING RATE?
DO WE HAVE -- >> THE CURRENT LENDING RATE I BELIEVE WAS -- ALL IN RATE WAS AROUND 4.1.
>> 4.3 IS THE ALL-IN RATE. THAT COVERS THE COST OF EVERYBODY INVOLVED IN THE CLOSING.
>> GO AHEAD. I'M SORRY AND YOU SAY THE
CLOSING? >> IT INCLUDES ALL OF THE COST. 4.3, EXCUSE ME 4.3 INCLUDES
ALL OF THE COST. >> IT SAYS NOT TO EXCEED 160 MILLION. THAT'S 100 FOR THE PLANT AND 27 FOR THE SYSTEM EXPANSION. FPUANET AND SOME CLOSING COST. WE OBVIOUSLY WANT TO GO
>> WE DIDN'T WANT TO MAKE THAT NUMBER TIGHT TO THE ACTUAL NUMBER WE'RE BORROWING.
>> I'M SORRY. I DIDN'T GET THAT.
YOU SAY YOU DON'T WANT TO GO OVER 160 MILLION.
WHAT WAS THE ACTUAL NUMBER? >> 127 IS NUMBER.
>> NEW PROJECT COST AND THEN ALSO NOT TO EXCEED 160 MILLION WOULD BE THE COST OF REFUNDING 2009 BOND FOR DEBT SERVICE SAVINGS. THAT'S A CEILING.
WON'T EXCEED 160 MILLION. IT WILL BE WHATEVER IT IS.
IT SHOULD BE LESS. >> THE 2009 BOND WERE REFINANCING TO WILLER INTEREST RATES TO SAVE ON INTEREST. WE HAVE 100 MILLION FOR THE WASTEWATER PLANT. I DON'T REMEMBER THE
EXACT -- >> THIS IS WHERE WE'VE BEEN
HEADING ALL ALONG. >> YES, MA'AM.
>> THIS IS WHAT FOR ANYBODY WHO IS WATCHING OR LISTENING. THIS IS WHAT WE'VE BEEN PREPARING FOR AND LEADING FOR ALL THE PRESENTATIONS THAT HAVE BEEN MADE TO THIS BOARD, PRESENTATIONS MADE TO THE CITY COMMISSION. YOU REVIEWED THE OBIOUSLY WOULDN'T BE SUBMITTING THE RESOLUTION UNLESS YOU WERE COMFORTABLE WITH THEM AND THEY'VE BEEN REVIEWED BY OUR
MR. KOBLEGARD DID REVIEW AND SIGN THEM.
HE'S NOT PRESENT TODAY. WE DID GET A CHANCE TO HAVE
[00:50:03]
HIM SIGN THEM; YES. >> ANY OTHER QUESTIONS OF
THE BOARD? >> YOU SAID THEY ALL-IN RATE IS 4.3%. WHEN WE FIRST STARTED TALKING ABOUT RECEIVING A BOND FOR THIS WORK, WE WERE LOOKING AT THE RATE IN THE 3'S.
I DON'T KNOW I WE DON'T KNOW HOW MUCH OF THAT ALL-THIS IS
COST AND THINGS LIKE THAT. >> JULIE IS NOT HERE TODAY.
ALL-IN RATE 3.75. HERE WE ARE FOUR WEEKS LATER. AND IT'S A LITTLE BIT HIGHER. THIS IS DUANE DRAPER AGAIN.
I THINK RATES HAVE BEEN GENERALLY GOING AGAINST US BUT FROM A PERSPECTIVE STANDPOINT AND I'VE BEEN DOING THIS FOR 27 YEARS AS THE BOND ATTORNEY AND PRIOR TO THAT, IN ANOTHER CAPACITY.
THESE ARE STILL VERY HISTORICALLY LOW RATES IN GENERAL. THEY ARE JUST THEY ARE GOING AND SO WE'RE TIME OF THE ESSENCE WE'RE MOVING FORWARD AS FAR AS POSSIBLE TO ACCESS THE MARKET.
AND THE PARAMETER, THE DELEGATION PARAMETERS, THE UPSIDE NOT TO XOEXCEED 4.50 UNDER ANY CIRCUMSTANCE.
HOPEFULLY THINGS WILL STAY STABLE OR GET BETTER.
IT COULD GET WORSE. THEY CAN'T GET WORSE THAN 4.5% UNDER THE DELEGATION PARAMETERS WITHOUT COMING
BACK TO THE AUTHORITY BOARD. >> LIKE YOU ARE SAYING, COMPARATIVELY, GREAT RATE. NOT AS GOOD AS WE HOPED FOR WHEN WE FIRST STARTED TALKING.
BUT PROBABLY BETTER THAN IT'S GOING TO BE IN WE WAIT.
>> I CAN'T PREDICT THE FUTURE.
I'M NOT A FINANCIAL PERSON. I WOULD SAY THEY'VE BEEN GOING THE WRONG DIRECTION IN THE CONTEXT OF THE LAST 30 YEARS, THEY ARE STILL HISTORICALLY LOW RATES.
>> THEY WOULD HAVE BEEN LOWER A YEAR AGO?
>> THEY WERE DEFINITELY LOWER A YEAR AGO.
>> PROBABLY HIGHER TWO YEARS AGO.
>> MR. CISNEROS, IF I REMEMBER CORRECTLY, ON ALL OF OUR PRESENTATIONS, I BELIEVE THAT WE WERE GOING BASED OFF OF 41/2 PERCENT. JUST FOR WORST CASE
SCENARIO. >> I BELIEVE THE PERCENTAGE THEY USED WAS 4.3. I ASKED HIM YESTERDAY.
I BELIEVE THE NUMBER HE WAS USING WAS 4.3.
>> WE WILL BE LOCKING IN THE RATE.
>> 23RD OR 24TH. TRYING TO MOVE AS QUICKLESS
AS WE CAN TO LOCK IT IN. >> WILL THEY BE THE SAME?
>> WHATEVER THE RATE IS ON THAT DATE.
WE HOPE IT WILL BE. >> YOU'RE AT RISK BETWEEN
NOW AND -- >> WHAT CAN BE DONE TO ACCELERATE THE LOCK-IN. WE ASKED THAT.
THEY HAVE TO MARKET THE BONDS.
THERE'S A WHOLE PROCESS THAT HAS TO BE DONE BETWEEN TODAY
AND -- >> IT'S ON FULL EXPEDITION MODE. WE CAN'T DO ANYTHING UNTIL WE HAVE APPROVAL TODAY. EVERYTHING WILL BE AT THE
SPLINT. >> IT'S LIKE A PRECLOSING.
>> IT'S PRELIMINARY OFFICIA STATEMENT WHICH IS THE BOOK THAT BONDS GET MARKET AND PURSUANT TO.
LIKE A DISCLOSURE DOCUMENT. THAT SHOULD BE PUBLISHED LATER IN THE WEEK. THE UNDERWRITING FIRM WITH WITH US TODAY. THEY WILL MARKETS THE BONDS TO TRY TO GENERATE THE INTEREST.
AND THEN THE BONDS WILL BE PRICED AND THE BOND PURCHASE AGREEMENT WILL BE SIGNED. THAT'S WHEN THE RATES ARE CONCRETE. THAT'S, 7 TO 10-DAY PROCESS FROM THIS MOMENT. AND BECAUSE TODAY IS THE DAY
IT GETS UNLOCKED. >> WE HAVE JULIE.
WE HAVE DUANE. WE EVERYBODY INVOLVED IS YOU KNOW THEY ARE READY. IT CAN HAPPEN AS QUICKLY AS
POSSIBLE. >> LET'S READ THE FIRST
RESOLUTION. >> THAT'S RESOLUTION NUMBER UA 2022-10 RESOLUTION AMENDING AND RESTATING IN IT'S ENTIRETY A RESOLUTION NUMBER UA85-29.
AS AMENDED PROVIDING FOR THE RIGHT OF THE HOLDERS OF BOND ISSUED HERE UNDER AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE FORT PIERCE UTILITIES AUTHORITY
OF FOT. PIERCE, FLORIDA. >> MOTION TO APPROVE?
>> ROAD THE NEXT RESOLUTION. >> RESOLUTION NUMBER UA-2020-11. RESOLUTION OF THE FORT
[00:55:02]
PIERCE UTILITIES AUTHORITY OF THE CITY OF FT. PIERCE, FLORIDA SUPPLEMENTING AN AMENDED AND RESTATED RESOLUTION ADOPTED ON EVEN DATE HERE WITH AUTHORIZING THE UP YOU WANS NOT TO EXCEED 160 MILLION AGGREGATE PRINCIPAL AMOUNT OF FORT PIERCE UTILITIES AUTHORITY OF THE CITY OF FT. PIERCE, FLORIDA.REFUNDING AND REVENUE BONDS SERIES 2022-A.
FOR THE PURCHASE OF REFUNDING OF ALL ITS OUTSTANDING UTILITIES. REFUNDING REVENUE BONDS SERIES 2009, REFINANCING OR REIMBURSING THE COST OF ALL A PORTION OF THE ACQUISITION, CONSTRUCTION, REPAIRS, REPLACEMENTS IMPROVEMENTS, ADDITIONS AND EXTENSIONS OF VARIOUS CAPITAL IMPROVEMENT PROJECTS, TO ITS UTILITY SYSTEM AND PAYING THE COST OF ISSUANCE OF SUCH BONDS AND FORT PIERCE UTILITIES AUTHORITY OF THE CITY OF FFT.
PIERCE, FLORIDA. FOR THE PURPOSE OF REFINANCING AND OR REIMBURSING THE COST OF ALL OR A PORTION OF THE ACQUISITION, CONSTRUCTION, REPAIRS, REPLACEMENTS AND EXTENSION OF VARIOUS CAPITAL IMPROVEMENT PROJECTS TO ITS UTILITY SYSTEM INCLUDING WITHOUT LIMITATION IMPROVEMENTS TO THE AUTHORITY'S BROADBAND AND OTHER COMMUNICATIONS SURFACES SYSTEMS AND PAYING THE COST OF ISSUANCE OF SUCH BONDS. PROVIDING FOR THE RIGHT, SECURITY AND REMEDIES OF SUCH BONDS.
DELEGATING THE AUTHORITY TO DETERMINE THAT FISCAL DETAILS OF SUCH BONDS AND TO AWARD SUCH BONDS SUBJECT TO SATISFACTION OF CERTAIN CONDITIONS.
AUTHORIZED IN THE TAKING OF ALL NECESSARY ACTION IN CONNECTION WITH THE ISSUANCE AND DELIVERY OF SUCH BOND AND PROVIDING AN EFFECTIVE DATE.
>> IS THERE A MOTION TO APPROVE?
>> I MOVE APPROVAL. >> DO WE HAVE A SECOND?
>> I WILL SECOND. >> PLEASE CALL THE ROLL.
RESOLUTION. RESOLUTION NUMBER UA 2022-12 A RESOLUTION OF THE FORT PIERCE UTILITIES AUTHORITY OF THE CITY OF FT. PIERCE, FLORIDA.
SUPPLEMENTING AND AMENDED AND RESTATED RESOLUTION ADOPTED ON EVEN DATE HERE WITH AUTHORIZING THE ISSUANCE OF NOT TO EXCEED 160 MILLION IN AN AGGREGATE PRINCIPAL AMOUNT OF FORT PIERCE UTILITIES AUTHORITY OF THE CITY OF FT. PIERCE, FLORIDA.
UTILITIES REFUNDING AND REVENUE BONDS SERIES 2022-A FOR THE PURPOSE OF REFUNDING OF ALL OF THE ITS OUTSTANDING UTILITIES REFUNDING REVENUE BONDS, SERIES 2009, FINANCING AND OR REIMBURSING THE COST OF ALL OR PORTION OF THEIR ACQUISITION, CONSTRUCTION, REPAIRS, REPLACEMENT, IMPROVEMENTS ADDITIONS, AND EXTENSIONS OF VARIOUS CAPITAL IMPROVEMENT PROJECTS TO ITS UTILITY SYSTEM AND PAYING THE COST OF ISSUANCE OF SUCH BONDS AND FT. PIERCE UTILITIES AUTHORITY OF THE CITY OF FORT PIERCE UTILITIES AUTHORITY UTILITY REVENUE BOND SERIES 2022-B FOR THE PUMP OF FINANCING AND OR REIMBURSING THE COST OF ALL OR A PORTION OF THE ACQUISITION, CONSTRUCTION, REPAIRS, REPLACEMENTS, IMPROVEMENTS ADDITIONS AND OCCASION TENNION OF VARIOUS CAPITAL IMPROVEMENT PROJECTS TO IT'S UTILITY SYSTEM INCLUDING WITHOUT LIMITATION IMPROVEMENTS TO THE AUTHORITY'S BROADBAND AND OR OTHER COMMUNICATION SERVICINGS SYSTEMS AND PAYING THE COST OF ISSUANCE OF SUCH BONDS. AUTHORIZING THE OPTIONS TO ENSURE ALL APPORTION OR NONE OF THE BONDS BASED ON THE ADVICE OF THE FNL ADVISOR. PROVIDING FOR THE RIGHT SECURITY AND REMEDIES OF THE OWNERS OF SUCH BONDS, DELEGATING THE AUTHORITY TO DETERMINE THE FISCAL DETAILS OF SUCH BONDS AND TO AWARD SUCH BONDS SUBJECT TO SATISFACTION OF CERTAIN CONDITIONS.
APPOINTING A BOND REGULAR STRAUR AND PAYING AGENT APPROVING THE FORMS AND AUTHORIZING THE EXECUTION VARIOUS DOCUMENTS AND THE TAKING OF ALL NECESSARY ACTION IN CONNECTION WITH THE ISSUANCE AND DELIVERY OF SUCH BONDS AND PROVIDING AN EFFECTIVE DATE.
>> IS THERE A MOTION TO APPROVE?
>> MAKE THE MOTION TO APPROVE.
>> SECOND. >> PLEASE CALL THE ROLL.
[J. DIRECTOR]
>> THANK YOU VERY MUCH. THANK YOU.
[01:00:02]
DIRECTOR'S REPORT. >> YES, SIR.
COUPLE OF ITEMS HERE. UTILITY ADVISORY COMMITTEE MET MAY 5TH. IT WAS A GREAT AFTERNOON.
FEEDBACK WAS POSITIVE. IT'S OFTEN THAT WE MEET WITH PEOPLE AND THEY DON'T UNDERSTAND THE ENTIRE MANAGE ANY TEW OF WHAT FPUA DOES AND THAT WE ARE.
AFTER THAT MEETING, IN MY OPINION THEY WERE ALL VERY IMPRESSED AS YOU PROBABLY ALL HAVE BEEN IN THE PAST WHEN YOU DO A TOUR. THEIR FIRST OFFICIAL MEETING JUNE 8TH IN THIS CAHAMBERS T 4:30.
DURING THE MONTH OF MAY OR JUNE.
STAFF WILL HOST A SEPARATE BUDGET WORKSHOP.
BUT THIS YEAR HAS BEEN A LITTLE BIT DIFFERENT THAN MOST YEARS. OBVIOUSLY WITH THE DISCUSSION FOR THE RATE ADJUSTMENTS.
AFTER DISCUSSION WITH MR. CHAIRMAN, WE ARE RECOMMENDING NOT TO HOST A SEPARATE BUDGET WORKSHOP MEETING BUT BRING IT BEFORE THIS BOARD DURING A REGULAR MEETING AND YOU WOULD BE APPROVING THE 2023 BUDGET YEAR AND FIVE-YEAR CAPITAL PLAN.
WE ARE HAPPY TO HOST SEPARATE MEETING IF THE
BOARD SO DESIRES. >> YOU CAN LET ME KNOW HOW
YOU FEEL ABOUT THAT. >> WEATHERIZATION, OUTREACH PROGRAM IS HOT TOPIC AT THE COMMUNITY EVENTS OVER THE LAST MONTH OR SO. WE ARE GOING TO LOOK AT REVAMPING THAT PROGRAM AND I'M PRETTY ENCOURAGED BY SOME OF THE RECOMMENDATION THAT WE HAVE THAT MR. RUTHERFORD HAS PUT TOGETHER AND THE TEAM.
I THINK THEY WILL BE VERY CREATIVE AND AGGRESSIVE TO HELP THE CUSTOMERS. WE'LL LEARN MORE ABOUT THAT IN NEXT COUPLE OF MONTHS AS WE REVAMP THAT PROGRAM.
WE WILL MAKE SURE IT COMES TO THE BOARD AND CITY COMMISSION FOR FEEDBACK. LAST IS I UNDERSTAND AND I KNOW THE BOARD UNDERSTANDS THAT STAFF UNDERSTANDS WHAT WE HAVE ACCOMPLISHED TONIGHT.
AND IT'S PRETTY -- WE ARE MAKING HISTORY.
WE'RE PRETTY EXCITED ABOUT IT.
I WANT TO LET YOU KNOW THAT STAFF IS READY.
AND WE'RE GOING TO WORK HARD TO MAKE IT HAPPEN.
[L. COMMENTS FROM BOARD MEMBERS]
>> THAT'S ALL I HAVE, MR. CHAIRMAN.
>> ANY COMMENTS FROM THE BOARD?
>> I HAVE A COUPLE OF QUESTIONS.
MR. RUTHERFORD HAD ASKED ABOUT AND WE APPROVED LIKE EMERGENCY PURCHASING. HAS ANY OF THAT HAPPENED
>> NOT YET. WE HAVEN'T HAD TO EXERCISE THAT. THAT'S ACTUALLY A GOOD POINT. I DID MENTION -- I DID INTENT TO MENTION THAT TODAY.
NO, WE HAVE NOT. WE HAVEN'T HAD TO EXERCISE
THAT. >> IS THAT MEETING SOMETHING
YOU WILL SIGN FOR? >> THANK YOU FOR THAT REMINDER. I FAILED TO WRITE IT DOWN.
THE CONFERENCE JULY 12TH THROUGH 14TH.
WE HAVE RESERVED THE HOTEL FOR BOARD MEMBERS.
THE DIRECTOR'S COUPLE OF COMMISSIONERS I REACHED OUT ABOUT ATTENDING THAT MEETING.
WE RESERVED SOME ROOMS FOR THOSE.
WE NEED YOU COCONFIRM SO WE CAN PAY FOR YOUR REGISTRATION. THAT'S A CONFERENCE THAT I THINK IS REALLY IMPORTANT. ESPECIALLY DURING THIS TIME BECAUSE THAT CONFERENCE IS ELECTRIC MUNICIPAL CONFERENCE. YOU GET TO LEARN A LOT ABOUT WHAT'S HAPPENING IN THE INDUSTRY, WHAT ARE THE OTHER CITIES DOING TO HELP KEEP COSTS LOW.
AND I KNOW THE MAYOR ATTENDED IN THE PAST.
IF YOU HAVEN'T, IT'S A VERY, VERY GOOD CONFERENCE TO GO TO. JUST NEED TO CONFIRM THAT YOU WILL BE GOING, BECAUSE WE WILL GET JILL TO REGISTER
YOU FOR THE CONFERENCE. >> IT'S BEEN A WHILE SINCE I'VE ATTENDED. I INTEND TO THIS I'M.
BECAUSE I'M ABLE -- USUALLY I HAVE MEETING SCHEDULED OPPOSITE OF THAT. I WILL NOT HAVE THAT THIS TIME. CAN YOU TELL ME, DO WE KNOW WHAT THE SCHEDULE IS? WE CAN GET THAT TO YOU.
I THINK THERE'S A SCHEDULE. WE CAN MAKE SURE WE GET IT
TO YOU. >> IT'S IN PALM BEACH?
>> IT'S IN PALM BEACH, CLOSE TO HOME; RIGHT.
THEY HAVE EVENTS THAT RUN LATE.
AND THEY INCLUDE DINNER. THAT'S WHY WE HAVE HOTEL RESERVATIONS TO MAKE SURE THAT YOU CAN -- IT'S COMFORTABLE AND YOU HAVE STUFF THAT STARTS EARLY IN
THE MORNING. >> ANY OTHER COMMENTS FROM
>> THE LIST OF THE ADVISORY BOARD MEMBERS, I DON'T THINK
THAT WE GOT THAT YET. >> I WILL MAKE SURE TO GET
THAT TO YOU. >> WE DID HAVE RESOLUTION THAT IDENTIFIED WHO THEY WERE.
WE WILL MAKE SURE TO FOLLOW UP.
WE DID HAVE -- >> CONTACT INFORMATION.
>> WE DID HAVE I WANT TO SAY I THINK TWO MEMBERS HAVE RESIGNED. ONE OF THEM DID GO ON THE TOUR. BUT UNFORTUNATELY HE HAD TO RESIGN. SO THE PERSON WHO APPOINTED THEM WILL BE PICKING A NEW PERSON.
>> OKAY. AND THEN WE HAD SPOKEN BRIEFLY AND I FEEL BAD KOBE IS NOT HERE TO BE PART OF THIS TOO. WE HAD TALKED ABOUT -- MAINLY BECAUSE THIS IS SUCH A LARGE EVENT THAT
[01:05:04]
WE'RE GOING TO BE MOVING THE WATER TREATMENT PLANT, SECURING A LARGE FIRM OF LEGAL THAT IS VERY FAMILIAR WITH THESE TYPES OF CONTRACTS TO HELP PROTECT US. AND MAKE SURE THAT IF THERE'S INSURANCE WITH PRICE INCREASES OR ANYTHING THAT WE'RE SECURED AND WE DON'T SEE THAT WE'VE MISSED SMETHING IN A CONTRACT OR ANYTHING LIKE.I DIDN'T KNOW IF THE BOARD MEMBERS HAD, HAD THAT DISCUSSION. WE OBVIOUSLY CAN'T TALK
ABOUT IT ANY OTHER PLACE. >> I GOT TO BRING IT UP AT
SOME POINT. >> THAT'S A GOOD CONVERSATION. YES, WE ARE MAKING SURE WE HAVE ALL THE RESOURCES TO PROTECT FPUA.
YOU'RE ABSOLUTELY RIGHT. >> WE CAN GIVE YOU MORE DETAILS WHEN WE MORE OF THOSE BECOME AVAILABLE.
>> WE HAVEN'T SECURED ANYONE YET?
>> WE DO HAVE A FIRM. WE WILL LIKELY ENGAGE THAT FIRM TO HELP US WITH THIS PROCESS AS WELL.
AND WE DISCUSS IT WITH MR. KOBLEGARD.
WE UNDERSTAND IT'S IMPORTANT TO DOT OUR I'S AND CROSS THE "T"'S. WHEN WILL WE FIND OUT THE
FIRM? >> I WILL GIVE YOU UPDATE AT THE NEXT BOARD MEETING. IF NOT I WILL LET YOU KNOW.
BECAUSE IT WILL HAVE TO COME TO THE BOARD FOR APPROVAL.
>> I WANT TO SAY THAT I HAD BOTH THE DISPLEASURE AND THE PLEASURE OF ATTENDING THE CITY COMMISSION MEETING LAST NIGHT. AND I SAY DISPLEASURE, BECAUSE WE ASKED OUR COMMUNITY FOR SACRIFICIAL INVESTMENT INTO THE FUTURE OF THIS COMMUNITY.
I DON'T FIND ANY PLEASURE IN THAT.
HOWEVER, THAT BEING SAID THE PLEASURE I DID FIND WAS HOW WELL STAFF REPRESENTED FPUA LAST NIGHT.
THEY WORKED TOGETHER AS A TEAM.
THEY WERE FIRING ON ALL CID CYLINDERS.
YOU COULD TELL EVERYONE WAS ON THE SAME PAGE.
EVERYONE WAS WELL INFORMED AND WELL VERSED AND PREPARED. I WANT TO PUBLICLY EXPRESS MY GRATITUDE THAT YOU REPRESENTED THE ORGANIZATION
WELL. >> THANK YOU, APPRECIATE THAT. TEAM EFFORT FOR SURE.
>> I WAS PLEASED WITH THE PRESENTATION THAT YOU PUT ON. I THINK YOUR LEADERSHIP.
WATCHED ON LINE. A LITTLE BIT LAST NIGHT.
AND THE BEGINNING OF IT THIS MORNING.
BECAUSE WHEN I GOT HOME I TURNED IT RIGHT ON JUST TO SEE THE VOTE. TO SEE HOW IT GOES.
>> GOOD. WE WERE IN THE RIGHT DIRECTION. ARE THERE ANY OTHER COMMENTS
FROM THE BOARD MEMBERS? >> I WANT TO SAY THIS IS REALLY A BIG DAY. AND A BIG -- FEEL LIKE I'M
BUYING MY FIRST HOUSE. >> FOR THE NEXT YEARS YOU
HAVE O PAY FOR IT? >> WE'RE PAYING THE FUTURE HERE. THIS IS A BIG DEAL.
THIS IS -- THERE'S NOT A SINGLE PERSON HERE THAT HASN'T SEEN THAT PLANT OVER THERE ON THE ISLAND.
AND IN FIVE OR TEN YEARS FROM NOW IT'S NOT GOING TO BE THERE ANYMORE. THIS IS REALLY EXCITING
TIME. >> 25 YEARS FROM NOW PEOPLE WILL LOOK BACK AND REALIZE WHAT THIS BOARD ACCOMPLISHED. 50 YEARS FROM NOW IT WILL EVEN MEAN MORE. WE WANT TO GROW THE CITY AND BUILD THE PLANT. GROW OUR FIBER SYSTEM AND OUR GAS SYSTEM. THIS IS BIG.
>> THIS IS BIG. >> I JUST THINK WE NEED TO HAVE OUR PUBLIC INFORMATION OFFICER OR WHATEVER, PR, WE NEED TO BE HAVING THAT UP TO SPEED AND MOVING ALONG WITH THIS PROJECT BECAUSE IT IS A BIG DEAL.
AND THERE'S A BENEFIT. WE'RE NOW WORRIED ABOUT THE COST. THERE'S A HUGE BENEFIT TO THE CITY OF FT. PIERCE TO LAND OWNER, TO THE RATE PAYER, I MEAN, THIS IS A -- THIS IS GOING TO BE A BENEFICIAL THING. AND SO I THINK THAT OUR PR OUGHT TO BE GEARING UP FOR THAT.
>> WE'RE WORKING ON THAT PLAN.
>> MAKING SURE OUR STORY GETS OUT IS THERE.
>> WE'RE WORKING ON A PLAN TO MAKE THAT A BIG CHANGE IN THAT GROUP. TO ESPECIALLY FOR THE
WASTEWATER PLANT. >> WE'RE USED TO FPUA IS USED TO GOING ALONG AND DOING ITS JOB AND NOT YOU KNOW, HAVING A LOT OF INTERACTION WITH THE PUBLIC.
BECAUSE WE -- EVERYBODY JUST EXPECTS THE WATER TO COME ON AND THE LIGHTS TO COME ON. THE ONLY TIME THEY PAY ATTENTION TO US WHEN THEY DON'T.
THIS IS A BIG DEAL THAT WE NEED TO TELL OUR STORY.
>> I THINK WE HAVE A VERY DYNAMIC GROUP THAT CAN MAKE THAT HAPPEN. I THINK WE'RE MOVING IN RIGHT DIRECTION FOR THAT FOR SURE.
I AGREE WITH YOU. THIS IS A BIG DEAL.
[01:10:04]
>> I ALSO THINK THAT WE NEED TO HAVE MORE OF THOSE PUBLIC MEETINGS THAT WE HAD BEFORE. AND ONCE SUGGESTION THAT WAS BEGIN TO ME ON TODAY'S TO HAVE THOSE DOOR KNOB -- DOOR HANGAR ADVERTISEMENTS. WHEN YOU PUT SOMETHING ON SOMEONE'S DOOR, THEY PRETTY MUCH WANT TO KNOW WHY IS IT THERE AND WHAT IT IS. AND WHO PUT -- WHO HAS PUT THERE. THAT'S SOMETHING THAT WE NEED TO DO -- I MEAN, WE NEED MORE TO LIGHTEN THE LOAD. WE CAN DO THAT AND DO THE
DUAL ADVERTISEMENTS. >> I AGREE.
>> THE LOW PRESSURE SYSTEM I BELIEVE THEY DID DOOR HANGERS WHEN WE DID THE PROJECT.
THE DOOR HANGERS WERE SUCCESSFUL AND TRYING TO GET
PEOPLE CONNECTED. >> I AGREE WITH YOU.
>> THAT'S THE LAST RESORT. WE CALL THEM AND THEY
COULDN'T GET -- >> WE'LL HAVE MORE TOWN HALL MEETINGS. I'M SPECIFICALLY ABOUT THE TOWN HALL MEETING SPECIFICALLY FOR THAT.
BECAUSE THAT CAN MAKE -- THAT COULD BE PRETTY IMPACTFUL FOR OUR CUSTOMERS ESPECIALLY THOSE WHO NEED THAT LITTLE BIT OF HELP TO HAND OUT TO MAKE SOME
IMPROVEMENTS IN THEIR HOME. >> TO HELP OFF SET THE
UTILITY COSTS. >> WILL WE BE ADVERTISING
THE ENTIRE CITY. AND WE PRESENT IT.
HE WILL PRESENT AT CITY COMMISSION.
WE'LL HOLD TOWN HALL MEETINGS.
WE'RE EXCITED ABOUT GOING BACK TO THE INCUBATE CENTER.
IT'S A GREAT EVENT AND FACILITY AND THE STAFF WERE FANTASTIC. LOVED WORKING WITH THE STAFF. WE WILL MAKE SURE TO DO EVENTS THERE AS MUCH AS WE CAN.
>> I WOULD LIKE -- MR. CHAIRMAN, I WOULD LIKE THE MAINLAND -- THE MEMORANDUM ABOUT THE DESIGN. YOU SENT IT ALSO TO THE CITY
COMMISSIONERS. >> YES, MA'AM, I DID.
>> I APPRECIATE THAT. THAT'S ANOTHER AUDIENCE THAT WE OUGHT TO KEEP -- BE MINDFUL OF KEEPING INFORMED ABOUT OUR PROGRESS. WE WILL.
I DIDN'T GET YOU A 30% DESIGN MISS GIBBONS.
I WILL GET IT TO YOU TOMORROW.
>> IT'S A LOT OF READING. HOW DOES YOUR WEEKEND LOOK?
[LAUGHTER] >> ALL RIGHT.
* This transcript was compiled from uncorrected Closed Captioning.