>> THAT EDMONTON POLICE SERVICE -- CASH THAT $500. [ NOTICE TO THE PUBLIC AVERY RANCH ROAD DISTRICT No. 1 PEARSON PLACE ROAD DISTRICT NORTHWOODS ROAD DISTRICT No. 1 SOMERSET HILLS ROAD DISTRICT No. 3 SOMERSET HILLS ROAD DISTRICT No. 4 AVERY CENTRE ROAD DISTRICT No. 1] [00:00:08] >> AT THIS TIME WE WILL RECESS. AND THE AVERY CENTER ROAD DISTRICT NUMBER 1, WE WILL START WITH REVIEW AND APPROVAL OF MINUTES. >> I MOVE TO APPROVE. >> SECOND. >> ALL RIGHT. WE HAVE A MOTION TO SECOND, ALL IN FAVOR? >> DO I NEED TO STATE THE TIME? >> OKAY. WE STARTED OFFICIALLY AT 10:09. SO WE HAVE A MOTION SECOND. MINUTES ARE APPROVED. NUMBER 2, DISCUSS TAKING APPROPRIATE ACTION ON PROPOSING A TAX VOTE ON AVERY CENTER FOR THE TAX YEAR 2026. >> EACH OF THESE TAX RATES YOU WILL SET FOR EACH OF THESE DISTRICTS IS TO SERVICE THE DEBT SERVICE. IT IS NOT AN OPERATING TAX. FOR ITEM NUMBER 2, WE NEED A RECORD VOTE ON THE PROPOSED TAX RATE FOR AVERY CENTER NUMBER ONE FOR TAX YEAR 2026. THE PROPOSED RATE IS .43635. >> MOVE TO APPROVE? >> COMMISSIONER 1 SAYS YES. WE NEED A MOTION TO SECOND. >> I WILL SECOND. >> PRECINCT 1. >> YES. >> PRECINCT 2. >> YES. >> PRECINCT 3. >> YES. >> PRECINCT 4. >> YES AND COUNTY JUDGES. >> PROPOSED THE SET TAX RATE. THE PROPOSED RATE IS 0.29 CENTS. >> 0.29, DO I HEAR A MOTION? >> MOVE TO APPROVE. >> MOVE TO APPROVE BY COMMISSIONER LONG. >> MOVING ON TO AGENDA NUMBER 4. >> SET THE PROPOSED TAX RATE FOR THE SUMMERHILL ROADS DISTRICT NUMBER 4 FOR TAX YEAR 2026. THE PROPOSED RATE IS 0.29 CENTS. >> MOVE TO APPROVE BY COMMISSIONER COVEY. SECONDED BY COMMISSIONER BOLES. PRECINCT 1. >> YES. >> PRECINCT 2. >> YES. >> PRECINCT 3. >> YES. >> PRECINCT 4? YES. >> THE PROPOSED TAX RATE INTEREST 2026 IS 0.1726. >> MOVE TO APPROVE. >> I WILL SECOND. >> MOTION BY COMMISSIONER COVEY. SECOND BY COMMISSIONER BOLES. PRECINCT 1. >> YES. >> I WILL MOVE TO APPROVE. >> I WILL SECOND. >> MOTION TO APPROVE BY COMMISSIONER COVEY, SECOND BY COMMISSIONER COOK. PRECINCT 1. >> VOTES YES. >> PRECINCT 2. >> YES. >> PRECINCT 3. >> YES. >> PRECINCT 4. >> YES. >> COUNTY JUDGE IS A YES. MOTION CARRIES 5-0. >> CONSIDERATION AND ACTION WITH RESPECT TO ORDER AUTHORIZING THE ISSUANCE OF SOMERSET HILLS BOND. IN SUPPORT OF THE BONDS, APPROVING AN OFFICIAL STATEMENT AUTHORIZING THE EXECUTION OF A PAYING AGENT, REGISTER AGREEMENT AND A BOND PURCHASE AGREEMENT AND AUTHORIZING OTHER MATTERS RELATED TO THE ISSUANCE OF THE BONDS PRELIMINARY AND SUBJECT TO CHANGE. >> JUDGE, I HAVE WITH ME THE FINANCIAL ADVISER FOR SOMERSET 3 AND SOMERSET 4. I WILL TURN THIS OVER TO HIM TO EXPLAIN. WE WERE IN THE MARKET WITH THESE BONDS YESTERDAY. >> THANK YOU. >> OKAY. SO GOOD MORNING, GARY KIMBALL WITH SPECIALIZED PUBLIC FINANCE. ON SOMERSET 3, THE APPRAISAL DISTRICT CAME IN WITH CERTIFIED VALUES BELOW WHAT WERE REPORTED IN THE PRELIMINARY APRIL RELEASE. WE HAD TO DOWNSIZE THIS ISSUE TO KEEP AT THE TAX RATE. THE UNDERRIDING WENT VERY WELL YESTERDAY. WE WERE 1.5 TIMES OVERSUBSCRIBED AND THE INTEREST RATE CAME IN AT 4.88% PROJECTED AT 5%. RECOMMEND AWARDING THE SALE TO SAMCO CAPITAL MARKETS AT A TRUE INTEREST COST OF 4.88%. >> GARY, SINCE THE VALUATIONS HAVE COME DOWN, YOU COULDN'T SELL AS MUCH AS YOU NEEDED TO, [00:05:03] AS WE NEEDED TO TO PAY BACK OUR OBLIGATIONS. >> AND STAY AT 29 CENTS. >> AND STAY AT 29 CENTS; RIGHT? DO WE HAVE MORE CAPACITY? >> WE WERE LOOKING AT ABOUT 1.35 MILLION. THE RATE CAME IN BELOW. WE ENDED UP AT 1.375. >> WE'RE TAKING ADVANTAGE OF THAT? THANK YOU. I'LL MOVE TO APPROVE. >> MOVED BY COMMISSIONER COVEY. SECONDED BY COMMISSIONER LONG. THIS IS NOT A RECORD VOTE. ALL IN FAVOR? MOTION CARRIES 5-0. >> AUTHORIZATION OF $4 MILLION FOR SOMERSET NUMBER 4 UNLIMITED TAX BOND SERIES 2026 IN SUPPORT OF THE BONDS APPROVING AN OFFICIAL STATEMENT AUTHORIZING THE EXECUTION OF A PAYING AGENT, REGISTRAR AGREEMENT AND BOND AGREEMENT. >> AND ON THIS ITEM, JUDGE, UNFORTUNATELY MY ASTERISK SHOWED UP. THAT WAS A PRELIMINARY AMOUNT. I WILL LET GARY PRESENT THE AMOUNTS OF THAT SALE. >> $4.5 MILLION. >> WE GOT THE ASSESSED VALUE ANTICIPATING. THE INTEREST RATE CAME IN BELOW WHAT WE WERE BUDGETING. ON THIS ONE, TRUE INTEREST COST WAS 4.8%. THIS IS ABOUT TWICE THE SIZE OF SOMERSET 3. WE HAVE GOT A BUNCH OF LARGER CRITICAL MASS, BETTER RECEPTION IN THE MARKET. IT'S A BIGGER YIELD. WE ENDED UP AT 4.8%, $4.5 MILLION, ONE AND A HALF TIMES OVERSUBSCRIBED. WOULD RECOMMEND AWARDING THE SALE TO SAMCO. >> JUST A COMMENT. BOTH OF THESE ITEMS ARE RELATED TO -- AND THERE ARE OBLIGATIONS THAT ARE THERE FOR THE AGREEMENT THAT WAS SET ORIGINALLY. AND THESE TRANCHES ARE TO HELP PAY THAT AS THE VALUATIONS ALLOW TO KEEP -- AND STAYING AT THE 29 CENTS WHICH WAS ORIGINALLY AGREED TO; IS THAT CORRECT? >> THAT'S CORRECT. >> AND SO THERE MAY BE SOME OTHER AMOUNTS NEEDED IN THE FUTURE TO COMPLETE THAT OBLIGATION; IS THAT CORRECT? >> THAT IS CORRECT. >> OKAY. I JUST NEED TO MAKE SURE THAT WE ARE ABLE TO COMMUNICATE WITH THE CITIZENS THAT LIVE OUT THERE WHAT THAT LOOKS LIKE. I WOULD APPRECIATE YOUR HELP ON THAT. >> SURE. >> THANK YOU VERY MUCH. >> OKAY. THE Y'ALL VERY MUCH. >> ALL RIGHT. SO THAT CLOSES THE ROAD DISTRICT -- >> COOK. ALL IN FAVOR? MOTION CARRIES 5-0. THANK YOU, COMMISSIONER. >> THANK YOU. * This transcript was compiled from uncorrected Closed Captioning.