[A) INVOCATION]
[00:00:05]
MR. GOOGLE.IT'S 10 O'CLOCK AND I WILL CALL THIS SPECIAL MEETING OF THE ROCKWELL COUNTY COMMISSIONER'S COURT TO ORDER.
FOR THOSE OF YOU WHO ARE LISTENING, I AM LAUREN LICHTY.
I AM HERE TODAY ACTING, UH, IN PLACE OF JUDGE NEW WHO'S UNABLE TO BE WITH US.
UM, I'D LIKE TO START WITH THE INVOCATION BY COMMISSIONER M**K AND THEN THE PLEDGES BY COMMISSIONER STACEY.
IF YOU'D ALL PLEASE STAND WITH ME.
LORD, I THANK YOU FOR THIS BRAND NEW DAY THAT YOU'VE GIVEN US.
AND TODAY I WANNA PRAY FOR OUR COUNTRY AND THIS COUNTY BECAUSE YOU'VE BLESSED US WITH IT.
AND I THANK YOU AND I ASK YOU TO SHOW, ALWAYS SHOW US MERCY AND COMPASSION IN OUR ROLES.
OUR NATION WAS FOUNDED ON PRAYERS AND IT IS PRESERVED BY PRAYER.
AND I BELIEVE WE NEED PRAYER EACH AND EVERY DAY.
FORGIVE US FOR OUR FAILURES, AND I WANT YOU TO HELP LEAD US EVERY DAY TO HAVE A RENEWAL OF THE VALUES OF WHAT YOU HAVE INSTILLED IN US, SO THAT WE CAN HAVE A DEEPER RELATIONSHIP WITH YOU.
LORD JESUS, BLESS THE MEMBERS OF MY COURT TODAY, AND OUR AND OUR COUNTY HELP US TO LEAD RESPONSIBLY AND TO MAKE POSITIVE DECISIONS.
UM, THANK YOU FOR THOSE WHO SERVE AND PROTECT US.
UH, THOSE IN THE MILITARY, THE POLICE EMERGENCY SERVICES, KEEP AND SAFEGUARD THEM AND THEIR FAMILIES WHO I KNOW STRESS ARE STRESSED FOR THEIR LOVED ONES.
UM, I APPRECIATE ALL THE WONDERS AND THE GREATNESS THAT YOU GIVE US, LORD JESUS.
IT'S IN YOUR LOVING NAME, I PRAY.
ALRIGHT, JOIN ME IN PLEDGING THE AMERICAN FLAG.
I PLEDGE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC OF WHICH IT STANDS, ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL.
I PLEDGE ALLEGIANCE TO THEE TEXAS, ONE STATE UNDER GOD, ONE AN INDIVISIBLE.
THANK YOU COMMISSIONER M**K AND COMMISSIONER STACY FOR THAT.
UM, THE FIRST ITEM ON OUR AGENDA IS THE PUBLIC FORUM, WHICH IS THE PUBLIC'S OPPORTUNITY TO ADDRESS THE COMMISSIONER'S COURT ABOUT ANY MATTERS REGARDING THE COUNTY.
IS THERE ANYONE WHO WOULD BE INTERESTED IN DOING SO? RAISE YOUR HAND.
[2. Discussion of the yield reduction reporting and arbitrage payment for the Rockwall County Permanent Improvement Bonds, Series 2020 for the installment computation period ending June 11, 2025, and all related issues; (Commissioner Liechty – Treasurer)]
ON TO THE NEXT ITEM, WHICH IS ITEM NUMBER TWO, UH, DISCUSSION OF THE YIELD REDUCTION REPORTING IN ARBITRAGE PAYMENT FOR THE ROCKWALL COUNTY PERMANENT IMPROVEMENT BONDS SERIES 2020 FOR THE INSTALLMENT COMPUTATION PERIOD ENDING JULY 11TH, 2025, AND ALL RELATED ISSUES.AND I WOULD LIKE TO INTRODUCE TO THOSE IN THE AUDIENCE OUR TREASURER, DAVID PEAK, WHO HAS SERVED THIS COUNTY FOR YEARS NOW AND MANAGES OUR MONEY COMMISSIONER OR TREASURER PEAK.
THANK YOU, COMMISSIONER LICHTY.
UH, I'VE SPOKEN WITH, UH, EACH MEMBER OF THE COURT ABOUT THIS LAST WEEK AND I'VE SENT Y'ALL SOME BACKUP INFORMATION.
UH, SO THIS MORNING I'M JUST GONNA GIVE Y'ALL A LITTLE BIT OF, UM, KIND OF A SHORT OVERVIEW, A MINUTE OR TWO OVERVIEW, UH, UH, AND THEN I'LL BE HAPPY TO ANSWER ANY QUESTIONS.
MR. PEAK, BEFORE YOU START, UM, UH, I WAS BROUGHT TO MY ATTENTION THAT I SAID THIS WAS THROUGH THE PERIOD ENDING JULY 11TH.
ACTUALLY, IT'S THROUGH THE PERIOD ENDING JUNE 11TH, 2025.
I'M GLAD YOU GOT THAT ON THERE.
THAT WAY IT'LL BE CORRECTED FOR THE, UH, RECORDING AND, UH, THE RECORD.
SO, UM, AGAIN, I SPOKE WITH EACH OF Y'ALL, UH, LAST WEEK AND GAVE A BRIEF OVERVIEW.
THERE WAS SOME BACKUP IN THE AGENDA ITEM, AND I SENT Y'ALL, UH, WHAT I CALLED A ONE PAGER THAT KIND OF GIVES AN OVERVIEW OF WHAT THIS IS ALL ABOUT.
UH, THIS IS SOMETHING THE COUNTY HAS NOT HAD TO, UH, DEAL WITH, UM, AT LEAST IN MY TENURE GOING BACK, UH, OVER A DECADE.
SO I'LL JUST KIND OF GIVE Y'ALL A BRIEF OVERVIEW.
WHEN THE COUNTY ISSUES, UH, BONDS TO INVESTORS, THE BOND PROCEEDS FLOW BACK TO THE COUNTY AND THEN THEY ARE USED TO PAY FOR THE ROADS TO PAY FOR THE COURTHOUSE, THE LIBRARY, THE JAIL, WHAT HAVE YOU.
DURING THE INTERIM, WHEN THOSE BOND PROCEEDS FLOW BACK TO THE COUNTY, INSTEAD OF THOSE FUNDS JUST SITTING IN THE BANK, UH, EARNING NO INTEREST, UH, THE COUNTY IS ALLOWED TO INVEST THOSE FUNDS IN APPROVED, UH, INVESTMENT ACCOUNTS, UH, TO BENEFIT THE TAXPAYERS.
AND WHEN THOSE INTEREST EARNINGS ARE,
[00:05:01]
ARE RECEIVED, THEY ACCRUE BACK TO THAT SPECIFIC FUND.SO THIS HAS NOTHING TO DO WITH THE GENERAL FUND OR, UH, THE TAX RATE OR ANYTHING LIKE THAT.
SO HILLTOP SECURITIES, THE COUNTY'S FINANCIAL ADVISORS, UM, DO AN ARBITRAGE REPORT ANNUALLY, AND THIS IS THE FIRST TIME AGAIN, IN WELL OVER A DECADE THAT THERE HAS BEEN ANY ARBITRAGE PROFIT THAT HAS BEEN CALCULATED.
WHAT THIS MEANS IS WHEN THE COUNTY INVESTS, UH, THE BOND FUNDS, IF WE'RE ABLE TO INVEST THE, THE BOND FUND SAY AT A 4% INTEREST EARNINGS, BUT WHAT IT WAS ISSUED AT IS THESE ARE JUST ROUND NUMBERS ISSUED AT 2%.
WE'RE ACTUALLY EARNING MORE THAN WE'RE PAYING THE INVESTORS THAT HOLD OUR BONDS, WHICH IS TOTALLY LEGAL, TOTALLY FINE.
HOWEVER, THERE'S FEDERAL RULES THAT LIMIT HOW MUCH INTEREST THE COUNTY IS ABLE TO KEEP ON THOSE INVESTMENT EARNINGS, AND THAT'S WHAT THIS ARBITRAGE REPORT AND THIS ARBITRAGE PAYMENT ARE DEALING WITH.
IF YOU LOOK BACK, UH, MY OFFICE WENT BACK AND PULLED THE NUMBERS, UH, GOING BACK ABOUT 15 YEARS.
AND FOR THE ROAD BOND FUND INVESTMENTS, THE COUNTY HAS EARNED ABOUT FIVE AND A HALF MILLION DOLLARS OF INTEREST EARNINGS DURING THAT TIME PERIOD.
ROUGH NUMBERS FIVE AND A HALF MILLION WHEN HILLTOP DID THEIR FIVE YEAR LOOK BACK.
SINCE WE'VE BEEN IN A HIGHER INTEREST RATE ENVIRONMENT THE LAST MANY YEARS, NOW IT'S TIME THAT THE ARBITRAGE CALCULATIONS SHOW THAT THE COUNTY HAS EARNED SOMEWHAT MORE INVESTMENT EARNINGS THAN IS ALLOWED BY THE FEDERAL REGULATIONS.
SO THE COUNTY, UH, RECEIVED A REPORT FROM HILLTOP AND THE COUNTY WILL BE, UH, REQUIRED TO REMIT ABOUT $1.3 MILLION TO THE IRS TO TRUE UP THIS ARBITRAGE INVESTMENT.
SO AGAIN, THERE'S NOTHING THAT THE COUNTY DID WRONG, THERE'S NOTHING THAT'S OUTTA COMPLIANCE, IT'S JUST SIMILAR TO PAYROLL TAXES.
WE ARE REQUIRED TO PAY THIS BASED ON THE FEDERAL RULES.
AND, UH, THIS ITEM IS JUST FOR DISCUSSION.
THE ACTUAL APPROVAL OF THIS PAYMENT WILL COME NEXT DURING THE APPROVAL OF CLAIMS AND BILLS AND ALL THAT KIND OF GOOD STUFF.
SO THIS IS A DISCUSSION ACT DISCUSSION ITEM.
HOPEFULLY I'VE GIVEN Y'ALL ENOUGH BACKGROUND WHERE YOU FEEL COMFORTABLE WITH THIS, BUT AGAIN, THIS IS REQUIRED BY THE FEDERAL RULES.
I'VE REVIEWED THE INFORMATION THAT WE'VE RECEIVED FROM HILLTOP, EVERYTHING'S IN COMPLIANCE, AND SO I WOULD RECOMMEND APPROVAL WHEN IT COMES TO, UM, TIME TO PAY THIS IN A FEW MINUTES, AND I'LL BE HAPPY TO ANSWER ANY QUESTIONS.
ALRIGHT, THANK YOU, UH, MR. PEAK, UM, AND VERY CLEAR EXPLANATION AND THANK YOU FOR GETTING SUCH GOOD INTEREST RATES FOR OUR COUNTY.
THANK YOU COMMISSIONER COMMISSIONERS QUESTIONS.
I I JUST WANTED TO MAKE ONE QUICK STATEMENT AS THAT IS THAT THE AUDITOR HAS LOOKED AT THIS AND SENT US AN EMAIL STATING THAT, UH, THAT SHE HAS AUDITED THE ACCOUNTS AS WELL AND THAT THERE IS UNENCUMBERED FUNDS IN THESE ACCOUNTS TO PAY FOR THE INTEREST.
AND SO THIS IS SOMETHING THAT WE'RE TRULY HAVE INTEREST EARNINGS, AND THEN WE'RE HAVING TO PAY TAXES ON TOP OF THOSE INTEREST EARNINGS.
WE'RE NOT HAVING TO, TO DO A BUNCH OF FINAGLING OR RUNNING AROUND OR, OR ANYTHING LIKE THAT.
SO THANK YOU FOR, FOR YOUR INTEREST.
I MEAN, THANK YOU FOR YOUR ABILITY TO GAIN US THESE INTERESTS AND WHAT THE INVESTMENTS ARE.
AND YOUR ROLE AS THE, WHAT IS IT, THE CHIEF INVESTMENT OFFICER OF THE COUNTY? THAT SOUNDS GREAT.
TECHNICALLY THE INVESTMENT OFFICER, BUT
WE'LL PUT A CHIEF IN FRONT OF ME SO THAT, THAT SOUNDS GREAT.
THANK YOU FOR YOUR EFFORTS MR. PETE.
COMMISSIONER, COMMISSIONER ML? NO, I DON'T, I DON'T HAVE ANY EITHER.
I WANT TO THANK YOU THOUGH FOR GIVING ME A HEADS UP LAST WEEK AND COLIN, AS YOU SAID, YOU DID WITH ALL OF US AND THEN PROVIDING THE DATA FOR US AS WELL.
SO I, I DON'T HAVE ANY QUESTIONS.
I THINK YOU DID A GOOD JOB OF RECAPPING EVERYTHING WE'VE DISCUSSED AND WHAT THE, WHAT THE SITUATION IS.
AND ONE THING I, I COULD ADD, IF I COULD, COMMISSIONER LICHTY IS, UH, THIS WOULD'VE BEEN ON A REGULAR COURT MEETING, BUT WHEN WE RECEIVED THE REPORT, UH, ABOUT A WEEK AND A HALF AGO, IT WAS TOO LATE TO GET IT ON LAST TUESDAY'S MEETING.
SO IN THE FUTURE, IF THERE ARE ANYTHING LIKE THIS DEALING WITH THE ARBITRAGE, WE WILL ENDEAVOR TO GET THIS ON A REGULAR COURT MEETING.
I APOLOGIZE TO THE COURT AND THE STAFF THAT, UH, HAD TO SCHEDULE THIS SPECIAL MEETING, BUT AGAIN, WE NEED TO GET THIS, UM, TAKEN CARE OF, GET THE CHECK IN THE MAIL SO WE CAN MAINTAIN COMPLIANCE.
CERTAINLY NO NEED FOR ANY APOLOGIES.
UH, THANK YOU FOR YOUR INTEREST IN EARNING MAXIMUM INTEREST FOR OUR COUNTY AND MAKING AN INTERESTING PRESENTATION.
THANK YOU FOR YOUR INTEREST, COMMISSIONER LICHTY.
ALRIGHT, THERE'S NO OTHER COMMENTS OR QUESTIONS.
[3. APPROVAL OF ACCOUNTS, BILLS, CLAIMS, AND PAYROLL(S)]
ITEM TWO, WHICH IS APPROVAL OF COUNTS, ACCOUNTS, BILLS, CLAIMS, AND PAYROLL.[00:10:01]
AS REPRESENTATIVE.THE AUDITOR'S OFFICE IS PRESENTING UNPAID CLAIMS IN THE AMOUNT OF $1,338,942 AND 94 CENTS AND WOULD ASK FOR THE COURT'S APPROVAL.
AND THIS IS ALL RELATED TO THE ARBITRAGE PAYMENT, UH, AND FEES THAT WAS JUST DISCUSSED BY THE TREASURER, CORRECT? THERE'S SOME ADDITIONAL, UM, UH, AN ADDITIONAL CHECK THAT'S REQUESTED ON HERE WITH BROUGHT US AND ASSOCIATES, UM, WAS DECIDED TO PUT THAT ONE ON JUST TO MEET THE, THE DEADLINE ON THAT PAYMENT AS WELL.
AND, AND I SEE THAT ON THE MM-HMM.
ALRIGHT, COMMISSIONERS, IS THERE ANY QUESTIONS FOR THE AUDITOR'S OFFICE OR DO WE HAVE A MOTION TO APPROVE THIS? SO MOVED BY.
ALRIGHT, WE HAVE A MOTION BY COMMISSIONER M**K, A SECOND BY COMMISSIONER STACEY, PLEASE INDICATE YOUR VOTES AND IT PASSES BY UNANIMOUS CONSENT OF ALL THOSE PRESENT.
UM, ALRIGHT, THE THIRD ITEM ON OUR AGENDA IS EXECUTIVE SESSION.
I DON'T THINK WE HAVE ANYTHING TO DISCUSS IN EXECUTIVE SESSION, SO WE WON'T GO INTO EXECUTIVE SESSION, THEREFORE, THERE'S NO NEED TO RECONVENE IN OPEN SESSION COMMISSIONER'S,
[6. COMMISSIONERS COURT REPORTS]
COURT REPORTS.DOES ANYONE HAVE ANYTHING THEY WOULD LIKE TO SAY? UM, I DO, I WANNA MAKE SURE I SAY THE RIGHT DATE.
UM, THIS USUALLY WOULD BE SOMETHING THAT THAT WOULD COME FROM YOU, COMMISSIONER LICHTY, BUT, UM, IT, IT DOESN'T HAVE TO DO, BUT THIS HAS TO DO WITH OUR HISTORICAL, THE ROCKWELL COUNTY HISTORICAL FOUNDATION.
AND THEY ARE HAVING AN EVENT, UM, THIS THURSDAY ON THE 21ST AT ROSSINI VINEYARDS, AND THEY WILL BE KIND OF SHARING A LOT OF THEIR PLANS AND, UM, THINK AND WHAT THEY HAVE, UM, IN STORE FOR THE, FOR THE COMMISSION, UM, COMING UP.
SO I WANTED TO LET EVERYONE KNOW IF THEY, IT'S AN OPEN INVITATION FOR ANYONE THAT WANTS TO ATTEND AND I BELIEVE IT STARTS AT FIVE 30.
THANKS FOR BRINGING THAT TO EVERYONE'S ATTENTION.
I LIKE THE TITLE THEY HAD OF THAT.
COMMISSIONER STACY, ANYTHING? I GOT NOTHING.
NO OTHER NEW BUSINESS THAN AT, UM, 10:12 AM I WOULD ADJOURN THIS MEETING.