Okay.

I'm calling to order the committee seating on the first item.

Let's take let's I just want to make sure we're on the committee.

Yeah.

Let me make uh the way and are you?

I'm open to no, I'm not I'm glad you're here.

I was that looking for the oh it's a yes.

Um motion to approve the middle of September 19th.

Is there discussion?

All in favor of the motion, say aye.

Aye.

Motion's been adopted next is the 2026 internal audit.

Good morning.

Uh I respectfully request that um you approve the proposed audits for 2026 um within the scope of what I'm proposing is um our annual airfield maintenance audit, uh concessions pricing on it, which we've done before.

Um our contracts are street pricing plus 10% for it not to exceed that.

So we've done a pricing on it before um various retail and concession audits.

I work with that team to determine highest risk and what they uh desire for us to take a look at, as well as those that are just on the rotation monthly parking cashier audits, annual fixed asset audit, uh, per requirements of getting federal funding for that, part packets, and um concur expenses as we do every year.

Um we're also gonna take a look at the maintenance records process.

Um there's a process by which our uh maintenance is done, and uh we want to make sure to capture it.

And then the uh control assessment form would be that we do with four this requirements.

Keep in mind also that um the schedule is very fluid and flexible.

So if something comes up and it's determined to be a higher risk that we need to look at, then we can move adjust or alter um any audits.

Is there anything unusual this year?

No, we don't believe there.

Is there a motion to approve the 2026 plan?

Okay, no discussion on the motion.

All in favor say uh all right, motions adopted Robert Vertical Rates Securities and Derives policy.

Yeah, the next three items were policies that we didn't review at September meeting.

We said we needed a little more time.

So the first policy um is the variable rate securities and derivatives policy, and the first question maybe is well, why don't we just get rid of it?

We don't have the variable rate anymore, right?

That is not actually uh, I think wise one, because we look at short-term financing, normally those are uh variable rate.

So um, and that might be what uh I'll be bringing forward for discussing such up structure to do a draw facility for construction next year, and then do a hard public market issue in 27.

But we're still working through that with the bond bank.

So this policy's been looked at by multiple, so our uh municipal advisor, bond council, and then we went through it also looking at procedurally and dramatically and that type of thing.

There are four changes in the policy.

First one is uh related to advanced refundings, policy hadn't been updated since advanced refunding law changed, so that was updated to comply with the current law, but we're not getting rid of the whole concept of advanced fundings because you can still do one, do it taxable.

Now the policy reflects and is aligned with current law.

Um the next change is uh on the next page.

Um moving the thing forward here, it's got a little latency.

Um is this uh thought of a max rate?

Well, we do have some step-up rates in the direct placements with banks, so the section on the second page, section one short term, the variable rate securities, and to reflect what those agreements have.

If there is a default, there is a step up rate until that time of that default, and it doesn't necessarily by what was said there before.

So we've taken the uh correct step of having the policy aligned to the current uh situation in those agreements.

Um next item then is multiple pages ahead, and it is on page 12 of 65, but it is recognize, and I'm gonna try to move this forward to page 12 um while I talk.

It is that as we look at if we were to ever enter into any typo 12 agreement, um that there's rating agencies.

Uh a recognized rating agency, and so on here uh we wanted to add that if a counterparty has a rating by all that would be an appropriate one to that is practical.

Um then the last is on the next page that was something we couldn't believe existed in the policy.

We had the words bond bank instead of authority in a couple of places, but we don't control what the bond was, so we you know know that that's an incorrect uh uh it's an appropriate change.

So those are the four changes in this policy.

I do the basis of this policy.

Uh it is really good uh to have this level of documentation guidance policy.

Uh the world might change in the future.

And so instead of starting from square one, you know, I don't do not is our plot that there isn't going to be swaps and variable rate debt uh in a long-term position.

That is not why I'm advocating for this, but I do believe exchanges are appropriate, and this is a good guide into if it ever is brought up in the so Robert, why don't we ask the questions on the short term improvable rate?

And let's have one vote on all three policies.

All three okay.

Any questions though?

This particular policy.

I think your point is uh you may not use this policy reason for us just to laminate this as an option for it.