started. I apologize for the delay. Um, and Mr. Warner, you're online. I can see that you've joined us. Uh, Mr. Miller, um, is is not here, and I thought he was going to be. He's not. And you're now the vice chair. So, I'm going to ask if
you want me to go ahead and run the meeting for you or if you want to try to do it virtually. It's always a challenge to do it online. Uh, Leanne, uh, if you would do it, uh, I think it's better for all. Okay, thank you very much. I appreciate it. Um, so
we'll do the welcome. First of all, welcome. Thank you all for being here. You have no idea how much we appreciate it. We've had a run of committee meetings that haven't had a quorum, so you broke the streak. Thank you very much for being here. Um, so let's go around the table and introduce. And
we'll start with Mr. Mars. Michael Coner, Finance Committee. George Elmore, Finance Committee. Uh, Bill Moore, Finance Committee. Kyle Jones, PFM Asset Management. Richard Pangelli, PFM Asset Management.
Leanne Evans, school district treasurer. Laura How, PFM Financial Advisors. Patricia Morales from the office of general counsel and we have a couple of get visitors with Bank of America. I thank you all for being here and we
have Mr. Warner is online and then we have several um I can't for I can see some of the names but some people are calling in. So, for the the investment banking team that are on the phone, if you could if you're on the phone, if you could just send me an email to let me
know that you are here, I'll make sure you get added into the minutes. And then we have some of my team members that are online. And I see Frank Leo, Omar from PFM Financial Advisors,
Rick Patterson is on, Tom Kai is on. So, we have several people online. So, thank you. Thank you again for being here. Um, are there any public comments? I have a feeling no because we'll talk about what they want to talk about later on in the agenda. Um, so we have the
agenda. We have uh just a couple things to go over today. The quarterly investment reports, the results and the results of the 2025A cops issue, and then the term limit waiver, which will be a very short item I want to go over with you. So, we'll get started with the minutes.
Um, I did send these out in um last night. I don't know if you had a chance to look at them. They're available online. This is the um and you've got a hard copy in front of you for those of you are here. If I could get a motion to accept the minutes. Second.
All in favor? I. Any oppose? Hearing none. That moves forward. Thank you. And the next item is the quarterly investment reports. And Richard, you're you're signing your life away right now,
but I'll let you have the mouse. And um so Richard Pangelli from PFM Asset Management is going to give us a market update and talk about the securities in the portfolio. Thank you, Lean. So boring lately. Oh,
yes. So so boring. Um so you know to to characterize what we've seen since we uh last met met a few months ago um we're we're continuing to see um uh the market's characterized by a lot of uncertainty
um to to put it mildly. Uh and and you know the other thing that's sort of characterizing things this this sort of disconnect between what we're seeing in the actual hard data versus what uh we're seeing in a lot of the sentiment survey data. the expectations about
what's to come in in the future. Um so it's uh no surprise that we've had a lot of uncertainty uh is showing up on the screen here. Um we've seen a lot of activity from uh the current administration. Um on the left hand side
uh it shows the uh number of policy changes uh and executive orders within the first month of the term uh going back uh uh through different administrations back into the 80s. And you can see there's been this uh you know essentially doubling and tripling
of the amount of activity. So uh as the market has been processing and digesting this we've seen quite a bit of volatility and in particular uh the you know on again offagain uh announcements around tariffs have uh
in particular created a lot of volatility. Um the uh charts on the left hand side or right hand side uh reflect uh how consumers have been responding to this and you know we are a a consumer-driven economy. Consumers
represent twothirds of of the economy. So uh their feelings and and and sentiment really forecasts uh what their behavior and activity is going to be. Um the consumer sentiment index uh I think it's shown here through March uh reached
down to its uh you know lowest level since going back to 2022. Um if you remember back in 2022 is when we saw those big inflation increases. Um and it's actually the second uh lowest level that we've seen if you go all the way
back into uh the the late 70s and 80s. So, um, consumers are really, uh, very anxious about, uh, the cost increases, uh, that the tariffs, uh, portend. Try
this one. Go. Better. Thank you. Um, so, uh, you know, why the concern? Uh well the potential tariff uh levels um are significantly higher than what uh we have currently. So uh the
average effective tariff rate has been something like 2 and a.5%. Um based on what was announced on uh liberation day uh the reciprocal tariffs uh in combination with the prior security related tariffs uh uh and and
and the the the pause uh that uh occurred after it the potential impact was to raise the effective tariff rate to something like 20%. Um which would be a a mass a massive increase over where uh tariff levels were. Uh now since then
uh the administration has negotiated uh a couple deals uh uh both the US and China have sort of come back from the you know uh 100 plus% uh tariffs which essentially shut down uh trade between the two countries and so now we see
something that looks like a baseline 10% uh across the whole world um with 30% on uh on on China. Um even at that level, we're still going to be effectively higher than uh what we've had uh in tariffs going all the way back to to the
depression. Um I think uh you know depending on which analysts uh you know numbers you look at uh it's something like a 13% uh increase in the tariff rate over 11 to 13% increase over where we are now. And the Fed has done some
research on uh the potential impact of that. So for every 10% increase uh in the effective tariff rate that's a 08% increase in inflation. Um in terms of economic growth each 10% increase in in
increase in the tariff rate uh pulls down GDP by 1.4%. Um and you know if you kind of work through the numbers uh at the that you know uh 11 to 13% tariff increase rate
it works out to something like a 1 and a.5% to 2% uh tax on uh consumption. Um so this definitely has the potential to uh slow uh growth down in the economy uh have an impact on particular
industries and businesses and that's why we've seen so much volatility in uh in in markets. Um in reaction to this businesses and consumers uh in the first quarter uh really pulled forward a lot of spending. So we saw businesses going
out and purchasing the raw materials that were going to need ahead of the tariffs. uh we saw consumers going out and purchasing big ticket items uh and all that uh actually you know made a big increase in uh the trade deficit which is you know counter to what the
administration is trying to achieve as consumers are trying to frontr run the tariffs um the uh first quarter GDP uh was actually negative uh uh 3% uh and a big part of that uh was that
same front running of the tariffs where we saw there was a lot of import activity uh in the first quarter and that basically pulled uh the uh growth number down. Um from where we are here uh most economists expect to see
continuing slowing this year. Uh the economy was pretty much on you know pretty solid footing uh with an expectation of of of some slowing this year and the tariffs really accelerated that. Uh but one thing that's interesting is that most economist
forecasts show slowing in the second half of this year but then coming back uh next year uh and the latter part of next year uh the you know as businesses in the economy sort of adjust to the tariffs uh growth levels coming back up.
Um so you know I mentioned that there's this this uh asserted uh disconnect between the sentiment data and and the hard data. Um so you know the inflation rate has continued to trend down uh for most of this year. It's been moving
somewhat sideways. Uh not quite uh at the 2% target rate that the Fed uh is looking for. Um, but even in the Fed's own forecast going back into last year, they didn't really anticipate getting to
that 2% until uh into 2027. Um, what the Fed is looking for is to see that the inflation rate is continuing to uh move uh down uh towards the 2%. So, it's trending in that direction. Um, and they
did have an expectation that this last part of it, the last, you know, call it half a percent or so, uh, would, uh, would would be slow. It would take some time to get there. Um, on the other part of their mandate, uh, which is full employment, um, they're right where they
want to be. They're right, uh, on top of their, um, uh, estimates for where they think full employment is in the economy. So, the unemployment rate's been, you know, hovering around 4.2%. Um uh and uh going into this year their
expectation was that it would stay there uh for the next uh two two years. They've since increase uh their uh forecast for uh a little bit of increase in uh in in unemployment. Quick question. Yeah. Any impact on the
downgrading of the US credit quality? Yeah. So, well, I was gonna I was gonna get get to that, but but yeah. So, so so the market has had and and and I guess I'll step back. It's it wasn't unexpected uh the downgrade. Um S&P
downgraded the US uh in 2011. Um and and since then we've had Fitch downgrade them uh and then Moody's finally downgrade them uh based on the uh you know negotiations that were going on and what was uh projected for the uh the tax
and and spend bill out of the house. So um you know in Mut's view um the deficit is um likely to continue and there is little political will to attack it and so they they they took action. Uh that being said, the US still
has one AAA rating from the Japanese Investment Rating Service. So, you know, they're not completely out yet. Um uh but yeah, the you know, B bond markets have clearly been indicating that uh they don't like deficits. We've seen a steepening in the yield curve
with the 10-year rate and 30-year rates uh increasing uh from here. Um but the reaction wasn't a a massive reaction because I said it was it was expected uh and anticipated. Um in the near term
uh you know the the there is an expectation that the the US can't uh pay its bills but um the outlook is concerning longer term that uh you know there's no will to roll back the deficits from here.
Um so you know digging a little bit into the uh the the uh labor markets. Um you know I mentioned that the hard data you know continues to support that the economy is uh is doing well. Um if you look at uh non-farm
payrolls, um we've continued to add net new jobs into the economy at about the pace that the Fed would expect. Uh is in line with uh with population growth. I think the average over the past year has been uh 157,000
uh net new jobs being added into the economy. Um and the Fed estimates that somewhere around 150,000 is what you would need for uh you know based based on the growth of the economy. So you know labor market picture looks good but
if you dig into where that growth has come from a lot of it over the past couple years has been driven by uh uh health care and and education. Um so given uh a lot of the things that are happening uh at the federal level uh to
affect both health care and affect both education uh there's some concern that that could impact uh the rate of growth and uh and slow down kind of the health uh that we've seen in uh in in the labor market. Um there have been a lot of headlines
around federal employees and Doge and and sort of the same thing with uh agencies being being uh slimmed down. Despite the headlines, um the impact to the uh overall market is small. Uh the
federal uh you know fed federal uh workers represent something like 1% of the overall uh economy. Um if you look at the number of separations uh that uh generally happen each month there's about 5.6 million in the economy
each month and uh we've only seen 39,000 uh from uh the federal uh government or the impact of everything we've seen this year. So minimal impact despite the uh the headlines to this point. Um, in terms of short-term uh interest
rates, you know, the Fed uh has continued to project that they will likely de uh lower the Fed funds rate by two cuts this year or or half a percentage point. Um they held uh their December forecast through through March
and made no changes to it. Um the market throughout this volatile period in the first quarter um at at one point had thought that the Fed would cut rates as much as you know five cuts this year uh you know one and a quarter% uh that's
since uh come back since we've gotten the news about uh the you know China uh and US um uh working towards uh lowering the uh the the trade tariffs. Um and the market now is thinking if you look at
futures market that we might see one to two cuts u of uh of rates this year. Um the other thing I'll mention is that uh you know during the first quarter we did see an increase in corporate spreads.
uh the you know if you go back into last year uh corporate spreads had narrowed uh to decades uh lows essentially um uh lowering the relative value of uh corporate spreads
uh over the course of last year uh and we had really been uh lowering our allocations to uh corporates throughout last year. During the first quarter, given the volatility in the market, we did see spreads widen out uh back more in line with uh their historical uh
averages. And this created a a a buying opportunity. Um but one thing that we were uh uh cautious was to to sort of go up in uh the the credit quality um and and make sure that we're buying sort of the more uh stable names during uh
during during the first quarter. Um generally returns were good for uh fixed income given that rates did decline over the course of the uh f first quarter. So looking at the uh school district's
long-term portfolio, um all of the uh assets were in line with the policy as shown in the report here in terms of allocation and maturity. Um the uh yield was four and a quarter at the end of the c uh end of
the quarter. Um we are uh in uh in line with the uh benchmark. Um still uh a little bit short uh in this portfolio. The we we don't make sales at a loss. Um so uh not every month the portfolio is
rebalanced against the uh the benchmark but generally we have a uh you know neutral view from where we are here. Um uh and so we'd keep the duration uh about where uh you see it here. In terms of return for the
quarter, we are uh 57 1.57% return uh just for the quarter versus 1.59 for uh the benchmark. Um the uh underperformance uh slight underperformance was due to the uh
slightly lower duration uh in a quarter where we had uh yields decline. Uh and then the uh uh corporate spread widening also uh detracted a little bit from uh from the return uh for the year. The portfolio was uh had a return of 5.47
and outperformed the benchmark by four basis points. Uh and here we show the acrrual earnings on the portfolio. So I'll pause there for questions other questions.
Okay. Well, I'm going to go ahead and bring up the district's investment report. Thank you. And I have now figured out how to make this full screen so it looks a little better. Control L. Control L. Yep. Okay. So, the total investment portfolio, I say desk debt
and investment, it's really all the dollars that we're managing total up about $3 billion as of the end of March. Um, it was comprised of only 1% in cash and that's really um the balances in the school bank accounts that we we can't take them out and invest them, but
they're in invested bank balances. and then about 50% in money markets and 49% in securities. Um total return was as as Richard just mentioned 1.57 versus the benchmark at 1.59. Interest earnings thus far this year at 87.6 million
compared to last year at 76.8. Um, I really thought that the interest rate earnings would be a little less this year, but I think that we had some securities that had locked in and we also have a little more cash, especially on the capital side. We have a ton of
projects that are starting. Um, that's not going to last because I can see the stack of requests in my office that that are going to make a big difference there. But for right now, this this dotted line is the is really where we're at for interest earnings this year. last year was the the bright green was the
bright green. We've received 91 91% of the estimated value of the property taxes. Um, which is a little less than last year point4. You know, it's it's it's right on where where we usually are. And I'm going to
skip the line about the sales tax because I do have the full sales tax report at the end of this presentation. And then this just shows the allocation. A lot of this is exactly what you've seen from Richard. It's just breaking it out a little differently the way we look at it in our office from day
to day. Again, we're checking the policy limit just like he does, like PFM does. We're monitoring that as well to make sure we're in compliance. And then the list of the securities. So, I'm going to skip past these. These are available for you to
look at anytime you like. Um, and then this is the sales tax report. This is through March 31st. And you'll you'll see that we're now at 1.37 billion. The amount we expected to
receive was 1.345. So we have exceeded the projection over the life of the sales tax. The county has um done the two public hearings to um sunset the sales tax. So it will end the one penny countywide will end in December and our
new half penny will start in January. Um to date the total sales tax um the total interest earnings net of fees is at 66 million now. Um and you can see that the payments this is what I'm looking at. There's 119 million in open purchase orders. There's probably another close
to 100 million sitting in my office right now waiting for me to sign off on it. So there's a lot of work coming. Um they've got contracts issued. They're waiting for me to sign off on the budget changes and the things that go on. So they really want that done this afternoon. So, you know what I'll be doing. Um, so I expect when we see this
next time for June 30, you're going to see an increase in the purchase orders. So, that's really the summary of the investments. Any questions on that group? Yeah, February. It is. Thank you for pointing that out.
I meant to bring it up. There's two things that happen every quarter. There is what there is that there's a quarterly distribution of sales tax in addition to the regular monthly and that number was very high. But in general that February number um which is what's
it was much higher than it has been. So again I think and in Mar in March it was really really close. April is high again. I think this is back to what Richard's talking about. People are buying things ahead of tariffs. they are buying things and spending money and we
see the sales tax revenues coming up but there's also the quarterly and we I've talked about this with ISOC I'm not sure if I brought it up with with the finance committee that quarterly payment that happens I always thought it was a catchup when people neglected to pay on time and they but that that's not what
it is I had a long conversation with department of revenue when that number started going up and it's really for small businesses very small businesses that don't have to pay sales tax every month so it's the gig economy. It really started spiking up after CO with COVID
and on those quarterly payments. We used to not even project what they were going to be and they've gone up. They're triple and quadruple what they used to be pre-COVID. So, there's a lot of people that are small, very small businesses to the point that they don't have to pay sales tax to the state every
month. It's quarterly and there's a lot of money on that. Um, at the next meeting, I have a report that shows that. Um, we started tracking that very closely during COVID. You know, we had the the months where revenue dropped off significantly. I created a whole bunch of other charts because I was worried
about how long that would last. And part of what I look at is that quarterly payment versus the regular monthly. And I'll bring that in the next month and you can see it going back to 2017 and see how those quarterlies have changed. It's just a chart. Um, I'm happy to send that out to you in
advance of the meeting, too. It's it's just very interesting to me that it's grown so much and it's just basically like a new economy sub economy in Florida because there's so much extra revenue coming in there. Is the 90% number for the sale for the
real estate taxes is the 90% number for the real estate taxes reflect roughly that 10% of the people are delinquent in paying their real estate taxes? No. No. It's um that means 10% of the people hadn't paid by December. you know, if you do it by November, by the end of
November, you get that 4% discount December by December. Okay. So, it's not until the end of the year. Yeah. It's not till April that it really they're delinquent. And one of the things that is is fun for us, um, we never get to 100% before June 30th. 100% is when the
county does the tax certificate sale, and they do that at the beginning of July. I see. So, we always have that last bit of revenue that comes in and is acred back to the prior year. So, I'm always watching knowing that we never hit our budgeted number until after the end of the year. Part of that is the
county's year end is September 30th while ours is June 30th. So, it's just something we're used to managing. But, this is right in line with where it normally is. And I get both the sent Sentinel and the post and I'm dumbfounded that Palm Beach County
delinquent taxes are listed in the Suns Sentinel. It's a whole section. Really? There must be I'll say 40 or 50 pages of delinquent taxes. Oh, so they probably print. They're published in it, I think
about once a week. Okay. I just wondered what happened with the post. They must have not. Yeah. Well, it's such a wonderful paper, so it's hard to imagine you find anything wrong with it. I was dumbfounded the number that's in
there. It's a lot. Well, they and they do those tax certificate sales and bring the revenue in. And we usually come in between that. We come in usually just below budget, but we also have prior year tax revenue that's collected from
people that are paying late that comes in, and that usually brings it up to the budgeted number. Okay, I'm going to go ahead and move on to the 2025A cop sale. We talked about this at our last meeting. You all approved this transaction and it was
refinancing or refunding the 2020 2015 B, C's, and D's. They were all callable as of August 1st. So, we did a refinance of that transaction. It took place on May 6th. Um, one of the reasons Bank of America is here, no doubt, is because they were the lead underwriter. They did
a great job with the transaction. Um, and I'm gonna let Laura talk about what was going on in the markets. I think that's the first thing because it's an interesting story. It is for sure. Um, so good morning. Um, this is really loud. The just to show our typical um,
municipal market update for BVA. You know, these are two graphics we typically show you. Um, on the left hand side is the range over the past 10 years from years 1 to 30 of the maturities. And the yellow bar on top is um where
rates were as of May 14th. So tending towards the higher end of the 10-year averages. Um the graphic on the right shows you current versus one month, six months, and one year ago. Um current is the red one month ago. Right above that
is the dashed yellow line. Um, and you can see one year ago the sort of tan line where it was a very much an inverted yield curve. We've seen that move away. Um, and from one month ago to now, rates have gone down. And so this is something I just kind of wanted to
show. Um this is from the beginning of February um up until May 9th. The the movements in the rates um basically to about the middle of the chart is showing you the weekly movements in BVA across a curve and then you go to day-to-day
movements. Um and what you'll see is the week of April 7th and April 14th um was when the the tariffs were announced. um day by day within the week of the 14th there was significant
movements where we were seeing over 30 basis point moves swinging from day to day either to the positive or the negative. Um it went back almost like 45 basis points in the positive on Thursday when Trump had said there was going to
be the 90day um window to to provide some negotiations. So there was a lot of market volatility um worse than we had even seen during COVID leading up to that week. And then you'll see leading up to the pricing which was Tuesday, May 6, which is in that blue box. Um the
market was starting to trend a little bit more positive with the the rate changes in BVA. Um and on the day we priced, it was a very stable market. um there wasn't a lot of activity that was going on, you know, um news headlines which has really been the driver of the
the rate movements in the market. Laura, I just want to add in in April there were a lot of deals pending and ready to go and the market pretty much stopped all the most of the deals nationally, nationwide and certainly in Florida. There was billions that were pulled out.
So, um, you know, within Florida, there was four different four different school districts that were to price in April. Um, that all of those got pulled out of the market that have since now finished um throughout the month of May. Um,
Broward schools, Dval schools, um, Lake Oyola, they were all set to price and because of what was happening in the market, almost all the deals went dayto day. There was a couple competitive deals that were getting done during the week um after the tariff announcements, but um most everything was pulled from
the market as a whole across the nation, not just in Florida. Um and you'll see the difference in the very far right hand. The um total change of the market from February until May um was that
increase um almost between 30 and 50 basis points across the curve. Um, and I'll talk about this when we get into the pricing. So, while we came to you um, in February and what we were showing you at the last finance committee for the rate savings, I mean, rates have significantly increased from that point.
Um, but we'll talk about where the district's um, spreads priced on the transaction as well compared to the rates. So, any questions about the market before we get into the actual transaction? Just a matter of curiosity. Is any any
of the school district bonds in Florida trade at a better levels than than Palm Beach County? Isn't it the Isn't it the the premier? Yes. So, um, let me just flip to this.
So, I'll talk to this in a second, but as we had said, there was four different deals that were school district deals that were waiting to go. Palm Beach was set always for that May 6th date. We had the flexibility to pull it into the week before if we felt that was advantageous.
We actually had looked to go the afternoon of May 5th um and decided the tone in the market wasn't the best for us. Um and so there was a lot of really large deals that were waiting to go. Um almost all of them except for one of the school districts, it was refunding. So
there was savings parameters just like Palm Beach. th those had been pulled out of the market in April um when they were set to price. And so we had been talking quite frequently with Leanne leading up to the sale date. Like I'd said, we had talked about going that Monday afternoon
and decided it was best to wait. Um and we did enter in on Tuesday morning. Um and the results are up here that we got over two 22 million of cash flow savings or 19 million in net present value savings.
6.12%. And when we had presented to the board, it was about 20 million of net present value savings. And Leanne and I had talked about that the market has been so volatile. Um, you know, this had dropped down close to 15 million of net present value savings with all of the
changes in the market and we saw the market swing back and decided to take advantage of this and lock in because this is very healthy savings for our current refunding. Um and PFM's pricing group had actually said with Palm Beach schools going and setting the tone, it
reset the market in Florida. Um and so on the heels of that, we actually saw all these other school districts that were waiting. Deval went the next day. Um Lake went the following. So it was because of the name of Palm Beach, the strength of Palm Beach that it was able
to set the tone and sort of reset the market where everyone else had sort of been waiting to see what was going to happen. Um, and I did want to mention, well, in general, we had over a billion of priority going away orders to investors. It was 3.81 time subscribed
with 32 different investor accounts. Um, and also we look at as a whole, and I we didn't include this in there because we didn't have it um when we had submitted this, but we look at the district's spreads for each
deal they price. going back to 2017. Um, and so for instance, in 2022 and 2020, the spreads were between 60 and almost 80 basis points. A little bit further out on the curve, but I would say 60 where we were at with the end of
this final maturity. Um, and this deal priced anywhere between 23 basis points, which was in the 2026 maturity, which is a bit of a harder point on the curve, um, to 17 basis points. And so it was much tighter spreads and as a whole um
this is you know kind of across the board one of the lower spreads that we've seen. So while rates were higher than February because spreads had started to tighten after all the market volatility as well um which just helped to produce the great results that the
district received. And that was the presentation. So any other questions that you all have on the refunding? I think it was a great job done by the entire team. I BFA was the lead underwriter and PFM of course is there as our adviser and they worked together
very well. There was a lot of pre-arketing done. Um they knew the transaction was going to go. It just depended on how well it went. And the fact that we had that nearly four times subscription over subscription really helped us go in after the fact and trim the rates and and narrow those spreads
even further. Okay. But it went really well. We're glad that it's done. We actually will we're signing documents next Wednesday and closing on June 3rd. So we've got everything locked in and ready to go. Um just and then it will actually
um the money will be in an escro account and it's in slugs right? Yes. Y invested in slugs. Um so that helped this savings as well. Right. Um until the redemption date of August 1st. Yeah. One of the
documents that I attached in board docs um in case you're interested and Mr. Moore you've seen these final numbers spreadsheets before and Mr. Jumar has certainly seen them, but we had all the details of the transaction. I put that out there for you so that you can look
at you individual coupons, the you shows the underwriter discount, the negative arbit arbitrage, and the escrow. All that information is here. So, if you're interested in getting into the weeds, we provided that as well as one of the documents.
But we were very pleased with how the transaction went. um send a note out to the school board to let them know um especially with this with the kind of market that we've been in with all that volatility to be able to get that close to where we said we were going to be back on in early March was was amazing.
So it was you I had conversations with Laura and with Doug you know we this is a refunding we could hold off and they both said no we should go ahead and go and and get this done take advantage of the returns that we the savings we can get. So we're very happy with the
results. you you felt that the co-managers all uh made a positive contribution. Yes, I think the co-managers had done well as um well and we did see some actual retail orders in the transaction
um 3.4 million of retail orders had come in as well and so their their desks were paying attention um and actively participating. Yes, we want people involved who are really who are really involved and not uh along
for the ride and so having a reasonably sized reasonablesized management team is is imperative in my view. We had because of the size of this transaction and this did end up being the largest cops issue we've ever done. Um but when I went back
and looked at it, it's because the deal that we were funding was the largest deal that we had done. So, and we combined three of them together. So, that's why it ended up being this large, but based on the number of based on the par amount, it was um five underwriters involved in this transaction. Good.
Excellent. Okay. So, there's only one other item on the agenda, but I did want to um make sure we introduced Kyle Jones from PFM. Um he's from the asset management side, and I've worked with him before on structured products. So I know you came
up came down from Harrisburg, right? So if you wanted to say a few words or talk about anything, I wanted to give give you the floor for a few minutes. No, nothing particular. So I'm here just in support of the district and support of Richard. Um so my role is the head of our east region, which at PFM is a a 21
state territory. So I oversee Maine down to Florida over to Louisiana and bunch of states in the middle that I don't have my my map in my mind right now, but it's like Arkansas and Kentucky and West Virginia and Tennessee. Um so again, we've enjoyed working with Lyanna in the
district for a really long time and um we were coming down for visits and so I said one, you know, stopping by. So excellent. Yeah. So just here strictly out of support. Okay. Well, thank you very much for coming. Nice to see you. So, the last thing on the agenda um is
the term limit waiver. So, um we've done this for several years, but there is a term limit for the chair, and Mr. Miller served as chair for many years. The term limit is four years. So, if the committee would like to be able to have the option to elect Mr. Miller again, I
need to go to the board and get permission to do that. So, I certainly embrace that idea. What happened to Paul, right? Unless Paul without no objection from
Paul. Well, you were elected as vice chair, not chair, but yes. Okay. I do need to have a vote a vote on that one because All right. So moved. So, okay. All in favor?
I I Any opposed? No. Okay. No. No. Nobody's got it. Okay. I'll get that to the board before our next meeting. And our next meeting is scheduled for August 22nd. So that's right after school starts. So we'll be doing the election
of chair and vice chair at that meeting. And we'll have the quarterly updates. I'll probably bring in the capital plan as an FYI. We have that ready. And I like to bring that into the committee so you can see that we're making debt service payments. It's all budgeted. So that's all ready. Um, we do have in
theory we think we're going to be a a new money cops issue probably February, March of 2026. Um, it will depend on whether or not the construction projects are ready to go. So, don't count it's actually going to happen. It may be
later than that, but um, I'll keep you informed. And there's also some bonds that were issued in 20 2016 that would be eligible for to be called in theory sometime next year. which you were talking about the school.
Yes. I'm trying to figure out how to do that. Um because you all said you'd like to see the the new high school. So, we could try to do it August 22nd. I need to compare that to the start of school. We do not want to be intruding the first week of school. It's very busy for them.
And try to take over one of their rooms is um is difficult. Um if we were meeting during the summer, it's it's a lot easier. So, if everybody's interested, I can also try to always try to set it up apart from a meeting. Just say we're going to have a a tour and is
available on this day. Um, or I can do it in conjunction with a meeting. And that that's a question I I can send you all an email and let you tell me what you'd like to do it in conjunction with the meeting or do it separate. I mean, if you're here, it means you're already out and about. Um
the school is out west um west Lake Worth almost into Boon. So it is out west. It's not really super close to here, but it's not you know it's a 20-minut drive. So that's not that far in Palm Beach County. So I can I can send a note out to see if you'd like to
do it as a separate completely separate field trip um or if you'd like to do it as part of a meeting. Good. And I'll get that out to you. Okay. And that is all we have on the agenda today. I want to once again thank you all for being here. We really appreciate
it. Is there anything else from the committee? Thank you. Thanks all of you for an excellent job. Thank you all. Thank you. And Mr. Warner, on your behalf, I'm going to call the meeting adjourned. Thank you very much. Have a wonderful weekend. Thank you. Always
always ready to serve. Okay. Thank you.