the sources of the funds that we used on the project right and also the uses of the funds for the project so what we put together here is different categories the first category is the is the long term bonding that's already in our base rates and that is the twenty six point one million longterm nontaxable note and that's twenty six point one million million short term note and that was the second bonding that we went out for in two thousand and fourteen two thousand somewhere in that timeframe and then the the third source of funding was the was the long term bond premium that we received from whom that was from from the bonding point eight million yeah and then we had the operating fund so out of our operating fund because we had that cash flow challenge brought to the board attention about a year ago  know this is just the source of the funding that we used the probably the total funding that we used with a combination of these four sources was sixty million eight hundred seventy three thousand eight hundred twenty three dollars but the five million jim we just threw that out of sort of a they operation out of the operations over yeah over that over the course of the project since census inception in two thousand and twelve ok and that had to do with a lot of the financing costs and things like that were paying ok so that was drawn down over a period of time from our from our operating cash as you know as well as some of the development cost but that's in the next box right so we're going down to so that's just the for sources operations we did that in two thousand and we did that we did that from i remember why i just don't remember always it was that it was cash flow we had to use well  it's really started in two thousand and twelve the drawdown from operations not because of cash flow to the so it's to faulty operation funds were both cash flow and financing  when when did you come to us and say ok i got a cash flow problem that was last night was last known to know somebody and that was two thousand and fifteen yes i don't think it was this summer i think it was it was it was a it was november december timeframe when i met the discussion  that is that is that a cumulative bond premium in other words if i look let's just say that it's a bond premium on twenty six point one million that's about eight percent huge bond so you know you issued an tax exempt it goes off to say two and a half percent in a few issue taxable you would think it would go off like a five percent let's say because it's taxable you know i'm just using round numbers like you got it but it doesn't really work that way in the they did a good job with getting the the bond rate and that's why we have having this discussion today is partly why because we didn't have the exact numbers the exact split between transmission you know between i almost cost and ever sources cost and saw and yes and so the next column that we have here is where do we spend the money so all of the uses for the funding so the first line item we have here is the financing the financing costs associated with the long term bonding that we that we have have in our rates is three million six hundred ninety five thousand two hundred two hundred eight dollars and that was  and since two thousand and twelve and then the development cost on bondable was five hundred ninety five thousand three hundred ninety five dollars and that was money that was carried over right from the previous project that could be applied was it was a lot of the soft costs that were associated with engineering stuff that we could re one point two one million two hundred ninety three thousand one hundred forty five thousand dollars that came that that we had spent for developing costs and then the demo  as part of the non bondable costs because our if you remember back when we had a restart of the project it was about one point eight million that was spent in soft cost for development  which is basically site development in the building that was twenty five million four hundred forty one thousand and ninety one dollars and that was what we spent here and the transmission line which we spent twenty six million one hundred seventy four thousand dollars on two hundred eighty three twenty six million one hundred seventy four thousand two hundred sixty eight for the transition yeah i do have a question about that first of course you do well because when people talk about transmission you know physically means different things to different people and so i'm thinking of this as the transmission line that starts at the substation and goes east africa right that's correct yeah horizontal construction then how far does it go does it construction for about one mile but one line connects to cambridge the other line connects to bright but we only built a mile a mile of new line g it was a major major undertaking it was five or five complex crossings that we had along that route and you know there was a lot of the watering involved as you're going down so deep and then there was micro tunneling equipment that they they had to bring in from other parts of the country there's only special equipment there's only that they have scarce so those only only had one of the and first and then they they attached a bigger this larger drill onto a railway that they build so it's really intercut and then then they they can guide that straight that extra expense it was really going to be too complicated because it's very busy it's a section there right so we would have to move a water line it was just it was getting really complex so we decided that we could probably live with what we have and not and not do that construction right now and then if i may what does it mean to decommission this i don't understand what that means what it means  yeah i mean well the decommission it you would have to can you would have to convert a lot of the voltage on the distribution system so this is an older substation across the street it's a four k v substation to the distribution coming out there is at like four thousand volts the new substation the distribution comes out at thirteen thousand volts and you mean the one we just one we just built right so we have some distribution in town that runs at thirteen thousand volts a lot of it was new construction that we built up here on the hill and mclean hospital and and this general district up here behind the woman's four k v so that we need to that's part of the modernization of the of the system master plan so we have to convert the system over to  cope but you did say something that concerns me mainly because i don't know exactly what's happening but when when he your question when you when you said answered mark mark said does that unhook the substation in your interview no no does that mean that that building over there is still going to have a substation in it that's correct your understanding is correct that idea no into a hotel is available for a discussion with the board and i don't think you can distribute oh yeah absolutely maybe that's what you need to see you know yeah absolutely i prepared that for one of our prior meetings we just never got around to discussing actually we have that prepared and we feel that the thought of leaving and it you know and that i guess at the point i'm trying to make is that the plan that we have is conservative now that doesn't mean you know once we dig into this and really get to get our arms around it you know we can make be able to accelerate but right here for the last ten years all of the cable that's been replaced has all been rated for higher voltage in anticipation of this day coming and all of the transformation equipment that we've purchased and switching equipment that we've purchased have all been rated for a higher voltage so the the amount of cable that we have to pull you know underground it's underground is probably the most expensive put part of this but i think that it's reasonable to to think that there's not going to be a lot of underground construction i don't think it's going to be as disruptive as transmission just to talk about distribution but not all distribution yeah so do people get their distribution goes to thirteen they don't get concerned i think that you know we've done conversions in the past where we have you know converted areas of town and people have experienced it and  with the one million lancaster twenty six point one million bucks one money local distribution yeah local distribution we spent about a million dollars on that i can't give an actual number on that because it's you know tied in with payroll we don't really we had all of manual labor because we're doing it in house so all of our employees that worked on that project it's all should be paid for out of this is part of the distribution part of the overall sort of project if you will to direct upgrade or  distribution system i don't know that's why it's estimated but it's fine i just know from experience what we spent doing other projects similar to that ok so this is that we spent six hundred thousand of that was reimbursed oh i love that look at the numbers reimbursed you'll get a number see the five hundred three it was my duty three one point two it was the one point too this is all yes all money that ever source there was a rans mission project which included the transmission line the horizontal construction as well as a portion of the building ok so what you're saying here is it's a fifty eight point two million dollars project that's how much money we don't want lights and all of that fifty eight forty eight was reached forty five was reimbursed by ever source that's forty five was reimbursed with this breakdown right here ok ok so then so then so then your the next page ok a yes so they paid off the short term which leaves a balance of seventy right in the seventeen breaks down so you get the forty five million sixty thousand two hundred seventy was the was the check for the transfer of assets ok we have a we have debt associated with that for the belmont for the belmont taxable know right which is twenty seven million nine hundred forty one thousand five hundred forty nine dollars so that's and then then the seventeen to seventeen million one hundred eighteen thousand seven hundred twenty two dollars and that breaks down as follows you get short term long term financing cost that's interest and underwriting the balance on that is three million three hundred fifty three thousand six hundred sixty dollars to be transferred to the operating fund to replenish the funds that were used and then the development cost on bondable which was paid back by ever source that's five hundred ninety five thousand dollars and that's to be transferred back to the operating fund and then the local distribution which is the distribution project is seven million one hundred ninety seven thousand six eighty to be transferred back to the one fifteen project fund which is the fund that we've been paying all bills out of for the project and then the substation estimated remaining invoices are two million six hundred sixty five thousand dollars and that's to be transferred back to the one fifteen k v project fund those transfer while the seven the seven is the is the eight the seven includes the is all of the distribution project right and part of that is the million or so that we've already spent yet because we you know i mean and then the other the remaining of right and that leaves to that leaves a balance of the commission of three point three million and you know that that right now is the way the way we're viewing it would  point six of invoices that we got right they have an obligation right right  correct correct the seven to seven million you got to remember that what we did was we we we spent a lot of this money the seven million you know we borrowed it if you will and spent it on the transmission it was always earmarked for the distribution project this is just putting it back into the fund where it belongs so that we can continue with the distribution project because the transmission line cost us a lot more than we had anticipated tapia three point three million come back  minus you know minus the interest that we're that we're putting in to adding to the six the twenty seven six ok unique so that's why this number is only three million three fifty  this makes it look like the decommissioning the three million three hundred and six thousand is coming out of the ever source funds not the bond funds and i wonder if that alters the whole discussion over whether that money can be used for decommissioning no it's coming out of its bonded money it's it's all bonded money that we didn't make any money on this is all bonded like it's coming out of the forty five million here which is which is wanted money forms of the forty five million is bonded money this isn't we did make a money on this project we sold it for what we built it for there's no there's no extras here well there's just three  i think to you know what sam is talking about i think is the question is you know if you pay off that short term debt and we receive forty five million back the question for look like that no i don't think so because then you know if if you did it that way then the twenty six point one that was cash coming in to the balance she sources resources right ok so then we have the fifty eight point two that we used and then we're receiving forty five million from ever source so we got twenty six point one in the short term bond and now we're getting forty five million in addition to that so now we get forty five million point one if you have twenty seven six in the short term so so if i add that up mike i want to sources are twenty six one i get seventy one million out of it seventy one two and then i'm paying off the short term note is that right twenty seven yeah twenty seven twenty seven point six and it's actually not paying off the short term debt it's actually thirty nine million right and i don't know how that reconciles to well nothing here tells us what the overall cost of the project is right but looking at these numbers how can i find out what the whole  was this is the source of what you asked for was sources of funds and you asked for uses of funds and this is what this is a bucket so what's the total cost of the project total cost one would think the sources and the uses the total cost of the overall sources of funds was just this box right here ok those line items was this is this is the money that we had to contributors here and had to build we had to build this project in order to get reimbursed so therefore i had to delay the substation the distribution project which was worth about seven million in order to build this so that seven million goes back into the the substation account because that's where it belongs ok so then the total cost of the project is ninety two ninety three million belmont's share was about sixty million and the remainder was paid directly by ever source you know the difference difference but then of of this sixty point nine was i think the total i don't have those numbers no need i think it was like ninety five ninety two five ok so let's call it ninety three to make it easy and then according to this we spent fifty eight point two is that right yeah ok so let's the difference there is thirty five million which they paid themselves right every source just paid the third the difference between the ninety three and the fifty eight was thirty five we can't spend money we don't have all we have was two that's all we had was fifty you know we had was a sixty million we spent fifty eight of it so now we have month when we borrow that money for this project right it's in the rainy so you know i understand but yeah but we got cash for the bond to mean put it on the balance sheet and then we spend it on the project right here ok so we have a source of twenty six point one and then ever source for this fifty eight million they're giving us forty five point one million right and if you add those up that's seventy seventy one point one million let's call it seventy we only had sixty million dollars they they reimbursed us forty forty five so you go down you go the other way you subtract forty five you have a used twenty seven hundred forty want to have one hundred five two to retire the short term no we've twenty seven point six right we plus whatever debt service was associated with it which leaves you seventeen million dollars and then so then jim sort of outlined what the seventy million remaining funds should be used for on the second page so what we have in our balance sheet remaining is twenty six point one that's it right of debt that we're going to service to our rates for the next whatever number of years thirty years correct and and so the seventy million that's remaining after the short the ever source excess twenty four six nine three we're talking five nine three it comes out the eighty five but the total cost is ninety two point five what i'm saying is if we put sixty almost sixty one million right and twenty four million from ever source that brings us to eighty five million but the total cost is almost ninety three so there's about seven and a half million  you asked for sources and uses right so when i'm giving you here is exactly what you asked for right so this is the money that we had does the borrowing long term note of twenty six one i like and then you got of twenty seven six twenty seven six you get the von premium which is one point eight and yet operations which is around five million you get sixty eight we had sixty million dollars those are the sources of the funds that we used that's what we used to build the project we built this project the assets that were transferable out of out of the fifty eight million that we spent the data date of eleven twenty five right was forty to forty five million number we sold it for forty five million that's right and then you replenish the seventeen million is part of that i understand that the total cost was ninety two ever source paid us forty five so that that's one component yes we we should  that's part of the sixty that we paid that is part of it no that's part of it but isn't it you don't need to completely it's not sixty minus forty five no it's not you get a look at what jim did with the forty five here right so the forty five look at the sources of funds if you look at the sources of funds right the twenty five million that comes in retires to short term net of twenty seven six that's out right you know he shows it here  point one whatever source put in another twenty four over here right that's a component of the forty five so i mean the total cost of the project is forty five plus twenty four plus million one ninety nine one away which means we have all three million bucks more sources than we need for uses but they never source went another twenty four outside of that right and then reimbursed us forty five which is that you can't you can't take this and try to add it's better in this in this year i mean we we only have on our balance sheet twenty six point one million dollars that's yet half correct we have cash remaining in the bank from that  and then there's other costs as well that he's reimbursing us for for the five million two of operations three point three goes back into our pre fund which was part of the financing cost at the veltman costs and also look at distribution that will be used so jim the where we read this from correct is right now we have cash in the bank of seven million two point six in three point three correct that's correct to point to that has already point one million dollars now the question is what do i do with it i pay off the twenty seven six right i had that's the short term right yes yes or no i have seventy seven point five million right  ok then i spend fifty eight point two million dollars we all agree on this and then all of the sudden i have nineteen point three million left right now that's very close to the seventeen right but so there's you know there's there's two point something difference there which i'm probably fine one point nine actually so this is the money that we're talking about this this is the money that's the seventeen point two million that we're talking about the question is what are we going to do with the seventeen point two million and i don't think were talking about the war from a performance standpoint we actually spent seventeen million dollars less from we've got this man known because we but we didn't because the reason that the rescind that we did that was because we did the distribution project is part of the substation project the five have seven million dollars i can't connect the brand new substation to sydney hamann right now to these once i need study need this money ok you don't seem to understand the projects not done yet we transferred the transmission at sets and now i need the money back guys all right so i can finish the projects like if you put the seventeen against that project are actually talking about fourteen  be for what we're getting what the final cost will be well it'll be twenty six point one minus three that's right no yes absolutely it's absolutely absolutely and when the six point one miles to three here and in the transmission line which is most of the most of the twenty seven point six jim i think about it for a moment you really think about when you talk about the transmission line costing twenty six point one ever source owns that completely when we  mean we said we need fifty three point seven which includes the transmission line from our wife connecting to the substation and flinders road plus building that building if i can let me just finish you know if we if once we executed separately and they also paid for a portion of the actual structure itself under the one of the guidelines sort of the structure of the substation because of the switch here and in right in terms of not only access to that substation so our total cost all in total complete for the substation as of this point in time just twenty two million dollars to get a three million left over and then that's what jim was suggesting here because if you look at the numbers then it goes down thirteen right which is you know we're three million important right it was the out of the appropriation of fifty three point seven million for the designing constructing installing the triple substation to move in building associated transmission in our distribution cables so it talks about all of that which i think was indeed old enough but i think it is actually from my point of view of the total project cost of ninety two and he brought down the sources in uses of the project you can't look at whatever source spent they spent fourteen outside of that right they came they came over to ford w twenty four outside yeah right and to get you ninety two there's another seven million c m e of the forty five at the reimbursing us for right if you want to get in the ninety two you take you take the sixty plus the twenty four hundred eighty five but there's a seven to seven million embedded in the forty five if you look at the breakfast time another forty five this seven million dollars here here excuse me sixty plus twenty four the sixty votes that were cast which includes the size a component of it that's absolutely correct so he holds the seven you take the sixty plus to twenty four plus another seven on top of that where's reimbursed funds it's something they've spent right as part of the development this project she of the sixty plus the twenty four right now they come on and they pay a forty five forty five the fees is the twenty seven million  five hundred ninety five thousand three hundred ninety five of development cost on bondable that ties exactly right to that five ninety five and we had another two point six of invoices that we have to pay off  that's the ninety two but isn't that seven million part of the sixty no this isn't it no it is not it's not no ok it's not part of the text it's not like it or the funds if it's not part or town council opinion germany completely if you're rich and well i think you know if because once they see this and when you look at the motion that's the what i'm concerned about because right all of the legacy issues that we get involved in here are when people think that they voted for something they didn't vote for but this is absolutely clear if you marry that motion with these numbers if you see what i mean i think it is yeah i i know you think it is i'm just you know we just need times w etc and then we said that sense the dead issue was being made by the town we wanted george to work with walter to come up with your opinion but that's kind of the that's the back room that's right that's the back story so all we need that sure that's the one you have from ellen and then and then hand it to the attorneys and you know they'll they'll tell us what they think but i think it's pretty clear going to fetch the case then we don't have to issue a new bond no i  me we have ten million dollars julie consuming we have ten million dollars actually no you don't know it's not the same no of a million or seven million seven million as part of the one fifteen substation project we have to connect had looked at with the decommissioning and and which is part of the which would be you know part of the system modernization of the master plan was that we have to again remember all the numbers right now but i believe we have somewhere around twelve million altogether we have seven million and depreciation right now is that right something then we have the other three point five million that we transferred brought us up to maybe eleven so we have th right you know right and we're mock that we're mock that three and a half million for our system improvements and then if this money becomes available that gets added to that as well and i think we're up somewhere around twelve to fifteen million that we would have in reserve in our depreciation fund because we've been actively adding those part of our our plan for the last five years was two boys to contribute four hundred thousand a year of our capital defer four hundred thousand of our capital improvement into that fund instead of spending it so we did that annually for the last four years and that brought the balance up so that we could use that money for the modernization because we knew we had to do it  ually so we've got funds available to us right now if this if this three point three million or s excess here or whatever you want to call it becomes available that will help to to x but i say becomes  well because right now i consider this is as being red circle was so but i think you know if you start looking at that and really if you start looking at that into you know but if you start looking at that three point three million and then you start looking at what's going to cost you to go out and rewrite the bond and what it's a question of the word choice about distribution that you can and clearly just distribution is included in that part of the one fifteen call what i think yeah that's what that clears the question yeah that's when most people think of distribution they think of the wires on the on the you know we could have referred to it as sub transmission because they really that's really what it is i understand i think that we didn't but the three million is where the question mark is  town ok good and we don't have to rewrite them in discussion analysis because it's prescribe by the the accounting association you know just to be in a certain format thirtieth of two thousand and sixteen that are material that will affect the balance sheet right now so one of the things that distorts that report and it's not literally i mean let's just take this as a given we all know that the like department is on the calendar basis so the numbers that are in the towns financial for june thirtieth two thousand and sixteen are from december thirty first of working on because craig told me that the three of us they send them to us and then we say ok we're responsible we can we can provide a transcendental letter and what i intend to do is to ok you know it just makes its life but one of the things that you know there's a lot of cash on the from two thousand fifteen when the light department's balance sheet which you know kind of distorts the oh yeah we've got more yeah we ended up with better coverage more coverage for all of our substations and all of our buildings and it's actually cheaper so they specialize they specialize in high voltage so you know generating plants and hype and substations and stuff so it made perfect sense so it wasn't until the substation came along that we even you know realize that you know we really don't they're going to provide it at the that's really all in there were good coverage yeah i mean the only thing that came up with them was they did a dave mentioned that they were going to look at whether or not our vehicles and workman's comp would have to be changed over as the only thing i would say but i don't have any comments on the minutes per se ok but based on the discussion we just had if if the town's cost for this project has come in  n million what is the number going to the twenty's it went to and some change you know if the town's overall cost for this project we thought it was going to be fifty three seven is that right come in less than that and how much less as a com you're if your point you're making and i think this is an important one i think we probably should have a presentation that he will meet talk about substation five you know savings that we've heard you know joy because we have another we have another contract review and performance review and read only unless we're going to push it off again but hopefully you know i think i think it's i think it's an event that should be celebrated how it how it should be i think we should and if you know i'm here to do this i think we should talk about  about that is that the subsequent upgrade that we're talking about of what i would call the distribution system not the that would be the not to sub transmission right but you know in other words how much money do you think how much less to the cause of the project cost than we thought the town meeting thought it was going to cost i mean i just i mean roughly where it's probably about thirty thirty million thirty million lives that's going to more than pay for the you know the subsequent five sets yet there is december her you did or did not was december eighth of december so you have the summer seventh year i have so i have the eight here is there are seven years at the seventh the seventh was the executive session or is that seventy two thousand and sixty is that the one that was in the mail it was i one that was e mail