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[(EDC) Board Meeting/(CDC) Board Meeting]
THE TIME IS SIX 30 AND I HEAR BY CALL THE HEAD ECONOMIC DEVELOPMENT CORPORATION TYPE A AND HEAD ECONOMIC DEVELOPMENT CORPORATION, TYPE B, BOARD OF DIRECTORS MEETING TO ORDER ROLL CALL.DON CARLSON PRESENT AND CLANCY PRESIDENT SEAN LUCAS PRESENT.
UNITED STATES ONE NATION, INDIVISIBLE.
DO WE HAVE ANYBODY SIGNED UP FOR PUBLIC COMMENT? NO.
RIGHT ONTO ITEM FIVE, ECONOMIC DEVELOPMENT, UH, EXCUSE ME, ECONOMIC DIRECTORS REPORT.
UM, CHAINY AND I ARE GONNA TAG TEAM A FEW THINGS AS WE GO FORWARD THAT HAVE KIND OF GOTTEN CLOSE TO THE FINISH LINE OR OUR NEW INITIATIVES THAT YOU NEED TO KNOW ABOUT, UM, BEFORE THEY GET TOO FAR ALONG.
SO, UM, IN TERMS OF FIVE ONE, UM, I THINK EVERYBODY KNOWS THAT WE HAD A CLOSING LAST WEEK BETWEEN PROLOGIS AND THE VARIOUS PARTIES ASSOCIATED WITH THE DATA CENTER PROJECT.
UM, THEY WILL ACTUALLY BE IN FRONT OF COUNCIL ON THURSDAY NIGHT JUST TO KIND OF GIVE WHAT THEY'RE CALLING BASICALLY DATA CENTER 1 0 1.
UM, BUT THE HIGHLIGHTS OF THAT, UM, PROJECT REALLY BECAUSE OF THE SIZE OF THE AMOUNT OF ENCORE INFRASTRUCTURE IS THAT WE'LL HAVE THE CAPACITY, OR THEY'LL HAVE THE CAPACITY TO BUILD UP TO ABOUT 3 MILLION SQUARE FEET PER PERHAPS EIGHT OR NINE DIFFERENT DATA CENTERS, WHICH OBVIOUSLY WILL BE BUILT OVER A PERIOD OF TIME.
UM, BUT IT'S, UH, YOU KNOW, A HUGE WIN FROM US FROM AN AD VALOREM PERSPECTIVE BECAUSE THESE THINGS ARE, AS YOU KNOW, UH, ENORMOUSLY CAPITAL INTENSIVE.
UM, SO WE'RE PROBABLY LOOKING AT SOMETHING CLOSE TO 2 BILLION, GIVE OR TAKE, UM, BEFORE THEY START ADDING IN THEIR ACTUAL TENANTS.
SO FROM A, UH, IT'S INTERESTING THAT WE GOT, MAYBE GOT AS CLOSE TO THE ORIGINAL TOYOTA NUMBER AS WE'D ORIGINALLY TALKED ABOUT USING ABOUT 200 ACRES OF LAND AS OPPOSED TO, UH, 1200 ACRES OF LAND.
SO Y'ALL'S INSTINCT BACK IN THAT TIME WHEN WE WERE TRYING TO WORK OUR WAY THROUGH THAT PROBLEM, I THINK HAS, UH, BEEN PROVEN UP BY, BY THE MARKET.
UM, AND THEN AVIO ON A MUCH SMALLER SCALE, BUT THEY'VE MADE GREAT PROGRESS ON THEIR BUILDING AND INNOVATION PART.
UH, THEY TURNED IN FOR THEIR FIRST CHECK FOR AN INCENTIVE, UH, LAST WEEK.
THEY HAVE COMPLETED A HUNDRED PERCENT OF EVERYTHING THAT THEY HAD, UH, PLANNED TO DO FROM A, UH, AN IMPLEMENTATION STANDPOINT, A CAPITAL AND BUILDING.
SO FROM HERE ON OUT, EVERYTHING ELSE IS REALLY JUST TIED TO THEIR LABOR RAMP, BUT WE'VE ALREADY ESSENTIALLY ACCOMPLISHED THE FULL CAPITAL BUILD OUT THAT HAD BEEN PART OF THE ORIGINAL AGREEMENT.
SO, UH, CONGRATULATIONS TO THEM.
AND AGAIN, ANOTHER GREAT TENANT FOR, UH, INNOVATION PART CHENEY, I THINK'S GONNA HANDLE FIVE TWO.
SO FIVE TWO IS, UM, CORPORATE EFFORTS ON COMMUNITY ENGAGEMENT AND SPECIFICALLY TALKING ABOUT DESIGNATING QUARTERLY DEVELOPMENT MEETINGS.
SO THIS IS SOMETHING THAT WE WOULD LIKE TO START DOING TO ENGAGE MORE WITH THE COMMUNITY ABOUT THE EFFORTS OF THE ECONOMIC DEVELOPMENT TEAM, UH, AND BOARD.
SO WE'D LIKE TO FOCUS ON FOUR KEY AREAS.
WE WANNA DO ONE FOR RETAIL, ONE FOR MANUFACTURING, ONE FOR REAL ESTATE, AND ONE KIND OF LEGISLATIVE UPDATE.
UM, SO THAT'S KIND OF THE PLAN.
WE JUST WANTED TO LET Y'ALL KNOW, AND WE'LL PROBABLY BE TAPPING Y'ALL TO ATTEND SOME OF THOSE AND, AND ENGAGE WITH THE COMMUNITY ON THOSE TOPICS.
AND WE WILL TRY TO GET YOU SOME DRAFT AGENDAS FOR EACH OF THOSE BEFORE, UH, WE GET INTO THE DECEMBER PERIOD, SO WE CAN KIND OF REVIEW THEM AT THE DECEMBER MEETING AND MAKE SURE THEY'RE ON A CALENDAR AND EVERYBODY'S COMFORTABLE WITH WHAT WE'RE TRYING TO COVER AND SO ON.
SO, AND WE CAN ENGAGE IN THE CHAMBER IN THAT AS WELL.
WE WILL CERTAINLY REACH OUT TO THEM AND SEE IF THEY, THEY'RE INTERESTED.
I ASSUME THEY'RE GONNA WANT TO HAVE SOME OF THEIR MEMBERS ATTEND.
THOSE AREAS OF FOCUS FOR RETAIL, MANUFACTURING, REAL ESTATE AND LEGISLATIVE ESTATE.
ANY OTHER QUESTIONS ON THAT ONE? OKAY.
AND THEN FOR FIVE THREE, I THINK YOU'RE GONNA TAKE A, I'M GONNA TAKE B.
YEAH, I WANTED TO, IF FIVE THREE A IS AN INFORMATIONAL ITEM ONLY, UM, AND SOME OF YOU MAY HAVE HEARD ABOUT THIS OR READ ABOUT IT A LITTLE BIT IN THE PAPER, BUT, UM, THE COUNTY HAS CONSIDERED FOR THE LAST COUPLE YEARS TRYING TO ADD A LITTLE BIT MORE PROGRAMMATIC, UH, EMPHASIS TO ECONOMIC DEVELOPMENT.
UM, AND THEY HAVE RETAINED DAVE PORTER, WHO WAS THE ORIGINAL GUY WHO CAME TO AUSTIN TO WORK ON OPPORTUNITY AUSTIN BACK WHEN
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THAT WAS IN ITS EARLY STAGES TO HELP, UM, IN TERMS OF GUIDING SOME, UH, SPECIFIC OPPORTUNITIES JUST FOR THE COUNTY.SO THE WAY IT'S PLANNED, UM, IN ADDITION TO HIS TIME, WHICH THEY'RE PAYING FOR EACH CITY THAT WANTS TO PARTICIPATE, CAN, UH, BE A MEMBER.
UM, MOST OF THIS IS GONNA BE AIMED PRIMARILY AT MARKETING AND RAISING THE PROFILE, UM, OF THE COUNTY IN GENERAL.
NOT AT THE EXPENSE OF THE REGION, BUT JUST TO MAKE SURE PEOPLE UNDERSTAND WHAT'S UNIQUE ABOUT, UM, THIS COUNTY AS OPPOSED TO JUST ANY ONE, UH, ANY OTHER COUNTY IN THE REGION.
UM, BECAUSE PORTER DID WORK FOR THE AUSTIN FOLKS BEFORE, I THINK HE'S, YOU KNOW, CONSIDERED SOMEBODY THAT EVERY WILL GET ALONG WITH EVERYBODY IN THE REGION.
SO I DON'T THINK IT'S GONNA HAVE A NEGATIVE IMPACT ON OPPORTUNITY.
IT'S CERTAINLY NOT MEANT TO REPLACE ANY OF THAT, BUT WE WILL GET SOME ADDITIONAL HELP IN PERHAPS HOSTING TRADE SHOWS, DOING SOME OTHER THINGS ON A NATIONAL BASIS FOR OUTREACH.
AND HE'S GONNA COME IN DECEMBER OR WHENEVER YOU GUYS WANT HIM TO BE HERE.
UM, JUST TO KIND OF TALK A LITTLE BIT ABOUT HIS BACKGROUND, SOME OF HIS INITIAL PLANS AND SO ON.
SO AGAIN, JUST AN INFORMATIONAL ITEM TONIGHT.
EXPECT MORE DETAILS HERE IN THE NEXT NEXT MEETING OR TWO.
WHAT'S THE COST LOOKING LIKE? IS IT A, LIKE A PER CAPITA OF THE CITIES? IS IT JUST A SET FEE? HAVE THEY DETERMINED THAT YET? THEY HAVEN'T DETERMINED IT IN FINAL FORM, BUT I THINK IT, IT WON'T BE FOR ANYBODY ANY MORE THAN 15 OR 20 GRAND IN, IN THE COURSE OF THE YEAR.
SO DO YOU KNOW IF THE, THE COUNTY IS LOOKING AT TAKING SOME OF THEIR TAX AND PUT IT OVER TO THE, TO THE WILCO EDC TO FUND? UH, WELL, THEY ARE DEFINITELY PUTTING ABOUT A HALF A MILLION IN FROM WHICH POD IT'S COMING.
I'M NOT A HUNDRED PERCENT CERTAIN, BUT WE CAN CERTAINLY DETERMINE THAT.
DAVID CAN TALK ABOUT IT WHEN HE IS HERE.
AND FOR THE SMALL BUSINESS RETENTION AND EXPANSION PROGRAM, COUPLE OF UPDATES WITH THAT.
UM, LAST WEEK WE HELD A MEETING WITH WORKFORCE SOLUTIONS, RURAL CAPITAL AREA, UM, AND REPRESENTATIVES FROM BRY COM AND AVIVO AND JUST TRIED TO KIND OF START THE DIALOGUE ABOUT WHAT RESOURCES ARE AVAILABLE THROUGH WORKFORCE SOLUTIONS THAT WOULD BE BENEFICIAL FOR US IN SUPPORTING OUR SMALL BUSINESSES AND REALLY LETTING THOSE SMALL BUSINESS REPRESENTATIVES KNOW WHAT'S AVAILABLE AS WELL.
AND SO ONE OF THE THINGS THAT CAME OUT OF THAT IS THE, THE ROLLING OR ONGOING, UM, CAREER FAIRS THAT THEY OFFER, UH, OR JOB FAIRS RATHER.
SO EVERY WEDNESDAY THEY GET TO SIGN UP FOR FREE AND HOST A VIRTUAL JOB FAIR.
SO SUPER HAPPY ABOUT THAT, REALLY EXCITED ABOUT THAT OPPORTUNITY.
SO WE'LL KEEP THAT DIALOGUE GOING, GIVE YOU GUYS UPDATES AS WE HAVE MILESTONES TO REPORT.
UM, THEN SECONDLY, UH, THIS IS ACTUALLY FOLLOW UP FROM I C S C A PROGRAM THAT, UM, WE DISCOVERED THERE IS COMING TO FRUITION.
IT'S FOCUSED ON OUR DOWNTOWN BUSINESSES RIGHT NOW, AND IT KIND OF ALIGNS WITH ALL THE SHOP SMALL AND THE, THE CHRISTMAS FAIRS THAT'S COMING UP AND THINGS LIKE THAT.
IT'S FREE FOR ALL OF OUR BUSINESS OWNERS, AND IT HELPS DRIVE THAT BUSINESS.
IT'S U IT'S CALLED A COMMUNITY E-CARD, AND SO IT CAN BE USED AT ANY BUSINESS THAT REGISTERS.
UM, SO IT GIVES A LOT OF FLEXIBILITY AND IT TAKES THE BURDEN OFF OF THOSE, UM, BUSINESS OWNERS FROM HAVING TO EITHER TRY TO PHYSICALLY CREATE GIFT CARDS OR GIFT CERTIFICATES AND MANAGE THAT.
SO, UM, WE'LL HAVE MORE DETAILS ON THAT ONCE IT ACTUALLY GETS UP AND RUNNING.
BUT, UM, WE'RE REALLY EXCITED ABOUT THAT PROGRAM AND, AND SUPPORTING THAT, UM, THAT AREA OF BUSINESS AT THIS TIME.
DOES THAT LOOK TO BE UP AND RUNNING PRIOR TO THE HOLIDAY SEASON? YES.
YEAH, THE ONLY, I GUESS THE, THE CLOSING OF THE LOOP IS JUST GETTING THE DOWNTOWN BUSINESSES TO REGISTER.
SO JUST A MATTER OF AS SOON AS PEOPLE SIGN UP FOR THE ACCOUNT AND THEY'LL BE READY TO GO.
SO DID YOU DO SOME KIND OF A LOGO WITH LIKE THE HU EDC LOGO ON IT OR SOMETHING? SO WE KIND OF TIE IT BACK TO THE YEAH.
UM, I DON'T KNOW WHAT CHRISTIE HAS DESIGNED FOR THAT.
UM, I CAN ASK HER AND SEE WHAT THEY DECIDED ON.
SO THEY MAY DO SOMETHING THAT'S SEASONAL AND THEN CHANGE IT TO A MORE STANDARD EDC OR DOWNTOWN HUDDLE OR WHATEVER INITIATIVE THEY'RE WANTING TO SUPPORT WITH THAT ROLLOUT.
IT, IT'LL LAUNCH DURING CHRISTMAS, BUT IT'S RENEWABLE THROUGHOUT THE COURSE OF THE YEAR.
SO THERE'S NO, NO SINGLE CAMPAIGN THAT IT'S TIED TO PER SE.
SO AS WE HAVE MORE BUSINESSES DOWN THERE, IF WE WANTED TO TARGET IT SOMEWHERE ELSE, UH, WE'D BE ABLE TO DO THAT TOO.
BE FLEXIBLE, UNLESS YOU ALL HAVE ANY QUESTIONS.
UM, THAT WAS THE, THE QUICK DIRECTOR'S REPORT
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FOR THIS, FOR THIS MEETING.UM, BEFORE WE DO THAT, IS THERE ANYTHING THAT ANYBODY WOULD LIKE TO PULL OUT OR DO WE WANNA LEAVE IT AS IS? I'D LIKE TO PULL OUT SIX TWO AND SIX THREE.
ALL RIGHT, SO THAT'LL LEAVE JUST SIX ONE ON THERE.
UM, ANY QUESTIONS, COMMENTS, CONCERNS? AND I THINK THAT WAS ALREADY DONE THROUGH COUNSEL, RIGHT? AND THEY'VE ALREADY GONE THROUGH THAT, SO WE'RE JUST KIND OF TYING UP THE BOW HERE.
I'LL MAKE A MOTION TO PASS, UM, THE CONSENT TO AN ITEM OF SIX.
ONE SECOND, OR ANYBODY HAVE A SECOND ON THAT? I'LL SECOND IT.
APPROVE RESOLUTION AMENDING AUTHORIZED REPRESENTATIVES AUTHORIZED TO REPRESENT THE CORPORATION, TRANSMIT FUNDS AND WITHDRAW FUNDS, ISSUES, LATER INSTRUCTION, AND ALL OTHER ACTIONS DEEMED NECESSARY OR APPROPRIATE FOR THE INVESTMENT OF LOCAL FUNDS OF THE CORPORATION IN TEXT, POOL, TEXT PRIME, LOCAL GOVERNMENT INVESTMENT POOL, AND OTHER RELATED MATTERS.
UM, SO THIS AGENDA ITEM IS TO PUT CHENEY AND MYSELF ON AS TEXT POOL AUTHORIZED REPRESENTATIVES.
AS IT STANDS RIGHT NOW, THERE IS ONLY ONE AUTHORIZED REPRESENTATIVE ON THE ACCOUNT AND THEY HAVE BEEN OUT OF OFFICE FOR THE LAST FEW FEW WEEKS.
UH, SO BY HAVING THIS ONE INDIVIDUAL ON THE ACCOUNT, WE ARE NOT ABLE TO DRAW MONEY TO AND FROM TAX POOL, WHICH IS WHERE MOST OF THE EDC FUNDS ARE.
SO WITHOUT ADDITIONAL PEOPLE ON THE ACCOUNT, WE ARE UNABLE TO MOVE MONEY FROM TAX POOL.
I THOUGHT THAT DON AND I WERE ALSO ADDED AS SIGNERS TO ALL THOSE ACCOUNTS.
NO, I KNOW THAT YOU WERE ON THE CHECKING ACCOUNT.
THE OPERATING ACCOUNT THOUGHT WE WERE SUPPOSED TO BE ON ALL.
AM I WRONG, DON? UH, WE SHOULD BE, UH, SIGNERS ON THE ACCOUNT.
I GUESS THIS IS RESOLUTION JUST SAYS TO AUTHORIZE REPRESENTATIVES, I DIDN'T KNOW HOW MANY PEOPLE, IT COULD HAVE BEEN EVERYBODY IN THIS ROOM FOR ALL I KNOW.
IT WAS JUST CHAINING MYSELF THAT WERE PLACED ON THERE.
I SHOULD HAVE ASKED TO HAVE THAT SENT OUT.
UM, YEAH, IF THE, UH, IF THE BOARD DESIRES ADDITIONAL PARTIES TO BE LISTED, ALL YOU'D HAVE TO DO IS APPROVE IT WITH THOSE ADDITIONAL PARTIES IDENTIFIED IN THE, THE, YOUR, UH, MOTION.
OR IS THAT WHAT WE'RE DOING HERE IS THAT WE'RE APPROVING ANYBODY AT ALL AT ANY TIME YOUR BOARD WOULD TAKE ACTION APPROVING THE RESOLUTION AS PRESENTED AND ADDING THE SECRETARY AND THE VICE CHAIR OR WHOEVER THE, IF THE, IF THE BOARD WANTS TO ADD ADDITIONAL ME PEOPLE, THEN WE WOULD MODIFY THE RESOLUTION TO INCLUDE THOSE PERSONS, UM, IN THE RESOLUTION IN ADDITION TO CHANEY AND AND FINANCE, MY THOUGHT IS LEAVING THE BIG ACCOUNT BEING TO GO THROUGH FROM PEOPLE THAT ARE TIED INTO THE CITY UNDER HR AND ALL THE PROCESSES UNDER THE CITY MANAGER PROBABLY SHOULD STAY THERE, BUT THEN NOT, I DON'T KNOW WHY WE WOULD NEED, CUZ YOU'RE GONNA BE TRANSFERRING LARGE SUMS OUT OF THE TEXTBOOK ACCOUNT, WHICH IS PROBABLY WHERE THE, YOU KNOW, LIKE THE $3 MILLION IS SITTING VERSUS THE CHECKING ACCOUNT THAT WE MOVE OVER.
THAT GETS MOVED AS Y'ALL WRITE THE CHECKS FOR.
YEAH, BUT I DON'T KNOW, THAT'S JUST MY THOUGHTS PERSONALLY.
I DON'T WANNA GET IN YOUR WAY.
I MEAN, OBVIOUSLY I DON'T WANT TO HAVE IT TO WHERE SOMEBODY'S OUTTA TOWN FOR WEEKS AND WEEKS AND WEEKS AND YOU'RE UNABLE TO TRANSACT ON OUR ACCOUNT.
I'LL TELL YOU HONESTLY, I FEEL UNCOMFORTABLE IN THE FACT THAT I LOOK AT IT EDC, IT'S SUPPOSED TO BE INDEPENDENT LEG AND ARM, AND NOW WE HAVE TWO PEOPLE THAT WORK FOR THE CITY THAT'S NOW HAS DIRECT ACCESS TO OUR BANK ACCOUNTS.
AND THAT KIND OF SCARES ME AND FRIGHTENS ME.
SO, UM, THAT'S MY THOUGHTS AND FEELINGS ON IT.
DID THE RESOLUTION GET SENT OUT IN A DIFFERENT EMAIL? NO.
SO THAT'S ALWAYS A PROBLEM FOR ME.
I'VE LEARNED NEVER TO VOTE ON ANYTHING.
NOT SAYING IT WOULDN'T SAY WHAT IT'S SUPPOSED TO SAY, BUT, UM, I GOT US INTO SOME LEGAL PROBLEMS BACK IN 18.
YEAH, I UM, I CAN DIG IT UP OUT OF MY EMAIL.
IT'S A FORM RESOLUTION PROVIDED BY TEXT POOL THAT IDENTIFIES THAT IT'S JUST A FILL IN THE BLANK FORM RESOLUTION FROM TEXT POOL.
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IT'S LIKE WHEN YOU GO TO AND FILE A RESOLUTION WITH A BANK, THEY HAVE THE FORM YOU, YOU APPROVE SIGN IT.SO HOW DO WE FIND OUT IF THEY'RE ON IT OR NOT ON IT? OR DOES THAT MATTER? I MEAN, CAUSE THEY ARE NOT CURRENTLY LISTED ON THE RESOLUTION THAT WAS PRESENTED TO ME.
THE, THE JAMIE AND AND FINANCE WERE THE ONLY TWO PEOPLE, BUT WE CAN ADD ADDITIONAL PARTIES TO THAT.
I WAS, I WAS GONNA ASK IS IF THEY'RE CURRENTLY ON IT AND WE DON'T ADD IT AND WE SEND A NEW RESOLUTION, WE'VE EFFECTIVELY TAKEN THEM OFF OF IT AND JUST ADD IT IN THE CITY EMPLOYEES.
RIGHT? THE WELL, I'M, I'M ONLY AWARE OF THE RESOLUTION, UM, THAT'S PRESENTED TODAY, BUT I, THE ONLY I'M AWARE OF BASED ON THIS, THIS RESOLUTION WAS THAT THE PRIOR FINANCE OR THE, UH, CHIEF, UH, FINANCE OFFICER WAS THE, UH, ONLY PERSON LISTED PRIOR TO TODAY.
SO I GUESS ARE WE JUST ADDING AND NOT TAKING OFF ANYBODY ELSE ON THERE TO WHERE LIKE IF THERE'S FOUR PEOPLE ON THERE, WE'RE JUST ADDING TWO MORE OR ARE WE JUST SAYING THE ONLY TWO NOW WILL BE THESE TWO PEOPLE? IT'S IT'S THE ONLY, THE ONLY TWO NOW WOULD BE THESE TWO PEOPLE.
SO IF YOU GUYS WERE ON IT, WE'D BE REMOVED.
YOU'D BE REMOVED UNLESS WE MADE A MOTION TO ADD YOU TO THE RIGHT.
AND, AND, UH, BOARD MEMBER CLARK MADE A GOOD POINT.
I THINK THAT, UH, UH, UH, ORIGINAL INTENT THAT YOU WERE TALKING ABOUT WAS FOR CHECKS AND BALANCES SO THAT IN THE EVENT THAT THERE WAS A, UH, REQUEST TO, TO REMOVE FUNDS THAT THE BOARD SHOULD PROVE IT AND A BOARD MEMBER SHOULD BE AWARE OF IT.
UM, ANY TIME THAT FUNDS WERE REMOVED FROM THE, ARE MOVED FROM THE ACCOUNTS, BUT NOW IT'S WRITTEN TO WHERE THEY CAN MOVE IT AS PLEASED AND MOVED IN AND OUT AS NEEDED WITHOUT BOARD APPROVAL.
THAT'S, THAT'S WHAT THEY CURRENTLY HAVE REQUESTED IN THE RESOLUTION.
SO IS THIS AN OVERSIGHT ON US BEFORE HAVING THE CFO HAVE THAT POWER? ONLY IN THAT? I THINK THE, I THINK WE CAME TO A POSITION OF, WE HAD THE CFO, ANGIE, RIGHT? CORRECT.
WE HAD ANGIE INVOLVED IN IT BECAUSE OF THE FACT THAT THEY WANTED TO GO ELECTRONIC, IF I REMEMBER CORRECTLY, IS THAT THERE WAS A NEED TO GO ELECTRONIC AND THEN TO SEND ELECTRONICS IS EITHER MIKE INITIATING 'EM, DON OR ME.
SO WE ADDED ANGIE AT THAT POINT SO THAT SHE CAN SEND THINGS ELECTRONICALLY.
SO TO, TO CLARIFY THAT, UM, THE ONLY THING WE DO WITH TEXT POOL IS DRAW MONEY TO AND FROM THE CHECKING ACCOUNT AND BASICALLY PRINT BANK STATEMENTS SO I CAN RECORD INTEREST INCOME.
UH, I THINK YOU'RE REFERRING TO THE OPERATING ACCOUNT WHERE EVERY MONTH I BRING THE CHECK AND ACH REQUEST.
WE HAD TO HAVE ANGIE ADDED TO THAT BANK ACCOUNT TO ACTUALLY TRANSMIT THE FUNDS TO VENDORS.
IF I, IF I REMEMBER CORRECTLY, WE ALSO HAD, AT ONE POINT WE HAD JAMES BRYSON WAS ON THERE, BUT HE WAS USING A PREVIOUS EMPLOYEE'S PASSWORD, RIGHT? SO SOMEHOW WE GOT TO TIGHTEN THIS STUFF UP BECAUSE JUST IN THE PAST YEAR WE'VE HAD AN X EMPLOYEE'S LOGIN INFORMATION BEING USED BY AN EMPLOYEE AND THEN WE HAVE LIKE A RESOLUTION THAT WE HAVEN'T SEEN THAT I'M SURE IS FINE.
AND THEN WE THOUGHT WE HAD PEOPLE ON THERE THAT NOW WE MAYBE DON'T HAVE PEOPLE ON THERE.
IT JUST SEEMS LIKE, UM, I DON'T KNOW.
AT SOME POINT WE'RE GONNA HAVE TO UNDERSTAND WHAT EXACTLY WE'RE DOING.
AND, AND CORRECT ME IF I'M WRONG, LIKE CAN'T ANGIE CREATE SUB USER ACCOUNTS FOR YOU, ALLOW YOU TO GET VISIBILITY, ACCESS PRINT STATEMENTS? I MEAN, IN CHASE YOU SHOULD BE ABLE, I MEAN MOST BANKS WILL ALLOW A USER TO CREATE A SUB USER AND GIVE AUTHORIZING LIKE PARAMETERS ON WHAT THE ACCOUNT CAN AND CANNOT DO ON THE, ON THE OPERATING AND CHECKING ACCOUNT.
NO, THAT WOULD HAVE TO BE, UM, FILL OUT ON A FORM.
THERE'S ACTUALLY ON THE FORM A, UM, SPOT WHERE YOU CAN DO, HAVE SOMEONE WITH VIEW ONLY ACCESS WHERE IF YOU DID NOT FEEL COMFORTABLE WITH ME PHYSICALLY MOVING FUNDS TO AND FROM THE CHECKING ACCOUNT, I COULD JUST LOG ON AND PRINT BANK STATEMENTS.
BUT WE WOULD STILL NEED SOMEONE.
AND I DON'T KNOW WHAT YOU DO AND I MEAN, I DON'T KNOW EXACTLY HOW WHAT YOU'RE FI WHAT YOUR, WHAT YOUR REQUIREMENT IS AND WHAT YOU'RE DOING INTO THE ACCOUNT.
I JUST KNOW THAT THERE ARE WORKAROUNDS TO THE SYSTEM WITHOUT ADDING YOU AS A SIGNER WHERE YOU CAN MOVE, YOU KNOW, MILLIONS OF DOLLARS WITHOUT SHE'S THE ACTING CFO RIGHT NOW.
SO REAL QUICK OUT RIGHT NOW, SO
SEAN, YOU'RE, YOU'RE 1000% CORRECT WHETHER IT'S BANK OF AMERICA, YOU KNOW, CADENCE NOW TO CHASE, ET CETERA, CETERA, THAT'S A DIFFERENT ANIMAL.
WE'RE TALKING ABOUT A DEPOSITORY ACCOUNT WHEN YOU TALK ABOUT A MONEY MARKET ACCOUNT OR SIMILAR SUCH AS TEXT POOL THINGS THROUGH FIDELITY, ET CETERA, CETERA.
RIGHT? THEY'RE ACTUALLY HAS TO BE A SIGNED AGREEMENT ON FILE, UM, IN, IN THIS CASE, ESSENTIALLY A RESOLUTION THAT GIVES SOMEONE VIEW ONLY ACCESS, MID-LEVEL
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ACCESS, FULL OR UNFETTERED.LIKE, UM, IT ALL VARIES, BUT WHEN YOU TALK ABOUT THIS TYPE OF STUFF, I SEE THIS SAME EXACT ISSUE WHEN YOU, WHEN YOU, UH, CASE AND POINT, MY COMPANY USES FIDELITY AND, AND FOR SOME OF OUR MONEY MARKET STUFF, SAME EXACT SCENARIO, I HAVE TO HAVE A RESOLUTION FROM THE CEO SAYING, HEY, DON CARLSON IS AUTHORIZED TO DO THIS, THIS AND THIS MORE THAN JUST A, UH, CREATIVE A LOGIN.
SO, UM, IT IS VERY UNIQUE, BUT THAT IS A PART OF IT.
UM, THE, TO THE ELEMENT OR, OR, OR THE, THE CONCERN THAT, OKAY, WELL FUNDS ARE BEING MOVED AROUND, ET CETERA, ET CETERA.
WELL, UM, SIMPLY PUT, IN MY OPINION, YOU WANT THOSE FUNDS BEING MOVED AROUND BECAUSE THE MORE YOU PUT IN TEXT POOL, THE MORE INTEREST YOU CAN EARN BECAUSE WE'RE NOT GOING TO EARN IT AT, AT CADENCE.
UM, IT'S NOT BASED OFF, THERE'S NO TREASURY COST TO IT, SO THERE'S NO EARNINGS CREDIT POTENTIAL THERE.
UM, AND WE WANT TO TRY AND MAXIMIZE THOSE TAX DOLLARS, UM, BECAUSE THAT ALSO BENEFITS US.
UM, LAST TIME I CHECKED THERE WERE NO NSFS ON THE ACCOUNT.
UM, THERE ARE NO ISSUES IN TERMS OF CHECKS BOUNCING ANYTHING OF THAT SORT.
THEY'VE ALWAYS MANAGED THAT ELEMENT WELL, AND THERE'S ALWAYS BEEN DOLLARS AND CENTS IN THE ACCOUNT PRIOR TO, UM, TO THAT HAPPENING OR TO ANY PAYMENT BEING ISSUED, WHETHER ACH OR CHECK VICE CHAIR, IF YOU'D LIKE.
I MEAN, THE RESOLUTION AFTER RECITALS CONSISTS OF FIVE SENTENCES.
I'LL BE HAPPY TO READ THAT TO THE BOARD SO THAT YOU CAN KNOW EXACTLY WHAT IT SAYS, IF THAT'S WHAT THE BOARD WANTS.
UM, NOW THEREFORE BE IT RESOLVED AS FOLLOWS, A, THAT THE INDIVIDUALS WHOSE SIGNATURES APPEAR IN THIS RESOLUTION ARE AUTHORIZED REPRESENTATIVES OF THE PARTICIPANT AND ARE EACH HEREBY AUTHORIZED TO TRANSMIT FUNDS FOR INVESTMENT IN TECHNICAL TECHNICAL CRIME AND ARE EACH FURTHER AUTHORIZED TO WITHDRAW FUNDS FROM TIME TO TIME TO ISSUE LETTERS OF INSTRUCTION AND TO TAKE ALL OTHER ACTIONS DEEMED NECESSARY OR APPROPRIATE FOR THE INVESTMENT OF LOCAL FUNDS.
B, THAT AN AUTHORIZED REPRESENTATIVE OF THE PARTICIPANT MAY BE DELETED BY WRITTEN INSTRUMENTS, SIGNED BY TWO REMAINING AUTHORIZED REPRESENTATIVES, PROVIDED THAT THE DELETED AUTHORIZED REPRESENTATIVE, ONE IS ASSIGNED JOB DUTIES THAT NO LONGER REQUIRE ACCESS TO THE PARTICIPANT'S.
TEXT POOL, TEXT POOL, PRIME ACCOUNT OR TWO IS NO LONGER EMPLOYED BY THE PARTICIPANT AND C THAT THE PARTICIPANT MADE BY AMENDING RESOLUTION SIGNED BY THE PARTICIPANT, ADD AN AUTHORIZED REPRESENTATIVE, PROVIDED THE ADDITIONAL AUTHORIZED REPRESENTATIVE IS AN OFFICER, EMPLOYEE, OR AGENT OF THE PARTICIPANT LIST.
THE AUTHORIZED REPRESENTATIVES ARE CHAIN GABO, ASSISTANT DIRECTOR OF ECONOMIC DEVELOPMENT, CHRISTINA BISHOP, UH, COMPTROLLER AND D THAT THIS RESOLUTION AND ITS AUTHORIZATION SHALL CONTINUE IN FULL FORCE AND EFFECT UNTIL AMENDED OR REVOKED BY THE PARTICIPANT.
AND UNTIL TEXTBOOK PARTICIPANT SERVICES RECEIVES A COPY OF ANY SUCH AMENDMENT OR REVOCATION, THIS RE REVOLUT, UH, RESOLUTION HEREBY INTRODUCED AND ADOPTED BY THE PARTICIPANT AT ITS REGULAR MEETING HELD TODAY.
UH, AND THEN IT'S SIGNED BY THE, UH, AUTHORIZED SIGNATURE OF THE BOARD.
SO THAT'S THE, THAT'S THE ENTIRE RESOLUTION.
SO, AND, AND GEORGE, JUST TO CONFER WHAT I HEARD ON A PART OF THAT SAYING, HEY, OR IN THE EVENT THAT SOMEBODY NEEDS TO BE BE REMOVED, YOU NEED, IT HAS TO BE, YOU KNOW, COSIGNED IN EFFECT.
SO IF WE ONLY HAVE TWO PEOPLE ON THERE, THEN IF ONE LEAVES EFFECTIVELY, YOU CANNOT COMPLETE THAT DOCUMENT.
IS THAT AN ACCURATE STATEMENT? WELL, IT WOULD TAKE BOARD ACTION.
SO I MEAN, TWO AUTHORIZED REPRESENTATIVES COULD REMOVE SOMEBODY WITHOUT BOARD ACTION, BUT IF THERE ARE LESS THAN TWO, THEN IT TAKES BOARD ACTION TO MAKE ANY AMENDMENT LIKE SUCH AS WHAT YOU'RE DOING RIGHT NOW.
UH, YOU KNOW, THAT'S WHAT I, THE ANSWER TO THE, UH, BOARD MEMBER SNYDER'S QUESTION IS THAT YOUR, ANYONE PREVIOUSLY WHO WAS APPOINTED WILL NOT BE APPOINTED AFTER THIS IS APPROVED.
IF THIS IS APPROVED AS IT IS SAID, THERE ARE FOUR PLACES FOR SIGN OR FOR, FOR, UH, THE IDENTIFICATION OF REPRESENTATIVES IN THE FORM.
UH, AND WE HAVE TWO FILLED OUT.
WELL, I THINK ONE OF THE CONCERNS WOULD BE A SITUATION TO WHERE IF WE HAD IT JUST FOR A SHORT DURATION TO WHERE IT'S NOT LIKE WE COMMIT TO A DEFINED PERIOD TO WHERE IT'S LIKE, OKAY, QUARTERLY WE REVIEWED IT CUZ IT GIVES US AN OPPORTUNITY TO SEE EXACTLY HOW THINGS ARE MOVING AND DO WE LIKE, OR AS A BOARD, DO WE LIKE HOW THE TRANSACTIONS ARE BEING HANDLED? NOT TO SAY THAT THERE'S ANY NEGLIGENCE OR ANYTHING JUST TO KIND OF PROVIDE AN OPPORTUNITY FOR PROPER OVERSIGHT BECAUSE YOU COULD RUN INTO A SITUATION WHERE LET'S SAY SHE'S SICK, BUT SHE CAN'T GET AHOLD OF SOMEBODY FOR WHATEVER REASON, AND THEN THEY'RE NOT AVAILABLE.
IF WE HAD AT LEAST FOUR PEOPLE, TWO ON THE EDC SIDE AND TWO ON THE EMPLOYEE SIDE, IS THERE A SITUATION TO WHERE SOMEBODY SERVES AS ALMOST LIKE A TIEBREAKER TO WHERE, WHO'S THE
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DEFINING PERSON WHO SAYS, OKAY, LET'S GO AHEAD AND CHANGE EVERYTHING AS A WHOLE.LIKE, IS THERE A SITUATION TO WHERE THERE'S A LIMIT ON HOW MANY PEOPLE COULD BE ON THERE WITHOUT HAVING TOO MANY COOKS IN THE KITCHEN BASICALLY? WELL, SO EACH, EACH, THIS, THE WAY THAT THIS UH, RESOLUTION OPERATES, IT WOULD BE IDENTIFYING INDIVIDUALS THAT HAVE THE SAME AUTHORITY.
SO ANY ONE OF THEM, UH, I'LL, I'LL TRY TO USE IT SIMPLE.
UM, IT'S JUST LIKE A JOINT CHECKING ACCOUNT.
I CAN WRITE CHECKS, I CAN TAKE THE MONEY OUT, I CAN TAKE ALL OF IT, I CAN TAKE NONE OF IT.
I CAN, YOU KNOW, IT'S JUST LIKE, IT'S JUST LIKE THAT.
UM, AND IN THIS CASE THOUGH, THESE ARE FUNDS THAT, UH, FOR INSTANCE WHEN, UH, THE COMPTROLLER SENDS THEIR, UH, YOUR MONTHLY SALES TAX ALLOCATION TO THE CITY, THEN THAT'S SUMS THAT THEY WOULD GENERALLY DEPOSIT INTO TEXT POOL ACCOUNT, UH, AND THAT THOSE ARE NOT FUNDS THAT ARE, ARE CURRENTLY APPROPRIATED FOR USE.
UM, AND THEN, UH, ONCE THE BOARD TAKES ACTION, THE CITY COUNCIL PROVES CERTAIN EXPENDITURES LIKE THE $750,000 FOR PURPOSES OF, OF DESIGN OF THE ROAD THAT WE HAVE ON OUR BOARD MEMBER TODAY.
UM, THEN SOME OF THOSE FUNDS MAY BE ALLOCATED OUTTA TEXT POOL AND PUT INTO THE CHECKING ACCOUNT SO THAT THEY WOULD BE ABLE TO PAY THOSE COSTS ASSOCIATED WITH THOSE PROJECTS.
AND SO THAT ADMINISTER THAT FUNDS IS SOMETHING THAT THEY PERFORM AND DUE COURSE AND THE FINANCIALS WOULD SHOW, UH, THAT YOU GET MONTHLY SHOULD SHOW ANY ALLOCATION OF FUND TRANSFERS OUT OF THAT.
AND IF IT DOESN'T CURRENTLY, YOU CAN REQUEST THAT TO BE ADDED TO YOUR FINANCIALS MONTHLY TO SHOW WHAT IS HAPPENING TO THOSE ACCOUNTS ON A MONTH TO MONTH BASIS.
SINCE, SINCE WE ALREADY DO IT MONTHLY AND THEY CAN'T SPEND ANYTHING THAT'S NOT APPROVED BY COUNCIL.
I, I DON'T HAVE REALLY CONCERN ON THAT.
UM, AS LONG AS THE, THE TEXT POOL ACCOUNT IS ADDED TO THE MONTHLY FINANCIALS.
AND THEN JUST SO EVERYBODY KNOWS, WHEN WE, WHEN YOU TALK ABOUT TECH POOL, UM, IT'S RUN BY THE COMPTROLLER'S OFFICE, UH, EFFECTIVELY AND IT IS VERY, VERY CONTROLLED.
MEANING I, I USED FIDELITY AS AN EXAMPLE EARLIER.
WELL, I COULD GO INVEST IN, YOU KNOW, A, A GLASSES MANUFACTURER, LET'S SAY LOOKS OTICA.
UM, I HAVE THAT CONTROL, BUT WHEN YOU'RE TALKING ABOUT TEXT POOL, THAT'S NOT AN OPTION.
EITHER HAVE TEXT POOL PRIME OR TEXT POOL ITSELF.
REALLY THE CORE DIFFERENCE, TEXT POOL PRIME IS A 14 DAY MATURITY AVERAGE, WHEREAS TEXT POOL ITSELF HAS A 25 DAY, UH, MATURITY AVERAGE WHEN YOU TALK ABOUT THE RETURN OF BEING ABLE TO, TO CAPTURE THAT INTEREST.
SO THIS ISN'T A SCENARIO WHERE, WHERE ANYBODY ON THE CITY SIDE OR EDC IS REALLY DRIVING WHERE THOSE FUNDS ARE BEING INVESTED INTO, DOWN TO A PARTICULAR ORGANIZATION.
IT'S MERELY ONE OR TWO BUCKETS.
AND I THINK, YOU KNOW, WHAT WOULD BE A, A GOOD COURSE OF ACTION LONG TERM, UM, WOULD BE FOR THERE OR FOR THERE TO BE AN AGENDA ITEM TO DISCUSS HOW THOSE TRANSACTIONS ACTUALLY OCCUR, IF ANYBODY WANTS TO PUT ANY PARAMETERS ON IT.
BUT I CAN TELL YOU THAT ANYTHING THAT GOES IN THERE IS REALLY, REALLY CONTROLLED AND IT'S, IT'S NOT SOMETHING WHERE THERE'S RISK.
I MEAN, AT THE END OF THE DAY, YOU HAVE, YOU KNOW, AS LONG AS THE STATEMENT IS THERE, UH, TO, TO RANDALL'S POINT, UM, THERE SHOULDN'T BE AN ISSUE.
SO, UM, IF WE ALLOW, UH, YOU KNOW, A CONTROLLER FOR THE CITY OF HU TO HANDLE EVERYTHING INSIDE OF THE CITY, THEN WE ALSO NEED TO AFFORD, YOU KNOW, HER THE SAME ABILITIES ON THE EDC SIDE SINCE THEY'RE RESPONSIBLE FOR OUR OUR DAY TO DAY ELEMENTS AND WE NEED TO NEED TO ENTRUST IN IN THEM THAT THEY ARE GOING TO DO THEIR JOB TO THE HIGHEST LEVEL THAT, UM, THAT WE EXPECT WHETHER UP HERE AS A PART OF THE EDC OR ALSO AS A TAXPAYER, PLAIN AND SIMPLE.
SO THIS IS JUST TO ALLOW YOU TO MOVE MONEY FROM THE TAX POLLUTED OPERATING ACCOUNT.
CAN YOU MOVE IT, WHAT, WHAT MAKES IT WHERE YOU CAN ONLY MOVE IT TO THE OPERATING ACCOUNT? BECAUSE I KNOW LIKE ON THE CITY SIDE, I'M ALMOST SURE ONE PERSON CAN'T TRANSFER MONEY WITHOUT A SECOND PERSON OVERSEEING OR SOMETHING.
RIGHT? I MEAN, SO HYPOTHETICALLY, UM, IN FULL TRANSPARENCY, I COULD FILL OUT A FORM OF TAX POOL AND SAY, HEY, THIS IS AN AUTHORIZED VENDOR WE WANNA MAKE PAYMENTS TO, AND I COULD BE SNEAKY AND I CAN GO AND DO THAT.
MY THING IS THOUGH, THE WHOLE POINT IS WE HAVE THE SALES TAX REVENUE COME IN, WE'RE NOT GONNA MEET FOR ANOTHER 45 DAYS, SAY WE JUST MET, RIGHT? AND WE'RE NOT GONNA MEET TO THE NEXT BOARD MEETING.
THEY CAN THEN PUT THAT SALES TAX MONEY INTO THE TAX POOL AND WE ARE AN INTEREST ON IT FOR THE 25 DAYS TILL WE MEET AGAIN.
SO THAT'S THE WHOLE INTENT OF WHY WE WANT TO DO THIS.
SO SAYING YOU'D ONLY WANT IT TO GO THE OTHER WAY, DEFEAT THE WHOLE POINT OF EVEN HAVING THE ACCOUNT AND THEM HAVING ACCESS.
CAUSE THE WHOLE POINT IS WHEN THOSE FUNDS COME IN FROM THE COMPTROLLER'S OFFICE, WE WANNA BE ABLE TO IMMEDIATELY PUT THEM IN START EARNING INTEREST AND NOT WASTE LOSING MONEY FROM THE, SO I GUESS
[00:30:01]
I'M NOT, I'M, I'M REALLY NOT CONCERNED ABOUT MISSING OUT.IF THE ABILITY IS, IF WE'RE BEING TOLD WE CAN'T EVEN ACCEPT THE DEPOSIT AND WE MAY LOSE OUT ON THE 0.05% INTEREST ON THAT DEPOSIT FOR 25 DAYS, THAT'S ONE FIX.
IF IT'S THE ABILITY, AND I APPRECIATE, UM, I APOLOGIZE CHRISTIE, RIGHT? CHRISTINA.
UM, IF THE ABILITY IS ON THE CITY, THERE'S SAFEGUARDS TO MAKE SURE A PERSON, I COULDN'T JUST GET AUTHORIZATION AND THEN WIND UP PUTTING A FOUR MEN TRANSFERRING $4 MILLION OUT AND EVERYBODY TRYING TO TRACK ME DOWN.
THERE'S A PROCESS ON THE CITY SIDE.
I'M JUST ADVISING DON'T LET, UH, $200 IN INTEREST FOR THE MONTH CLOUD YOUR JUDGMENT TO WHERE ALL OF A SUDDEN YOU'RE NOT HAVING A SAFEGUARD IN THERE.
BECAUSE CHRISTINA MAY ALL OF A SUDDEN, I MEAN, IT, IT'S NOT LIKE IT'S NEVER HAPPENED BEFORE.
AND SO THE ONE THING I THINK WE NEED TO DO FOR THE TAXPAYERS IS TO MAKE SURE WE HAVE ALL THE SAFEGUARDS.
AND SO I DON'T, DOING THIS IS ONE THING I THINK, UM, UH, I FORGOT YOUR TITLE BOARD MEMBER CARLSON, AND I APOLOGIZE.
IT'S ACTUALLY, UH, VICE CHAIR, WHATEVER, CARLSON, IT DOESN'T MATTER.
ONE OF THE GREAT, UH, ONE OF THE COMMENTS HE MADE, I THINK IS A GOOD THING FOR US, A GREAT IDEA IS TO BRING BACK THE WHOLE THING TO REFRESH OUR MINDS ON WHAT IS A PROCESS.
BECAUSE WE DON'T KNOW IF WE'RE FOLLOWING IT.
WE DON'T KNOW IF PEOPLE ARE NOT FOLLOWING IT.
WE DON'T KNOW AT THIS POINT BECAUSE, UM, I DON'T EVEN REMEMBER VOTING ON THE POLICY AND I'M SURE WE DID A COUPLE YEARS AGO, BUT I HAVE NEVER BEEN A PART OF ONE AND I'VE BEEN UP HERE FOR THREE YEARS, FOUR YEARS NOW.
THAT'S, THAT'S NOW YOU'RE SCARING ME
WELL, I'M, I'M THE, THE OLD DOG AROUND HERE.
SO, SO I THINK IT'S A GOOD POINT.
WE, WE DEFINITELY BRING THAT BACK.
AT LEAST LOOK AT IT, REFRESH OUR MEMORIES.
I MEAN, THE OTHER THING TOO, AND, AND I DON'T WANNA OPEN THIS UP INTO A CAN OF WORMS, BUT IT WOULD ALSO BE, AGAIN, THERE COULD ALSO BE ANOTHER CONVERSATION ABOUT MAYBE THERE'S A DIFFERENT, YOU KNOW, FINANCIAL INSTITUTION OPTION WHEN I'M TRYING TO REIGN ON THE AGENDA.
BUT LIKE, BUT THAT'S ALSO SOMETHING ELSE THAT COULD BE ON THE TABLE WHERE, YOU KNOW, WITH INTEREST RATES GOING UP FROM THE FED STANDPOINT, NOW YOU CAN TALK ABOUT MORE HIGH YIELD STUFF AND MAYBE THINGS THAT ARE MORE SECURE THAT EVERYBODY GETS THE WARM AND FUZZIES OF WHERE YOU HAVE, YOU KNOW, SECURITY TOKENS THAT YOU HAVE TO ENTER IN IN ORDER TO DO ANYTHING.
AND IT REQUIRES A SECOND AUTHENTICATION MYRIAD OF OPTIONS OUT THERE.
JUST A MATTER OF RESEARCHING THEM AND, AND FINDING WHAT'S BEST.
BECAUSE WHAT WE HAVE TODAY MAY NOT BE PERFECT, OR IT MAY BE EXACTLY WHAT'S PERFECT FOR US.
THERE'S NO HARM IN LOOKING RIGHT.
VICE CHAIR, JUST TO BUTTON THIS UP FOR YOU LEGALLY, UM, SECTION 3.7 OF YOUR BYLAWS IS TITLED, SIGNATURE AUTHORITY SAYS SIGNATURE AUTHORITY FOR THE CORPORATION RESTS WITH THE CHAIRPERSON, THE VICE CARE PERSON AND THE TREASURER.
THE SIGNATURES OF TWO INDIVIDUALS ARE REQUIRED TO ENDORSE PAYMENTS OF CHECKS, NOTES OR OTHER OBLIGATIONS.
FUNDS RECEIVED TO THE CREDIT OF THE CORPORATION SHALL BE DEPOSITED IN SUCH BANK OR BANKS OR DEPOSITORIES, AS SHALL BE DESIGNATED BY THE BOARD.
SIGNATURE AUTHORITY MAY BE DELEGATED TO CERTAIN CITY STAFF AS DETERMINED BY THE BOARD.
AND IF SO, DELEGATED, THE CORPORATION SHALL PAY THE CITY REASONABLE COMPENSATION FOR SUCH SERVICES PURSUANT TO AN AGREEMENT BETWEEN THE PARTIES.
AND SO THAT'S WHAT YOUR BYLAWS SAY WITH REGARD TO SIGNATORY AUTHORITY.
SO IF YOU DON'T HAVE ANYTHING, I'D LIKE TO MAKE A MOTION TO APPROVE THE RESOLUTION AS READ TO US BY COUNSEL BY, YOU KNOW, WITH THE UPDATE THAT WE GET THE, THE MONTHLY STATEMENTS FOR THE TEXT POOL.
MR. VICE CHAIR? I DON'T THINK WE CAN DEBATE IT UNTIL WE EITHER GET A SECOND OR THE MOTION DIES.
WELL, I THOUGHT HER TALKING WAS THE SECOND.
I WILL SAY THE MOTION IS FAILED.
SO IF ANYBODY WOULD LIKE TO FURTHER DISCUSS FLOOR IS OPEN, I WOULD JUST SAY BASED ON SOME OF THE CONVERSATION, I'M JUST ASSUMING HERE, PART OF THE REASON THERE'S NOT A SECOND IS BECAUSE WE'RE NOT, WE'RE LITERALLY JUST TOOK ALL THE APPROVAL PROCESS AWAY FROM THE BOARD MM-HMM.
AND SO IF THERE'S ANY CONCERN ON THE BOARD OR OVERSIGHT, YOUR MOTION WOULD'VE COMPLETELY GIVEN ALL THE OVERSIGHT AWAY TO THE CITY.
AND SO THAT MAY HAVE MADE SOME
[00:35:01]
PEOPLE UNCOMFORTABLE.I JUST, THEN YOU COULD HAVE SAID, CAN I MAKE A FRIENDLY AMENDMENT TO ADD THIS TREASURER? AND I ASSUME, BECAUSE WHEN COUNCIL READ AND SAID THAT, UM, THEY ALREADY REQUIRED FOR ANY FUNDS TO GET ISSUED OUT REQUIRES TWO OF YOUR THREE SIGNATURES ALREADY IMPROVED, THAT THAT PROCESS IS ALREADY IN PLACE.
THEY CAN'T LEGALLY TAKE IT OUT WITHOUT YOUR SIGNING THE CHECKS.
SO EVEN IF THE ONLY PLACE THEY CAN MOVE IT TO IS THE OPERATIONAL ACCOUNT, AND THE ONLY WAY YOU CAN ISSUE CHECKS FROM THE OPERATIONAL ACCOUNT IS WITH Y'ALL'S SIGNATURES, IT SEEMS LIKE IT'S ALREADY COVERED.
SO I DON'T UNDERSTAND WHERE THE, I MEAN, THAT'S FINE, YOU CAN PUT TWO OTHER PEOPLE, I JUST, BUT IF YOU PUT THE SAME TWO PEOPLE, THEY COULD MOVE THE MONEY FROM, FROM THE TECH POOL TO THE OPERATIONS ACCOUNT AND BOTH SIGN IT AND SCO WITH THE MONEY.
THIS, THEY CAN MOVE IT, BUT IT STILL REQUIRES A TWO DIFFERENT SET OF PEOPLE TO THEN GET THE FUNDS OUT TO DO SOMETHING WITH.
I DON'T SEE HOW THAT IS NOT A BETTER SECURITY SYSTEM THAN WHAT YOU PROPOSED OR WHAT I HEARD FROM WHAT I UNDERSTAND.
SO HERE'S, I THINK HERE'S THE ISSUE AT HAND, I THINK FOR A COUPLE PEOPLE, AND LOOK, AND, AND BEFORE I I GET INTO THIS, I WANNA MAKE IT CLEAR THAT THERE HASN'T, THERE HAS BEEN NO MISAPPROPRIATION, THERE'S BEEN NO MALFEASANCE, THERE ARE NO ISSUES.
WE ARE VERY DILIGENT AS A BOARD AND, AND, AND WANTING TO MAKE SURE THAT WE CHECK ALL THE RIGHT BOXES AND THAT WE DO EVERYTHING, UM, AS WE SHOULD.
UH, AND WE, WE HOLD OURSELVES TO A VERY HIGH STANDARD.
A PART OF THAT IS BECAUSE WE'RE JADED FROM WHAT'S HAPPENED IN TIME PAST OR HAS HAPPENED IN TIMES PAST.
UM, BUT CASE IN POINT, CHRISTINA SAYS, HEY, I CAN ALSO GO IN HERE AND I IN THEORY, COULD GO TRANSFER THESE FUNDS FROM POINT A TO POINT B AND BE NONE THE WISER.
OKAY? SO THE OPERATING ACCOUNT IS A, IS A WHOLE SEPARATE THING WHERE YES, THAT ACCOUNT IS CONTROLLED, EVERY CHECK HAS TWO SIGNATURE LINES ON IT.
THE BANK IS AWARE THAT IT REQUIRES TWO SIGNATURES FOR EVERY ENDORSEMENT, YADA, YADA, YADA.
ALL OF THAT IS, IS PERFECTLY FINE.
WELL, THE CONCERN I THINK FROM BOARD MEMBERS SNYDER'S SIDE OF THINGS IS, OKAY, WELL HEY, I CAN IN THEORY GO IN THERE AND, AND, AND, AND TRANSFER FUNDS ELECTRONICALLY TO WHATEVER ACCOUNT THAT'S DEFINED BECAUSE THE, THE ELEPHANT IN THE ROOM, IF YOU WILL, IS, AND THIS IS GOING TO BE MY QUESTION, UH, TO CHRISTINA, WHICH IS DOES TEXT POOL REQUIRE A MULTISET APPROVAL PROCESS? NO.
AND IF THE ANSWER IS NO, THAT IS A HUGE CONCERN DESPITE EVERYTHING I'VE SAID ABOUT, WELL, IT'S RUN BY THE COMPTROLLER'S OFFICE, IT'S ABOVE BOARD, YADA, YADA, YADA.
IT JUST FROM A CONTROL STANDPOINT, ALSO MAINTAINING OUR BYLAWS.
NOW WE, IF, IF A TRANSACTION CAN HAPPEN WITH ONE PERSON, THAT'S OF CONCERN BECAUSE NOW WE ARE NO LONGER IN COMPLIANCE WITH OUR BOARD, OR EXCUSE ME, WITH OUR BYLAWS THAT REQUIRE TWO SIGNERS.
DID I MISS ANY PART OF THAT? NO, YOU DIDN'T.
I THINK THE ONLY THING I WOULD CLARIFY IS IF I WANTED TO SET UP SOMEONE AS A VENDOR THROUGH TEXT POOL, I WOULD NEED THE SECOND SIGNATURE.
SO CHANEY AND I WOULD HAVE TO COLLUDE TO DO THAT.
UM, BUT YEAH, WHAT YOU SAID IS FAIRLY ACCURATE.
SO MY QUESTION THEN IS TO APPEASE EVERYBODY AND, AND, AND MAKE THIS WORK FOR ALL, BECAUSE WE'VE, WE'VE BEEN USING TEXT POOL LONGER THAN I'VE BEEN SITTING ON THIS BOARD.
UM, IS DOEST POOL HAVE THAT ABILITY TO HAVE, SO LIKE CASE IN POINT, IF I RUN A, UH, QUARTER MILLION DOLLAR, UH, ACH CHECK RUN FOR MY COMPANY, WELL IF I DO DO IT, MY CEO HAS TO THEN GO IN WITH HIS SECURITY TOKEN INTO OUR BANKING PLATFORM AND HE HAS TO AUTHORIZE IT FROM HIS SIDE.
THAT'S WHY I DON'T DO IT AND I HAVE SOMEBODY DO IT AND THEN I APPROVE IT.
UM, DOES TEXT POOL HAVE ANY SORT OF SIMILAR ELEMENT TO IT BASICALLY WHERE IT REQUIRES TWO PEOPLE TO GO YES.
MOVE THE FUNDS? I DO NOT BELIEVE SO BECAUSE THE CURRENT FINANCE DIRECTOR HAS THE ABILITY TO TRANSFER MONEY FROM TEXT POOL TO THE CHECKING ACCOUNT WITHOUT A SECOND AUTHOR AUTHORIZATION.
SO THAT TO ME IS OF CONCERN BECAUSE NOW WE ARE NO LONGER IN COMPLIANCE WITH OUR BYLAWS.
I DON'T IF COUNCIL LIKE TO CHIME IN IF I'M WRONG, PLEASE DO SO.
UM, BUT WE NEED TO FIGURE OUT A, A MEANS TO EITHER MAKE THAT WORK OR DO SOMETHING DIFFERENT OR WHATEVER THAT MIGHT BE.
BECAUSE I AGREE, I MEAN WE NEED TO, WE MAKE SURE THAT WE'RE DOING OUR PART WELL.
ONE IS THAT THE SIGNATURES THAT ARE REQUIRED TO ENDORSE PAYMENTS, CHECKS AND OTHER OBLIGATIONS DON'T NECESSARILY HAVE TO BE SIGNATURES THAT OCCUR WITH SPOOL.
UM, THAT COULD SIMPLY BE THAT, UM, YOU KNOW, THERE'S A TRANSFER OF, UH, $250,000 THAT NEEDS TO BE DONE.
AND YOU HAVE TWO EMAILS THAT SAY WE APPROVE AND THEY'RE BOARD MEMBERS THAT ARE AUTHORIZED UNDER THE, UH, PROVISION OF THE BYLAWS.
NOW, THE, THE, THE OTHER PART I JUST WANNA POINT OUT IS, UH, 3.5 TREASURER
[00:40:01]
SAYS THAT THE TREASURER SHALL MAINTAIN AND PERFORM ALL ACTS INCIDENT TO THE POSITION OF THE TREASURER, SUBJECT TO THE CONTROL OF THE BOARD.AND THEN IT GOES ON TO SAY THAT THOSE TREASURER DUTIES MAY BE DELEGATED TO THE CITY AS, AS DETERMINED BY THE BOARD, AND IF SO, DELEGATED THE CORPORATION, SHE PAY THE CITY REASONABLE COMPENSATION FOR THOSE SERVICES.
AND THEN FINALLY, THE ONLY OTHER ASPECT WHICH IS DISTINCT BETWEEN THE BOARD MEMBER HAVING ANY AUTHORITY AND EMPLOYEE HAVING ANY AUTHORITY, IF THE EMPLOYEE MISAPPROPRIATE FUNDS FOR THEIR, FOR THEIR OWN PURPOSE, THEN THERE'S A, THERE'S A CRIMINAL OFFENSE THAT APPLIES TO THAT.
UM, IF THE, UM, IF A BOARD MEMBER, UH, WERE TO, UH, MISS APPROPRIATE FUNDS OR MISALLOCATE FUNDS, THAT'S NOT, UH, OR IN ADDITION TO THAT, THAT WOULD BE A BREACH OF FIDUCIARY DUTY UNDER CHAPTER 22 OF THE BUSINESS ORGANIZATIONS AT WHICH REQUIRES YOU AS A NON-PROFIT CORPORATION BOARD TO HAVE FIDUCIARY DUTIES TO THE BOARD, UH, BASICALLY TO ACT IN THE BEST INTEREST OF THE BOARD, EVEN IF THAT ACT IS IN NOT IN YOUR BEST INTEREST INDIVIDUALLY.
SO, UM, THAT'S THE PARAMETERS OF LAW THAT APPLIES TO THIS.
UH, ONE OTHER THING I'LL I'LL SAY IS, IS, AND, AND I'M NOT TRYING TO PUT MY OWN FOOT IN MY MOUTH FORWARD, UH, UH, PER SE, BUT ANOTHER WAY YOU CAN ALSO LOOK AT THIS IS THIS IS MERELY TRANSFERS.
THIS ISN'T VENDOR PAYMENTS OR ANYTHING OF THE SORT.
SO, UM, GOING DOWN THE BYLAWS PATH, YOU ACTUALLY COULD POTENTIALLY, UH, HAVE AN AVENUE, IN MY OPINION, WHERE THERE ARE NO FORMAL PAYMENTS ISSUED.
THEY'RE MERELY TRANSFERRING BETWEEN FUNDS BETWEEN TWO ACCOUNTS OWNED BY THE, OR THE EDC.
SO, UM, IT'S KIND OF NOT HOW YOU, YOU WANNA LOOK AT IT, BUT YOU KNOW, AT THE END OF THE DAY, IF, IF, YOU KNOW, PEOPLE AREN'T COMFORTABLE WITH IT AND WE'RE NOT COMFORTABLE WITH IT, AND WE CAN GO THAT WAY, IF, IF WE WANNA, UH, YOU KNOW, PROVIDE A MODIFIED MOTION OR, OR HOWEVER THAT'S YOUR CALL OR THE BOARD'S CALL RATHER.
CHRISTINA, BY THE WAY, THIS IS NOTHING YEAH, YEAH.
I'M AN ACCOUNT, I'M AN ACCOUNTANT, I'M LOVING THE CONVERSATION.
LIKE WITH, UH, VICE CHAIR CARLSON, THAT IT, MY PLACE OF EMPLOYMENT, UM, IT TAKES THREE DAYS TO GET MONEY WIRED BECAUSE I HAVE TO FILL OUT A FORM, MY BOSS HAS TO SIGN A FORM, IT THEN GOES TO ACCOUNTING WHO THEN SENDS IT TO TREASURY AND IT'S LIKE, DANG, ALL THAT.
BUT THEN THAT TELLS ME AT SOME POINT IN TIME SOMETHING PROBABLY WENT WRONG,
AND I DON'T KNOW THAT WE NECESSARILY NEED IT THAT WAY, BUT I WOULD ALMOST FEEL COMFORTABLE WITH A POLICY TO WHERE SINCE YOU'RE JUST TAKING MONEY IN AND MOVING MONEY TO THE OPERATING ACCOUNT, IF WE'RE DOING OUR BUDGETING CORRECTLY, WE SHOULD KNOW A MONTH IN ADVANCE HOW MUCH WE NEED.
AND SO IF OUR PATTERN AT SOME POINT WAS TODAY WE ARE AUTHORIZING THE TRANSFER OF X AMOUNT OF MONEY TO GO INTO THE FUND NEXT MONTH, WHICH WOULD HAVE SOME SORT OF, WHETHER IT BE LIKE A HUNDRED THOUSAND X FROM WHAT WE NEED, THEN WE SHOULD ALWAYS BE ABLE TO COVER WHATEVER.
AND THEN IF THE SYSTEM IS SET UP, IF TEXTBOOK CAN'T DO IT, BUT SOME OTHER FUTURE SYSTEM IS SET UP TO WHERE, LIKE YOUR SYSTEM, ONE PERSON DOES IT, THE OTHER, SOME OTHER PERSON OUT THERE HAS TO ALSO, AND IT NEEDS LIKE TWO CODES, LIKE LAUNCH CODES, THEN I THINK WE'RE ALWAYS COVERED.
UM, BUT YOU DON'T WANNA MAKE IT SO DIFFICULT THAT WE CAN'T PAY A BILL, BUT THEN YOU DON'T WANT IT SO EASY TO WHERE IF SOMETHING EVER HAPPENS, EVERYBODY'S GONNA LOOK AT US AND GO, HOW DID YOU GUYS LET THIS GO? UM, I DON'T KNOW THE EASY ANSWER, BUT SO, AND WE, WE DON'T PULL MONEY DOWN MORE THAN ONCE.
WE DON'T PULL MONEY DOWN FROM TAX PULL MORE THAN ONCE A MONTH.
YOU'RE ONLY SIGNING OFF ON THE EXPENDITURES ONCE A MONTH.
UM, MY MAIN CONCERN IS THAT WE'RE ABLE TO CONTINUE TO MAKE THOSE TRANSFERS, UM, AND THAT I CAN RECORD INTEREST INCOME, UM, BECAUSE IT ONLY HAPPENS ONCE A MONTH.
I'M PERFECTLY FINE WITH, WELL, IT'S NOT MY DECISION EITHER WAY, BUT IF, UM, IF YOU HAD, UH, SEAN LUCAS AND DON CARLSON AS THE SIGNERS ON TAX POOL AND YOU WANTED TO MAKE THE DRAW DOWN ONCE A MONTH, AND AS LONG AS I CAN GET THE BANK STATEMENT, WHICH I CAN, THERE IS A SPOT FOR READ ONLY ACCESS AND I CAN RECORD MY INTEREST INCOME, I'M, I'M HAPPY WITH THAT TOO.
UM, I JUST DON'T WANT IT TO BE A BURDEN ON ANYONE OPERATIONALLY.
I THINK JUST TIGHTENING THIS UP TO BE MORE SPECIFIC MM-HMM.
AGAIN, I PULLED IT OFF CUZ I WAS LIKE AUTHORIZING WHO HALF THE CITY, HALF THE PEOPLE IN THIS ROOM.
I MEAN LIKE, I DON'T KNOW WHO, SO THAT'S THE REASON WHY I PULLED IT OUT.
UM, IF YOU TIGHTEN IT UP WITH MORE OF THOSE, MORE SPECIFICS AND LOOK INTO DUAL CONTROL AND HAVING THAT KIND OF SET AS A PROCESS INTO THE THING, I MEAN I'M MORE OPEN TO IT, BUT, SO HERE'S HERE WOULD BE MY SUGGESTION.
WHICH IS WE, WE CAN TREAT THIS.
UM, UH, BECAUSE AGAIN, I MEAN I THINK, YOU KNOW, LESS IS MORE AT TIMES.
[00:45:01]
LIKE WE NEED TO, TO DO OUR PART WOULD BE OKAY, OR THE WAY I WOULD VIEW THIS IS, OKAY, THERE NEEDS TO BE A POLICY OF SOME SORT OR FOR MORE DERIVATIVE THAT THAT CAN BE MADE THAT WE VERY SIMILAR TO OUR, UH, TO THE ACH SIDE OF HOW WE'VE DONE STUFF TO SAY, HEY LOOK, IF FUNDS ARE TO BE WITHDRAWN, THERE NEEDS TO BE AN EMAIL, A FORM A SOMETHING AND I CAN WHATEVER ADMINISTRATIVELY WORKS FOR THE FINANCE SIDE OF THE CITY SINCE THEY DO THE DAY TO DAY ADMINISTRATION, UH, BASICALLY, UH, TO REQUIRE DUAL SIGNERS ON OUR SIDE.AND CUZ IT'S A ONCE A MONTH THING, SO IT COULD GO INTO OUR MONTHLY PACKET THAT WE GET WHERE WE HAVE ALL OUR CHECKS AND ACHS ET CETERA, AND SAY, HEY, I NEED TO MOVE $250,000 WORTH OF FUNDS OVER HERE TO COVER THIS.
THAT GETS SIGNED OFF ON, SO THERE'S A RECORD OF IT.
YOU HAVE THE STATEMENT THAT WOULD THEN OFFSET THAT LONG TERM.
AND THEN YOU HAVE, UH, YOU KNOW, THE SAME SIGNERS ON THE BOARD WOULD ALSO BE ON THE TEXT POOL SIDE AS WELL.
SO AT ANY POINT IN TIME IF THERE'S EVER A QUESTION OR CONCERN, WE DON'T HAVE TO RELY ON THE CITY TO GO, HEY, LET'S GO IN THERE AND LET'S LOOK.
UH, OR NOT EVEN THAT BE LIKE, HEY, WE'LL EVENTUALLY WE'LL GET AN EMAIL.
IF WE WANNA GO LOOK, HEY LOOK, CHRISTINA DID HER JOB TODAY.
YOU KNOW, WE CAN GO DOWN A PATH LIKE THAT.
UM, IF THAT WOULD BE OF BENEFIT IN, IN ANYONE'S EYES SITTING ON THE BOARD TIGHTER CROSSES, DOES, DOES, DOES TECH PULL? I DON'T KNOW.
DO THEY ALLOW FOR ALERTS AND CAN YOU PUT PEOPLE ON FOR ALERTS? GOOD QUESTION.
MEANING THAT IF A DOLLAR IS MOVED IN OR A DOLLAR IS MOVED OUT AND EMAIL SENT TO THE, THE PEOPLE LIKE ME, THE CHAIR AND VICE CHAIR, UM, LETTING US KNOW THAT MONEY MOVED IN, MONEY MOVED OUT, THAT WOULD ALLOW US TO BE ABLE TO VISUALLY SEE IF ANYTHING WAS COMING IN OUTTA THE ACCOUNT.
I'M NOT SURE, BUT THAT WOULD BE A PRUDENT FEATURE TO HAVE.
OR IF, IF, IF I MAY, UM, RIGHT NOW YOUR STATUS QUO IS NO ONE WHO IS ACTUALLY OPERATING HAS ACCESS TO YOUR FUNDS AND THAT'S A PROBLEM.
AND SO BY CHANGING THIS AS REQUESTED, WHETHER YOU WANT TO ADD ADDITIONAL PERSONS OR NOT, UM, APPEARS TO BE, UM, A PRUDENT CHOICE FOR PURPOSES OF CONTINUING OPERATIONS UNTIL YOU GET THIS POLICY IN PLACE AGREED.
UH, AND SO, SO BY DOING THIS, YOU'RE NOT GOING TO MAKE IT MORE, MAKE YOUR SYSTEM CURRENTLY MORE VULNERABLE.
YOU WOULD JUST BE MAINTAINING THE STATUS QUO FOR YOU TO BE ABLE TO HAVE ANOTHER MEETING FOR FINANCE TO COME BACK WITH ALL OF THESE ANSWERS ABOUT CAN WE PUT ALERTS? CAN WE DO THESE THINGS? AND THEN AT THAT POINT, THESE, THESE AMENDED RESOLUTIONS CAN BE PUT ON, ON THE NEXT MONTH'S AGENDA TO MODIFY THE EVENT THAT YOU'RE NOT SATISFIED.
CAN I MAKE A NEW MOTION? MORE THAN WELCOME TO.
I'D LIKE TO MAKE A MOTION AS 6.2 AS PRESENTED WITH THE ADDITIONAL PROVISOS THAT WE ADD THE VICE CHAIR AND SECRETARY AS SIGNATURES TO THE TEXT POOL ACCOUNT AND WE GET MONTHLY STATEMENTS FOR THE TEXT POOL IN OUR MONTHLY AGENDA FOR MONTHLY FINANCIALS.
SECRETARY OR TREASURER, UH, SORRY, VICE CHAIR AND TREASURER, WHICH WOULD IN THIS CASE BE DON CARLSON AND SEAN LUCAS.
I SECOND THAT RIGHT? WE HAVE A SECOND.
SO WE ARE ASK CHRISTINA A QUESTION ON THIS BEFORE WE VOTE.
WHEN WE DO THE TEXT PULL ACCOUNT, CAN YOU DO IT LIKE WE'RE DOING WITH THE CADENCE ONE? UH, INCLUDE THE BANK STATEMENT? YEAH.
THAT I DON'T TRUST THE FIRST FOUR PAGES, BUT ANYBODY COULD DO THOSE.
BUT THE ACTUAL STATEMENT I ALWAYS LIKE SEEING.
ALL RIGHT, SO WE HAVE A MOTION FROM, I DON'T KNOW WHY ALL OF A SUDDEN BOARD MEMBER CLARK, THAT'S THANKS.
IT'S ONE OF THOSE EVENINGS, UH, TO APPROVE, UH, SIX TWO WITH PROVIDING MONTHLY STATEMENTS BY, UH, FINANCE AS WELL AS ADDING BOTH MYSELF, THE VICE CHAIR AS WELL AS SEAN LUCAS TREASURER, UH, ONTO THE RESOLUTION.
AND WITH THAT ROLE, CALL JOHN CARLSON.
[00:50:01]
SIX THREE MONTHLY FINANCIALS.EXCUSE ME, VICE CHAIR, BUT YOU NEED TO VOTE ON ITEMS WHILE YOU'RE, WHEN YOU PRESIDE, YOU, YOU, YOU DON'T LOSE YOUR VOTE.
SO FIVE, ONE, THERE'S SIX PEOPLE VOTING.
THAT WAS THE VERY FIRST 1, 2, 3, 4, 5.
SO I DIDN'T HAVE A PRESENTATION PREPARED, UH, BUT WE HAVE ONE MONTH OF FINANCIALS, UM, FOR THE MONTH OF OCTOBER.
UM, REALLY NOT A WHOLE LOT TO REPORT ONE MONTH OF SALES TAX ESTIMATES.
UM, SOME PROFESSIONAL SERVICES.
UM, IF YOU GO TO THE, UH, RECONCILIATION REPORT, IT LOOKS LIKE WE WROTE CHECKS OR THEY SENT OUT PAYMENTS FROM TEN SEVEN TO 10 26.
IT LOOKS LIKE THE SUM, THE TOTAL OF 50,000 4 4 9 72.
AND I GUESS WHEN I LOOK AT THE INCOME STATEMENT THAT'S DATED ON 10 31, IT ONLY SHOWS PROFESSIONAL SERVICES AGREEMENT FOR 16,003 20.
MOST OF THOSE EXPENSES WERE, UH, APPLICABLE TO THE PRIOR FISCAL YEAR.
SO YOU KNOW, IT'S ATTORNEY SERVICES FOR AUGUST AND SEPTEMBER, FOR EXAMPLE, WHICH THAT WAS CALLED OUT ON THE PAPERWORK WE WERE PROVIDED TODAY THAT GOTCHA.
CALLED OUT, UH, 2021, OR EXCUSE ME, 22 OR 23 WITH RESPECT TO THE CALENDAR YEAR.
UM, IT LOOKS LIKE WE COULD GET A DEPOSIT IN ON 10 28 FOR 1,083.
THE PAYEE IS NOTHING IS, DO WE NEED TO PUT A DESCRIPTION IN THERE OR, UH, SO I CAN TELL YOU IT'S ORANGE THEORIES, UM, SMALL BUSINESS LOAN REPAYMENTS.
UM, PERSONALLY, I'M TRYING TO GET AWAY FROM THIS RECONCILIATION, UH, THIS PARTICULAR RECONCILIATION BECAUSE I'M HAVING TO RUN EVERYTHING THROUGH QUICKBOOKS.
MY ONLY HOLD UP, AND I THINK THIS WAS DISCUSSED A LONG TIME AGO, IS THERE ARE TWO OUTSTANDING CHECKS.
WELL, UH, MARIO PEREZ AND PATRICK KEEL THAT I WOULD LOVE TO WRITE OFF.
I JUST NEED AUTHORIZATIONS TO DO THAT.
AND THEN I CAN, I THINK WE TOLD ANGIE MANY, MANY, MANY MONTHS AGO TO PLEASE JUST EITHER SEND THAT UP TO THE CITY BECAUSE THEY CAN'T GO WITH, THEY CAN'T GO TO THE BANK WITH THESE CHECKS.
THEY'RE, THESE ARE COMPLETELY STALE.
SO EITHER WE EMAIL OUT MARIO AND PATRICK NEW CHECKS, OR WE SEND THEM UP TO THE STATE AND JUST LET THEM CLAIM IT FROM THE STATE AND GET THIS OFF THIS REPORT.
IT ANNOYS ME TO SEE IT EVERY SINGLE TIME.
YEAH, I WANNA SAY I HAD THAT MARKED, THAT WAS ABOUT SIX MONTHS AGO, AND I BELIEVE WE EVEN TALKED ABOUT HOW STATE LAW, THERE WAS SOME KIND OF LAW THAT THEY WERE YEAH, THEY, THEY, ITS CHEAP TO THE STATE AFTER SEVEN YEARS I THINK.
SO I DON'T REMEMBER WHAT THE ACTION WAS, BUT IT WAS TO TAKE CARE OF IT IN ONE FORM OR FASHION.
I MEAN, EITHER MAILED THEM NEW CHECKS AND ALLOWED 'EM TO CASH NEW CHECKS OR MAIL 'EM UP AND GET IT OFF OUR REPORT.
BUT FIVE YEAR OLD STUFF SITTING THERE JUST HANGING OVER AND OVER AND OVER AGAIN.
I WOULD BE THRILLED BECAUSE THEN I CAN GET RID OF QUICKBOOKS AND I CAN GO TO OUR GOOD ACCOUNTING SOFTWARES RECONCILIATION.
I CAN ASK MARIO TO COME BY AND PICK IT UP TOMORROW.
I DON'T KNOW IF PATRICK KEEL, DOES ANYBODY KNOW THAT PERSON? MM-HMM.
IS THERE ANY ACTION WE NEED TAKE ON THAT TO ALLOW, THERE'S NOT AN ACTION ON THIS ITEM, BUT UH, WE JUST, UH, REFER TO PRIOR ACTION THAT'S ALREADY BEEN APPROVED FOR THAT, FOR YOU TO TAKE THAT BACK.
AND THEN YOU GOT PROFESSIONAL SERVICES AGREEMENT AT 16,003 2040, BUT THEN I GUESS ON THE FINAL PAGE, IS THAT WHAT THOSE DON'T SEEM TO MARRY UP.
YOU'VE GOT THE EDC DIRECTORS SEPTEMBER AND OCTOBER SALARY EQUALS 16,000 603 60.
WHAT'S THE DISCREPANCY THERE? SO THAT'S WOULD BE THE PROFESSIONAL SERVICES EXPENSE LINE ITEM IS, UH, ONE MONTH OF BOB'S SALARY FOR THE CURRENT FISCAL YEAR.
AND, UH, PLACER LABS, THERE WAS AN EXPENDITURE.
OH, SO THAT'S TWO OF THOSE COMBINED? YES, SIR.
AND I NOTICE THAT WE'RE, WE HAVE KELLY GRAPHICS AND DANE CONSULTINGS AS PEOPLE THAT WE WROTE CHECKS TO, BUT THEN IF YOU LOOK AT THE CHECK REPORT, WE WROTE 'EM DIRECTLY TO THEIR, IS IS THE PAYEE VENDOR WRONG ON THE, THE OTHER PAGE YOU GOT ARNOLD D KELLY AND NICHOLAS NOR BOG, I'M SURE I GOT THAT WRONG.
BUT WHY THE DIFFERENCE IN PAYEES? IT'S ESSENTIALLY, UM, UM, DIFFERENT, THE DIFFERENCE BETWEEN DBA NAMES AND W NINE NAMES AND THINGS LIKE THAT.
UM, SO NICHOLAS NOR BO IS, IS DAN CONSULTING.
UM, BUT WHEN WE CUT THE CHECK DAN CONSULTING, NOT NICHOLAS, EVEN IF IT WAS A DBA, IT WOULD BE DBA NICHOLAS WHATEVER.
UH, NO A, YOU KNOW, DOING BUSINESS AS DAN CONSULTANT.
YOU CAN TAKE A CHECK IN EITHER ONE.
I GUESS JUST FROM OUR PURPOSES, WOULDN'T WE WANNA MAKE IT CLEAN AND HAVE IT THE SAME? UH, YES, ABSOLUTELY.
UM, AND AGAIN, THIS IS SORT OF ME USING THE QUICKBOOK PLUGGING EVERYTHING THAT WAS RUN OUT OF OUR OLD ACCOUNT, OUR CURRENT ACCOUNTING.
[00:55:01]
KNOW YOUR BOOKS.I'M NITPICKING LITTLE LION LINE ITEMS. I DON'T KNOW.
THIS WILL BE A LOT CLEANER ONCE I'M ABLE TO GET RID OF THIS QUICKBOOKS RECONCILIATION AND GET THESE TWO OUTSTANDING CHECKS OFF OF OUR REPORTS.
THANK YOU FOR ANSWERING THOSE QUESTIONS.
OH, I THOUGHT THIS WAS GONNA BE AN EASY NIGHT FOR ME.
IT SEEMS LIKE IT'S NEVER EASY.
DO WE NEED TO APPROVE THIS ACTION ITEM? NOPE.
THIS IS JUST A REPORT ON FINANCIALS.
ONTO SEVEN ONE, CONSIDER ACTION AUTHORIZING CORPORATE GENERAL COUNSEL TO PERFORM WORK REASONABLY NECESSARY TO ASSIST THE CITY OF HU IN ESTABLISHING AND DEVELOPING HU TAX AND, UH, INCENTIVE REINVESTMENT ZONES AS NECESSARY AND APPROPRIATE AND DIRECT SEPARATE INVOICES FOR EACH TE TO BE PREPARED AND ISSUED TO ALLOW THE CORPORATION TO BE REIMBURSED FOR THIS INVESTMENT FROM THE RELATED INCREMENT FUNDS.
UH, SO BOARD, AS WE START GOING THROUGH THE, THE TURS PROCESS, THE ALLOCATION OF COSTS ASSOCIATED WITH THE DEVELOPMENT OF THE TURS ARE REIMBURSABLE EXPENSES TO THE TURS.
AND SO IN ORDER TO ALLOCATE AND IDENTIFY THOSE EXPENSES PER TURS, UH, WE WANTED TO ALLOCATE THOSE COSTS THAT ARE ASSOCIATED WITH THE DEVELOPMENT OF THOSE UNDER OUR INCENTIVE POLICIES THAT WE ALREADY HAVE IN PLACE, UM, SO THAT YOU CAN RECOVER THOSE, THOSE FUNDS ONCE THE TURS IS IN POSITION AND STARTS COLLECTING AN INCREMENT.
AND SO WITHOUT HAVING THIS TYPE OF DETAIL FOR EACH ALLOCATION OF EACH TUR, IT MAKES IT MUCH MORE DIFFICULT OR POTENTIALLY IMPOSSIBLE FOR YOU TO RECOVER THE FUNDS OUT OF THE TES FINANCING PLAN.
AND SO BEFORE I STARTED SENDING ADDITIONAL INVOICES, WHAT IS THIS? I WANTED TO MAKE, YOU KNOW, IT'S THE SAME WORK.
WE'RE JUST ALLOCATING IT TO ITS OWN INVOICE PER TURS.
AND SO I WANTED TO MAKE SURE THAT WAS CLEAR AND AND ACCEPTABLE TO THE BOARD BEFORE WE WENT FORWARD ON THAT.
SO ALL WE'RE SAYING IS THAT, UM, JUST LIKE WHAT I SAW ON, UM, ONE ISSUE EARLIER, YOU HAVE YOUR, YOUR GENERAL DAY TO DAY, AND THEN HERE WAS THIS MATTER AND BCL, RIGHT.
UM, WITH THIS AND THIS CASE WOULD BE A THIRD INVOICE TURNS TWO, FOURTH INVOICE TE THREE, ET CETERA.
AND, AND THAT WORK THAT HAS COME UP TO THIS POINT HAS BEEN PART OF THE GENERAL COUNSEL ASSOCIATED DUTIES THAT WE'VE BEEN DOING.
SO IT'S NOT ADDITIONAL WORK, IT'S JUST BIFURCATED OUT.
SO IT HAS ITS OWN INVOICE AND THERE'S NO CHANGE IN RATE OR ANY OF THAT.
ANY OTHER QUESTIONS? SO DO WE NEED TO AUTHORIZE YOU TO SPLIT YOUR INVOICING UP? I, I JUST WANTED, WAS IT JUST MORE OF AN INFORMATION? WELL, YEAH, I JUST WANTED TO MAKE SURE THAT, THAT, THAT I CONSENSUS THAT THAT, UH, BOARD IS OKAY WITH THAT BECAUSE I DIDN'T WANT THERE TO BE FIVE INVOICES AND WHEN THERE USED TO BE TWO AND SAY WHAT HAPPENED, WHEN DID WE AUTHORIZE THESE OTHER PROJECTS? AND, AND SO I WANTED TO MAKE SURE THAT WAS CLEAR.
AND IF THERE ARE NO OTHER QUESTIONS, I'LL MAKE A MOTION TO APPROVE SEVEN WHEN AS PRESENTED.
WE HAVE A MOTION BY TREASURER LUCAS, A SECOND BY, UH, BOARD MEMBER COLEMAN ROLL.
YOU WANNA DO ROLL? IT'S ME BOARD MEMBER, UH, COLEMAN.
DISCUSSION AND POSSIBLE ACTION ON ADMINISTRATIVE SERVICES SUPPORT FROM THE CITY FOR CORPORATE MATTERS.
CH CHANEY, MIKE, UH, BUSINESS JUST A SECOND AGO.
FORESHADOWS, WHAT'S GOING ON HERE? SO WE, WE HAVE HAD A, A CHANGE RELATIVE TO THE CITY SECRETARY.
OBVIOUSLY GRACIE LEFT A MONTH OR SO AGO, UM, WHICH BASICALLY PUT, UH, ANGELA IN A POSITION WHERE SHE WAS COVERING, YOU KNOW, WAY TOO MANY MEETINGS, UM, IN THE COURSE OF A WEEK.
SO THEY'VE ASKED US TEMPORARILY TO STEP IN AND HANDLE THE ADMINISTRATIVE SECRETARY DUTIES FOR THESE MEETINGS UNTIL THAT SECOND PERSON IS APPOINTED, WHICH HOPEFULLY WILL BE WITH RELATIVELY SOON.
SO BOB AND CHENEY AND A LITTLE BIT OF HELP FROM ANGEL WILL COVER THE THINGS THAT WE WOULD NORMALLY BE DOING, UH, THROUGH THE CITY SECRETARY'S OFFICE.
[01:00:01]
DOES THAT REQUIRE AN ACTION? LIKE, IT JUST SOUNDS LIKE YOU GUYS ARE HELPING OUT NEW, NEW, UH, ORG STRUCTURE IS WHAT IT SOUND LIKE TO ME.DOES THAT REQUIRE AN ACTION OR WHAT, WHAT, WHAT, GEORGE, I'M NOT AWARE THAT IT REQUIRES A BOARD ACTION.
IT'S MORE OF AN INFORMATIONAL NO, I MEAN IT DOESN'T, BUT IT DOES IMPACT YOUR, UM, UH, ADMINISTRATIVE SERVICES SHOULD GO DOWN AND SO YEAH, THERE SHOULD BE AN ADJUSTMENT ASSOCIATED WITH THAT IF, IF YOU'RE NOT RECEIVING THOSE ADDITIONAL SERVICES.
CAN WE FIGURE OUT HOW MUCH THAT IS, BOB? WE HAVEN'T AS OF YET, BUT ROAD DART OF THE WALL.
IF, IF WE COULD, BECAUSE I CAN TELL YOU ONE OF THE REASONS THE CITY KEEPS TURNING OVER SECRETARIES AND ASSISTANT SECRETARIES IS BECAUSE ONE OF THEM HAS TO BE PRESENT AT EVERY SINGLE BOARD MEETING WE HAVE.
AND SO WHAT YOU WIND UP HAVING IS TWO PEOPLE WHO WORK SAY NINE TO FIVE DURING THE DAY, AND THEN ALMOST EVERY NIGHT OF THE WEEK THERE'S ANOTHER MEETING THEY'RE GOING TO.
AND SO WHAT THEY'RE FIGURING OUT IS, IS THEY CAN MAKE SOMETIMES MORE, SOMETIMES LESS OR THE SAME AMOUNT OF MONEY AND GET THEIR ENTIRE EVENINGS BACK.
IT'S LIKE A 70 OR 80 HOUR WEEK JOB SOME WEEKS.
SO IF WE CAN FIND OUT HOW MUCH WE'RE SPENDING AND THEN POTENTIALLY, CUZ I THINK YOU GUYS ARE PRETTY BUSY NOW.
WE TALKED ABOUT EVEN A THIRD PERSON POTENTIALLY.
MAYBE WE CAN LOOK AT A PART-TIME PERSON THAT HELPS WITH THE, UM, ADMINISTRATIVE SIDE OF JUST GETTING THE THINGS FILED, BEING HERE FOR THE MEETINGS, THINGS LIKE THAT, TO WHERE IF WE DON'T START TAKING THE BURDEN OFF THE CITY, THE CITY'S PROBABLY GONNA HAVE TO TAKE THE BURDEN OFF OF THEM THEMSELVES.
CAUSE I LIKE THAT WE CAN'T BURN, WE CAN'T GO TO EMPLOYEES ANYMORE, BUT, SO I THINK THAT'D BE HELPFUL TO KNOW WHAT EXACTLY WE'RE GETTING BILL FOR AND PROBABLY BLOW HER MINDS.
OTHER QUESTIONS, CONCERNS, COMMENTS? ALL RIGHT, THERE IS NO ACTION ON SEVEN TWO.
THE BOARD WILL NOW RECESS THE OPEN SESSION MEETING AND RECONVENING AN EXECUTIVE SESSION PURSUANT TO TEXAS GOVERNMENT CODE PURSUANT TWO SECTIONS.
5 51 0 7 1 ATTORNEY CONSULTATION, 5 51 0 87 ECONOMIC DEVELOPMENT AND 5 51 0 7 2 REAL PROPERTY TO DELIBERATE AND SEEK LEGAL ADVICE REGARDING CITY TES PROJECTS, IMPACT AND POTENTIAL BOARDS.
ROLE PROJECT TITAN PROJECT SKY BOX PROJECT E, PROJECT V MARK FOUR, GALLAD NEW QUEST PHASE TWO, THE MEGA SITE PROJECT, AND NEW PROSPECTS FOR POTENTIAL INCENTIVE EVALUATION AND CONSIDERATION DISCUSSION ON RESTAURANT INCENTIVES PROGRAM.
WE ARE ENTERING EXECUTIVE SESSION AT 7 32.
WE'VE RETURNED FROM EXECUTIVE SESSION.
UH, NOW ONTO ITEM NINE ONE, UH, CONSIDER ACTION ON A RESOLUTION APPROVING A PROFESSIONAL SERVICES CONTRACT SUBJECT TO APPROVAL AS DEFORMED BY CORPORATE COUNSEL AUTHORIZING EXPENDITURES NOT TO EXCEED $35,000 FOR STORM DRAINAGE INFRASTRUCTURE DESIGN AT THE CORPORATE OWNED MEGA SITE AS PER, EXCUSE ME, AS PERMITTED BY TEXAS LOCAL GOVERNMENT CODE SECTION 5 0 1 1 0 3.
MR. CHAIRMAN, I'LL MAKE A MOTION TO APPROVE NINE ONE AS PRESENTED.
WE HAVE A TREASURER, LUCAS, SECOND BY SECRETARY CLANCY.
AND ROLL CALL BOARD MEMBER CLARK AYE.
CONSIDER ACTION ON A PROFESSIONAL SERVICES CONTRACT WITH GFF PLANNING TO PROVIDE PRELIMINARY PLANNING SERVICES ON EDC OWNED LAND AT THE MEGA SITE PER THE TERMS OF THE, UH, PROPOSAL PRESENTED IN EXECUTIVE SESSION.
I WOULD ASK MR. CHAIR THAT THIS BE CONSIDERED, UH, SUBJECT TO THE APPROVAL OF FORM BY THE CORPORATE COUNCIL.
AND CAN WE ADD IN THE, THIS IS THE ONE THAT NOT TO EXCEED 15.
I'LL MAKE THAT MOTION FOR NINE TWO.
AS AMENDED THAT CORPORATE FORM AND TO 15,000 NOT TO EXCEED 15,000.
[01:05:01]
RIGHT.WE HAVE A MOTION BY BOARD MEMBER LUCAS, EXCUSE ME, SECRETARY OR TREASURER LUCAS.
AND SECRETARY CLANCY, UH, HAS SECONDED.
APPROVE EXPENSE OF $7,750 TO DCS ENGINEERING TO COMPLETE A SURVEY UPDATE FOR THE MEGA SITE PROPERTY TO ACCURATELY REFLECT LAND INCLUDED IN TURS THREE GOING FOR THE HAT TRICK.
UM, I MAKE A MOTION TO APPROVE NINE THREE SECOND WITH, WITH THE CAVEAT, PLEASE.
WITH THE CAVEAT APPROVAL AS TO FORM CORPORATE COUNCIL.
I MAKE THE AMENDMENT TO, TO FORM BY CORPORATE COUNSEL.
THAT NEEDS TO BE DONE THAT WAY.
I HAVE A MOTION, UH, BY, UH, TREASURER LUCAS.
WITH NO FURTHER ITEMS ON THE AGENDA, WE ARE ADJOURNED AT 8 23.