Fiscal Sustainability Ad Hoc Committee - Regular Meeting

This then. Sure. Sure. I call the 04/16/2026 meeting in order. Will the clerk please call the roll?

Alright. I'm gonna call the roll now. Committee chair, Golombic. Thank you. Vice chair, ZJ Han. Thank you.

Press

Committee member, Ted Kim. Thank you. Committee member Park. Committee member, Yoon Jae Park? Thank you. Then and then mayor Jeong is not here. Thank you.

Are there any members of the public that would like to comment on a matter within the committee's jurisdiction that is not listed on the agenda? No one on your side? You don't see anyone out there as usual?

No. No one on Zoom either.

Okay. Alright. We are now we'll now move on to our first agenda item.

Chairman Golumbik. Oh, we we're doing we're doing the minutes first. Correct? I'm I'm sorry.

Yeah. Minutes approval first. Yeah.

Yeah. Okay. Alright. So if there's no discussion, I'll entertain a motion to approve the January. I'll to approve to move or

second it. Second.

Okay. I'll take a vote on the approval of the January. Committee chair David Golumbik. Yes.

Yes.

Thank you. Vice chair, ZJ Han. Aye. Thank you. Committee member, Ted Kim. Yes. Thank you. Committee member, Yoon Jae Park.

Yes.

Alright. Thank you. Passes.

Alright. We'll move on to our next agenda item. I'm excited to announce the introduction of the city's new investment service manager, Chandler Asset Management. I will I will first hand, I'll first hand it over to interim director Steven Avalos for a brief introduction. Thank you, Steven.

Thank you, chairman. First, I wanna make a record of note on the twenty twenty six q one report from January 1 through March 31. So for the the twenty twenty six q one report, I believe you do have a printed packet of the report in your packet. But due to the transition from the former investment adviser PTA to Chandler, our predecessor did not readily have access to, all our investment accounts, and and we got this report, early this morning. So we will not be presenting the q one report, but again, it is included in your packet for reference.

And what I'll be doing is, next week, we'll be sending you a summary of the major findings, of the q one report, to all the committee members.

So you haven't had time to look through it at this point? Just it just showed up this morning. Is that what happened?

Or

That is that is correct. Okay. That's correct. But, again, we still wanted to present the information to you in your packet. And, what we'll be doing is we'll be presenting a summary of the major kind of highlights and findings. And then also to we'll send you a copy of the investment report that goes to the city council, for your records.

Thank you so much. That that didn't go out in today's email, that packet? Noah?

No. We we received it, like, this morning. Like Steve said, there's been some, you know, transition transition from our previous investment service manager to Chandler. So they had difficulty accessing some of the accounts.

Alright. And just so much.

Yeah. Specifically, like, you know, with bank records and things like that, you know, when we kinda did the paperwork, You know, they they really do lock them out. So, you know, we're, you know, we're fortunate that they were able to get the report, but we'll give you a summary, and send it to you via email.

Great. Thank you so much.

I'm sorry. May I ask you?

Yeah. Absolutely.

So it's forthcoming.

Correct.

Thank you.

Okay. Okay. So at this time, I'd like to introduce our new investment advisers, Chandler Asset Management. Chandler, won a competitive RP back in January 2026. They have been in business for over forty years and are California based and provide services for over a 150 local agencies in California. And, I'm sure they'll touch upon this in their presentation. But, now I'll pass it over to, Mia Brown and Steve Huntley who are here to give you a presentation.

Certainly. Good early evening, honorary mayor and members of the, city's investment and finance committee. My name is Mia Correll Brown. I am a relationship manager and regional director at Chandler Asset Management. We are thrilled to have been selected to provide investment management services to the city of Fullerton.

As I shared with staff in the past with both Noah, Steven, and their predecessors, we, went through the bidding process three times. So over the last fifteen years, we have competed actively to earn your business. A little bit about me, I am a Southern California native born and raised in Whittier, California, attended San Diego State University, and have worked in the financial services industry for almost thirty years. In 2004, I joined the firm Chandler Asset Management as an associate and have worked my way up through the ranks as regional director over the last twenty two years, really focused on working with public entities here in Southern California. I'm also thrilled to have senior portfolio strategist, Steve Huntley, with me today.

So Steve will go ahead and introduce himself as well.

Yes. Good evening, chairman, members of the committee, and, mayor. Thank you for your time, today. As, Mia mentioned, we are a local homegrown. I grew up in San Diego and actually attended college at Biola University nearby where I met my wife and helped put her through Cal State Fullerton to get her master's degree while we were here.

My career started out in the early two thousands in with Capital Group and then Cambridge Research Investment. And then during the Great Recession, I had a change of jobs and where I spent fifteen years in public finance, last eleven and a half as a director of finance for a small city in Central California, and now I am back. So I get to bring all that together and help out clients such as the city of Fullerton and help them with our experience, how we can work with managing portfolios, but as well just knowing the intricacies of working in municipal government in the state of California. So happy to be here.

Excellent. Thank you so much. Appreciate that.

So I'll I'll go ahead and share a little bit about Chandler Asset Management. We were founded in 1988 by Kay Chandler. Kay served really on the same side of the desk as as Noah and Steven, working as an investment officer first for the city of, San Diego followed by the county. And, you know, one of her keen observations was that public entities did not have access to professional investment management services. Sometimes that was staffing or the technology that was available to effectively manage programs in house and set out to open her own firm.

Today, nearly forty years later, we manage over $46,000,000,000 in assets for clients who share very similar objectives to that of the city of Fullerton for safety, liquidity, and return. Chandler is registered with the SEC. That means we come to you and share your fiduciary duty. Again, always putting your interests before our own. And we custom tailor investment solutions for the cities that we represent, for the public entities that we represent in conjunction first with your investment policy and the California government state code.

We are employee owned, which means we do not have any ties to competing businesses such as financial advisory or banking services. We believe that if we do what's right for our clients, our own success will follow. As you can see, we have over 55 employees to ensure that we meet your standards for service. And again, over $46,000,000,000 in assets as of today's date. If we go ahead to slide five, you can see a representative list of some of the neighbors and peers with whom we work with.

We have managed portfolios for several entities in Orange County, through the history of our firm, but have worked with the city of Brea since the early nineties. City of La Habra, we have a long term relationship with Jim Sadro and his staff, as well as Newport Beach with whom we've served since 1991. So as you can see, we have a strong depth of experience, understanding the conservative nature of the funds that we're going to manage on behalf of the city of Fullerton while bringing all of the best practices and our experience to your staff and your team. We are prepared to work with you to address your entire scope of services as detailed on slide six, beginning with a strong investment policy review, which Steve has conducted and will jump into momentarily, as well as full time investment management services of your operating portfolio. Also making sure that we are proactive in our communication with staff and with investment committees and or council, and then providing increased transparency with timely reports on a monthly basis.

Those reports will come to you following the first three business days of month end, and then quarterly about a week following quarter end. So I'll go ahead and turn it over now to Steve so that he can talk to you a little bit about our approach and some of our recommendations to the city's investment policy.

Thanks, Mia. Yes. So what I'd like to go over is we'll start on slide seven, and this is just a graphic that represents our process when building an investment program. The city already has a successful investment program, but what we hope to bring to it is just to do some fine tuning and make it the most effective that it can for the city. And we start by having a review of the investment policy, and this is really the foundation on which everything else is laid.

As you're aware, we have to follow state law, and state law is very specific on the type of investments that can be made. And so we wanna make sure that the policy accurately reflects this, but also gives you the flexibility that you need to make a a structured approach, but also one that's compliant and that will mitigate risk as much as possible and and get you the return that you need. After we establish that policy and make sure that it's up to date, again, is a cash flow analysis, and this is just going through, as Mia mentioned, our fiduciary duty to you. So the fiduciary duty implies under state law that we follow the prudent investor standard. And so that means that we put your needs before ours and that we need to manage funds in a way that is deserving of public trust.

And so we want to be as transparent as we possibly can. And so the way we do that is we look at the total cash, excuse me, total cash and investments of the city as a whole, and then we work with staff to make sure that you meet first and foremost the the safety and liquidity needs that you have to have in place so that payroll can be paid, checks can be written, and that you're safe and secure. And then we go after after that is the return. We manage your portfolio in a, total return aspect. So we're looking at building the value as well as, getting, higher levels of interest payments coming in.

And that's where we get to the third step, which is the development of the portfolio strategy. And so we've been working with staff to establish that process as well as establishing a benchmark by which to measure it. And what I like to tell people is that a benchmark is an agreement between the city and the adviser, and that tells us this is the target that we're both aiming for. It tells us performance expectations, but it also tells us about the level of risk that needs to be taken because there is no risk free investment, but there is a strategy that can be used to mitigate the risk and that we can understand how much risk you're comfortable with and that we can then model the entire strategy around that. And after that is active investment management.

And active investment management implies a lot of different things. But one of the things that I wanted to spend a little bit time describing is just how we do things internally in our office as a team. We have an investment team of which I'm a member. There's over 20 of us, and we all collaborate, and we have a committee process. And so those committees divide up different responsibilities, and all of that information comes together, and we make decisions together all up at the investment risk committee level.

That's the committee that makes all the decisions for how we are going to be making investments given the economic conditions, given the changes in state law, and how we can best navigate our clients through this investment process. So those different committees, take different parts of what's going on in the investment environment as a whole, and we collaborate together. So I get to be on part of two of those committees, and so we all collaborate and and have multiple eyes on what we're working on. So I'm happy to be part of that team and happy to serve the city in that way. I'm going to pause now before I get to anything with the policy to see if you had any questions about what we've gone over so far.

Well, thank you for that introduction. I appreciate that. You guys have any questions for them moving forward? Alright. We'll move on to the next agenda item. Steven Avalos and, Chandler Asset Management will now present the proposed changes in the investment policy. Correct?

Yes. Thank you. Thank you very much. Yeah. So going back to the presentation, page eight, these are just the high level bullet points.

I the policy is several pages, and there's a lot of red line in there, which I'm happy to go through. But to summarize, I wanted to give you these four bullet points on changes that we've made to the policy. Because like I said, you have a solid investment program already, but we wanted to make some improvements to this policy to make this foundation just a little bit more up to date and and a little more solid for you to have that great foundation to build upon. So the first bullet point there is senate bill five nine five. This was, voted on and approved in October 2025 to be effective 01/01/2026.

Extends the maximum maturity of prime commercial paper to three hundred ninety seven days. It had been 02/1970 previously and extends s b nine nine eight, certain mandates of that law, that were due to, sunset in on 01/01/2026 out to 2031. And so I I can walk you through the policy if you'd like on some of those updates that doesn't have a may major impact on your program right now, but what it it is a law update, and so we just wanted to update your policy to reflect the fullest extent of of California law when it comes to investment. So that was just the most recent change. And then secondly, we did a little consolidation.

You had in your eligible investment section, there's different references to local government investment pools. And the the MSRB defines local government investment pools in three different ways. First, at the state level, which is, the state of California has a pool, and it's called LIFE. And and then secondly, at a county level, and that's has its own section of code so counties can make pools. And then at a third level, through a joint powers authority process.

And so this joint powers authority is where different governments come together and form their own special government unit, and that government unit can then invest at a pooled level. So there's all the these these three different types of local government investment pools, and I consolidated that all into one section and then wanted to cite the code specifically instead of listing these pools by name for a couple reasons. First of all, is to protect the city because I wanna make sure that whatever pool that you're invested in is meeting those laws. So if your policy states these are the requirements of those pools, then if for some reason, not that I have any doubt at this point in any of them, but if one of those pools failed to meet that, those requirements, then we can go ahead and and pull you out of that pool without having to change anything on your on your policy and and move you into another one. Those pools are typically what your staff is going to use to make short term liquid investments.

So it's an important piece of the overall picture, but I just wanted to make the policy absolutely clear on what's allowed and what's not and have it all consolidated into one place. So you'll see quite a bit of red line about that. And then we also wanted to clarify limits on eligible investments to align with California government code. So there's a couple of limitations on certain types of investments, and that's and that's in place for a reason. Right?

You don't you wanna stay diversified so you're not overly concentrated in one type of investment or another. But some of the math didn't make sense on it, so we just made some updates there. Probably clerical, and they were missed at some point, so we've we've made those corrections. And and finally, last, we just made some updates to align with some of the best practices with CDAC, CMTA, and GFOA. These are professional associations for government finance, and they have kind of the best practices, but also some of the unwritten rules about really how government finance and investments in particular should be managed.

There, through CMTA, which is the California Municipal Treasurers Association, there's actually a certification process. So if your investment policy meets those highest standards, your policy could be certified by CMTA. And so our goal is to move your policy more into that direction so that if your staff wishes they could go through that process and have your policy certified, signaling to the public as well as your peers that you take, you know, the following the law and best practices for investment very seriously and that you have the the highest level of regard for your your policy. So those are the broad strokes. That's what all that red line translates to.

I'm happy to go through any details if you'd like at this point, but those were the broad strokes. So I'll pause again to see if there's any questions or if you would like to go page by page or paragraph by paragraph or whatever is the will of the committee tonight.

To give us an overview. You know, I don't think we need to go into great detail. What do you think, mister Avalos? Do you wanna just kinda touch on things? I'd like to see the the major changes between the last asset management company and this one. Can we do that?

Yes. I'll I'll pull up the policy right now. Hold on one second. Thank you. Okay. Here we are. Great. And I'll just slowly scroll down and

Okay.

Let me know, when to pause whenever you have a question.

Let's go ahead and, we'll go to section four. We have a a just a couple naming convention changes there at the beginning. Not significant in scope or changes there, but section four is your objective. And so, again, I just wanted to highlight some of the differences here is that we want to monitor and forecast expenditures and revenues through a cash flow model and other projections. In other words, we want to look at the whole picture when we're looking at your investments.

And then, we just made some updates to, there you have your three objectives there, safety, liquidity, and return. We did leave the word yield in there. Again, as I mentioned earlier, we manage this portfolio with a total return perspective. And so what that means is, through the investment of high quality, bonds and other, types of securities that are allowed by government code, We look to lock in coupon payments from those debts because, essentially, the city becomes a lender. Right?

When you buy bonds, you're lending your money out, and you expect interest payment in return. So those bonds have a coupon payment of of rate at which you're paid back. But the market also values those bonds at different levels over time based on what the interest rate is at the time and lots of different variables. And so we manage this. We actively manage this portfolio to look for fair value appreciation as well as locking in those coupon payments. And so by expanding this to use the word return, we're we're basically, just, elaborating and expanding that scope so that this isn't just, narrowly focused on yield, but that's looking at the whole picture of return as well.

And I just wanna add to, again, as Steve mentioned, you know, there, you know, there's red lines throughout this policy, but the policy is still based on the principal tenants of safety and liquidity to ensure that, you know, we have the day to day cash flow to meet our day to day operating needs. The other thing that we are working closely with Chandler, and I've been working with Steve and Mia closely over the last month, is, you'll see, there's a red line for a cash flow model or projection projection modeling. So internally, we're we're revisiting what we've done before and trying to refine our cash flow modeling so that we're, you know, we're we're looking at maximizing the temporary idle funds we could potentially be investing. So, again, the policy, we still wanna be, you know, safety. We still wanna be liquid, but, really kinda tightening the screws and looking at, you know, how the modeling works.

We feel that there's opportunity to do a little more.

Thank you. So if we move to section five, not a major change here, but I did actually add the code section, the definition of the prudent investor standard because I find that it's helpful when you are looking at the core tenants of this policy to actually understand where it comes from because you'll hear terms thrown around a lot like trustee and fiduciary and prudent investor standard. And a lot of times, it's not actually defined. So if we actually put the definition from the law itself in here, I feel like that kinda sets the tone for the rest of the policy. So it might be my personal bias, but I also think that's a a great best practice is to have the the conditions under under which we have to operate listed right there in black and white or, in this case, red.

Moving on, section seven, we just updated some language here for ethics and conflicts of interest. There wasn't any anything necessarily wrong with the language, but we wanted to expand this to meet best practices. Again, moving you closer to getting the that level where you could have this policy certified. And so this is language that comes directly out of that process. And so we just wanted to add that in there to expand upon just the the ethical standard that's needed for anyone that's involved in using or investing public funds.

That was that's the intent there. Section eight was a new section. We wanted to add something explicitly about internal controls. As a former finance director, I cannot tell you how important internal controls are. Unfortunately, I've had to live through a couple situations where internal controls failed, and that is definitely not what we want.

So I wanna have something in your policy that explicitly basically holds staff accountable. We want to make sure that the public has the the last say that they can come and say, okay. The city of Fullerton is doing what they should. Staff is being held accountable because they're going to be required to have this internal control process, which they already have in place, but it's explicitly, targeted at, the investment process.

Mister Huntley, can I ask you a question about, section seven on page seven?

Oh, yes, sir. Yes.

In that second red paragraph, there's a strikeout, and I'm sure there's more of that in the document. What do I perceive that to be?

That was the original language, and we're just replacing, that, kind of basic paragraph with the two above it.

Thank you for that clarification.

You're welcome.

And just a comment on sec the section eight internal controls. We do report all our investment activity, with the annual audit, and it's actually in our annual comprehensive financial report in the ACFR. So all that's disclosed and and part of the annual audit that our auditors do.

Great. Alright. So moving on to what is now going to be section nine because of that new section we just added. This is the authorized investments. And so this, section starts out with, again, citing where we have permission to use, to invest in these type of things, which, of course, is California government code section five three six zero zero and following.

And so we cite that, and we talk about how, the intent of compliance with these securities types is at the purchase, which means that conditions can change. And so there's allowance in this policy so that if conditions change and for some reason, a security is no longer compliant, there's a procedure for that, but the intent is at purchase, it will be compliant. I don't have any, reason to suspect that many things will change that would even enact that, but we wanted to have that in place so that there's no questions if that does happen. Anyone saying, well, what do we do now? What's the process?

It's it's in here. And then you may notice the big change here is this, some people may not agree with this, but it is, my recommendation to remove this table. It's nice. It's convenient. It summarizes the allowable investments.

But, unfortunately, California government code is so nuanced. My fear is that if this table were left in, it oversimplifies the situations and the restrictions on these different types of investments. So I want to rely on the paragraphs themselves to explain fully what these different investment types are, what the limits are, how much you're allowed to invest in them, and so on. So by removing this table, we make the document feel a little more complicated, but the trade off is that we don't have anything misleading. I don't want people to read this table and think, oh, that's all it is because it's a little bit more than that.

In addition to that, we also find that many of our clients that have a table in their policy as well as the paragraphs, when there is a change to law or some kind of best practice, the update gets usually made to the paragraphs but not to the table, and now you have a policy that conflicts with itself. Case in point, there was a conflict in your table as compared to the existing paragraph when it came to LAIF, which was item h on that. So it was just outdated. It wasn't anything, significant, in that we couldn't get around it, but, it was outdated. And so at some point, there had been an update and that had been missed.

So we just want to avoid those potential errors in the future if possible. And then moving on to the rest of that section, there is a very long list with lots of details about the different investment types allowed under government code. I won't go into any of those in detail unless you have questions. Just keep in mind that what we do internally at Chandler Asset Management is we have a model policy that we vet internally with our entire investment committee, but then we also go to our partners with the at the different associations and other agencies that are involved in setting best practices like CDAC and GFOA and CSMFO. And we collaborate with them to make sure that this model policy is up to date and it's the best that it can be.

And that is what I have basically injected into your policies to make sure that we've got the best language in there. But the one thing I wanted to highlight specifically is is letter g, section g, and this is what I was speaking to you about earlier this evening. This is the local government investment pools, and this is a a recent revision to our model policy as well. I mentioned that the MSRB defines three different types of local government investment pools, and so I've listed them all here. Your policy had them in different areas and listed specifically by name, but not these specific code sections and not these specific limitations in all of those instances.

I So just wanted to have this expressly stated so that it's clear to everyone that these are the three different types. There are more options within these three types. For example, number two, shares of beneficial interest issued by joint powers authority. There are multiple joint powers authorities that run investment pools, our firm being one of them. We launched a new pool recently, and it complies with all these as well as the pools that the city is already used to using.

So this opens it up so that if, for whatever reason, these, restrictions were not made, or not met, that the city would have the flexibility to move if if need be without having to revise your policy and go through this entire process, that it could make, prudent moves, with its funds, quickly as needed. I'm not gonna go through too many other things, but you can see, items h and I, those are struck out and that's because they they were consolidated and moved into section G. And then as as well as section O that was also added into section G as well. Beyond that, we do have some best practices listed in Section ten, eleven, and 12, and this is primarily about diversification, mitigating risk, market risk in in the portfolio specifically, and just making sure that we're following best practices. And, again, this is language that's coming directly from these valuable industry partners and associations, again, moving this policy closer to something that would be certified.

And then, I wanted to mention one more section that, was very important is, section 19, if we can skip ahead to that one. Oh, unless you have questions about others. I don't wanna

skip pause to see if there's any questions from the committee. I know we're covering a lot.

Okay. Great. Moving on to section 19 then. This is the delegation of authority. So this is important because it is best practice that these policies be revisited annually.

And one of the reasons why that's a best practice is because in California code of fifty three six zero seven, the the governing body of a city has the ability to delegate the investment responsibility to the treasurer or finance director or chief financial officer, whatever title that might be. But that the law implies that that delegation is only for a year. And if you make that delegation, there are certain requirements that have to be met, and it's right there in that code section. So what this does is this this expounds upon the language that you've had for the delegation of authority, but paired with another section in here where I said that I wrote in that this should be revisited annually. What that now allows is when you when you look at this policy annually and make sure that it's completely up to date, you're also then implying that this delegation of authority continues.

And so your chief financial officer or whatever title they have, in this case, treasurer, can proceed with that delegation, of course, under the oversight of the committee and with the assistance of your investment adviser. So I wanted to add this language in because this is important to show that you're following the law as far as the delegation goes, And then later, that will show that it's certified as well. I'm sorry. That it's approved annually as well. And I think that's about it. I know we've done a lot of talking. We've looked at a lot of pages very quickly. So I just wanted to stop and make sure that there aren't any questions or there's something else that we can discuss that would help you with your understanding and make you confident in your ability to move forward.

I don't have any other questions. I'm just kinda digesting everything. You know, all the changes that we see in there, all the red lines and everything. So, obviously, those are gonna be everything so that data is gonna be extracted. Everything is lined out, and we'll have a new, basically, portfolio here to look at. Right. Something fresh and clean.

And as it stands right now in 2026, there are to my knowledge, there is nothing in bill form that's going to be a change to state law that governs this policy for this next year. So my hope is I will be back here next year, and I will tell you, mister chairman and committee, there there are no changes. There are no red lines. That's that that's the goal. So it's a lot this year with with the goal to be a lot less in the future.

And hopefully next year, this time, we're looking at, an award for the city of Fullerton with certification from the California Municipal Treasurers Association, and we will walk your staff through that process and help them with it.

I want to thank you for the report. My job is about 30% report writing, so I appreciate the review and the re reverbalizing or restating what what's important. So thank you.

Yeah. Absolutely. My pleasure. So with that, the the remainder of the policy is, is glossary, primarily. So that's just to inform and and educate the reader, but there's not really, anything I was necessarily wanting to point out in that section. It's pretty standard and and helpful. So that is it as far as my presentation. So I'll hand it back to Steven on on how he'd like to proceed next.

And and just to comment, I think chairman asked about a a, you know, a clean, polished version. There's a clean version after this red line version of the policy with the changes. So, yeah, if you wanna take a look at that a little later, you have it.

Great. Thank you. Appreciate that.

But at this time, you know, if you don't have any further questions on the policy, I think we could entertain approving it.

Yeah. Anything else you guys wanna discuss? Any other questions?

I'll second the poll.

Alright. I'm gonna take a vote then to, I guess, approve the policy and, you know, take the action, have the action taken to council. So I'll start from the top. Committee chair David Golumbik. Thank you. Vice chair ZJ Han.

Aye. Thank you.

Mayor Fred Jung. Thank you. Committee member Ted Kim.

Aye.

Thank you. Committee member Yoon Jae Park.

Aye.

Thank you.

So, I think the the last item for I did preface at the beginning of the meeting. We we do have the printed copy of the q one report from January 1 through March 31. But just, to report again for record, due to the transition from the predecessor investment adviser to Chandler, The our predecessor, was able to get the records, late, and we did get this information late this morning. So, we will not be presenting on this, but you do have it in your packet. And I will be providing a summary, of the, you know, investment results for that quarter and be emailing to the committee.

So thank you so much. Yep.

And there's no action to be taken.

Do we have any any other business? Anything you wanna discuss? I just

wanted to ask mister Abrams, is there a is there a is there a marker for the section you just referred to that we have in the packet?

Yeah. There should be a like, a little one of those tabs, for the PTMA investment portfolio and the economic update. Orange.

It may be different colors for different packets, but I believe it's at the end of the packet.

Is there anything else at this point? So we're gonna move to adjourn. So our next meeting is scheduled for Thursday, July 16 at 05:30 in the Council Chambers. This meeting is adjourned. Thank you so much.

Thank you.

Thank you.

Thank you, everybody.