Recommendation to receive supporting documentation into the record, adopt resolution authorizing the issuance of the Harbor Revenue Refunding Short-Term Notes Series 2018A, by the Board of Harbor Commissioners, on behalf of the City of Long Beach; in an aggregate principal amount not to exceed $350,000,000, secured and solely payable from Harbor Department revenues, and authorize the execution of all necessary documents.  (Citywide)
Motion carries. Thank you. Next item is T3. Report from Schmidt Harbor. Recommendation received supporting documentation into the record and adopt a resolution authorizing the issuance of the harbor revenue refunding short term notes series 2018a and an aggregate principal amount not to exceed 350 million citywide. There's a there's a motion and a second. Mr. West has a short update on this. Yes, we have the port finance director, Sam John, and our city treasurer Dave Nakamoto and his assistant, Phil. Thank you, Mr. City Manager, Honorable Mayor and members of the City Council before you as a recommendation to receive supporting documentation into the record, adopt a resolution authorizing the issuance of harbor revenue refunding short term notes series 2018 A and a principal principal amount not to exceed $350 million and to authorize the execution of all necessary documents . The purpose of these notes is to refund the currently outstanding harbor revenue Short Term Notes Series 2014 six, which are scheduled to mature this November. City Council approval is requested on September 4th, 2018 to facilitate the timely payment of the 2014 See Notes. The 2018 notes will be secured solely by payment and so excuse me, so be secured and solely payable from the harbor department revenues. Annual debt service payments on the 2018 notes will be approximately $14.3 million. The city's general fund will not be liable for these debt service payments, and there is no local job impact associated with this recommendation. Representatives from the harbor and the finance team are available for questions. This concludes staff's report. Thank you, Councilman Gonzales. Thank you very much for the report. Councilmember Pierce. Thank you very much for the report, for staying up late and for having an awesome budget as well. You. Is there any public comment on this item C nonmembers, please go ahead. And Castro votes. Motion carries. Okay. Thank you. I was told by Mr. Modica that maybe the budget was coming down, but maybe, maybe not. We'll move on. Can we just poke your head out there and see if we're doing this or if we're not?