# ATRS Resolution 2025-22 The ATRS Board of Trustees on 6/2/2025 approved Resolution 2025-22 authorizing the purchase of Israel Bonds. The 7/3/25 ATRS supplemental FOIA production closes the resolution-text gap. The full text of Resolution 2025-22 appears in the 6/2 Board packet at page 151 (Attachment 18). ## Resolution text > [!evidence] 06-02-25_BOT_Packet.pdf p.151 > "ARKANSAS TEACHER RETIREMENT SYSTEM / 1400 West Third Street / Little Rock, Arkansas 72201 / RESOLUTION / No. 2025-22 / Approving Investment in Israel Bonds managed by Scout Investments, Inc., through its Reams Asset Management Division / WHEREAS, the Board of Trustees (Board) of the Arkansas Teacher Retirement System (ATRS) is authorized to invest and manage trust assets for the benefits of its plan participants; and / WHEREAS, the Board has reviewed the advice of its general investment consultant, Aon Hewitt Investment Consulting, Inc, along with the recommendation of the Investment Committee and ATRS staff regarding the use of a qualified third-party investment manager for a potential investment in Israel Bonds. / NOW, THEREFORE, BE IT RESOLVED, that the ATRS Board approves an investment of up to $50 million dollars ($50,000,000.00) in Israel Bonds. The total investment amount is to be determined by the Executive Director based upon the allocation available to ATRS and the overall investment objectives set by the ATRS Board; and / FURTHER, BE IT RESOLVED, that the ATRS Board approves Scout Investments, Inc., through its Reams Asset Management division, as the third-party investment manager for this mandate; and / FURTHER, BE IT RESOLVED, that Scout Investments, Inc., through its Reams Asset Management division, may utilize various investment vehicles and strategies including public and private issues of Israel Bonds, U.S. Treasuries, U.S. dollar, Israeli shekel, foreign currency hedging, and other investment vehicles deemed appropriate by Scout Investments, Inc., through its Reams Asset Management division, to implement and manage this mandate over time; and / FURTHER, BE IT RESOLVED, that the ATRS staff is hereby authorized to take all necessary and proper steps to implement this investment, if acceptable terms are reached. / Adopted this 2nd day of June, 2025. / Mr. Danny Knight, Chair / Arkansas Teacher Retirement System" ## Structure of the authorization The Resolution authorizes up to $50,000,000 in Israel Bonds. The cap is the operative dollar limit. The actual investment amount is determined by the Executive Director (Mark White) based on the allocation available to ATRS and the overall investment objectives set by the ATRS Board. The Resolution does not specify a five-year laddered schedule; White's 5/22/2025 Board preview email had described a structure of "up to $50 million spread over 5 years, with up to $10 million per year" but the structure does not appear in the operative resolution language. Scout Investments, Inc., through its Reams Asset Management division, is named as the third-party investment manager for the mandate. The investment vehicles authorized are broad: "public and private issues of Israel Bonds, U.S. Treasuries, U.S. dollar, Israeli shekel, foreign currency hedging, and other investment vehicles deemed appropriate by Scout Investments, Inc., through its Reams Asset Management division." Reams's discretion within the $50M cap is therefore substantial; the substantive limit is the dollar cap and Reams's professional judgment, not a defined asset universe. The preamble cites two sources for the Board's action: "the advice of its general investment consultant, Aon Hewitt Investment Consulting, Inc, along with the recommendation of the Investment Committee and ATRS staff." The cited Aon Hewitt advice as it appears in the Board packet is the Kelly + Comstock memo on packet pages 149-150 documented below. ## What the Board packet contained on the Aon Hewitt advice The 6/2 Board packet's Attachment 17 (the agenda item described as "Consideration of an investment of up to $50 million dollars in Israel Bonds") covers pages 149-150 of the packet. The complete extracted text of pages 149-150, in its entirety: > Page 149: "Date: June 2, 2025 / To: Arkansas Teacher Retirement System (ATRS) / From: PJ Kelly, Katie Comstock" > > Page 150: "APPENDIX: Disclaimers" > 06-02-25_BOT_Packet.pdf pp.149-150 That is the entire content. Two PDF extraction methods (pdftotext with -layout, PyMuPDF) return the same content. The memo header and a section heading "APPENDIX: Disclaimers" appear on otherwise-blank pages; no substantive body text, no analysis, no rate sheet, no comparative figures, no credit assessment, no sovereign risk disclosure, no recommendation language, and no actual disclaimers under the disclaimer heading are present in the extracted text. The contrast with the consultant materials attached to the other major manager decisions at the same meeting is direct. Resolution 2025-23 (Arlington Capital Partners VII, $40M) and Resolution 2025-24 (Great Hill Equity Partners IX, $40M) are presented in the packet with substantive Franklin Park investment recommendation memos describing the funds, the firms' history, the principal investors, the investment thesis, and the consultant's recommendation. The General Investment Consultant Report (Attachment 19, page 153) is an approximately 155-page Aon Hewitt Quarterly Performance Report covering the full ATRS portfolio. Aon Hewitt's capacity to produce substantive consultant work product is therefore documented in the same packet. The Israel Bonds attachment's content is the singular outlier. This finding sharpens the wiki's [[independent-credit-analysis-gap]] and [[written-recommendation-requirement]] concept pages. What the trustees voting on Resolution 2025-22 had in front of them as Aon advice on the merits of the Israel Bonds investment, by the contents of the official Board packet, is the memo described above. See [[independent-credit-analysis-gap]] and [[written-recommendation-requirement]] for the analytical implications. ## Origination The Executive Summary in the 6/2 packet describes the origination of the Israel Bonds item: > [!evidence] 06-02-25_BOT_Packet.pdf extracted-text line 864-867 (Executive Summary p.4) > "A member of the ATRS Board has requested the Board to consider an investment of up to $50 million dollars in Israel Bonds. This agenda item includes a recommendation to hire Scout Investments, Inc., through its Reams Asset Management division as a third-party investment manager to implement and manage the mandate over time." The "member of the ATRS Board" is not named in the Executive Summary. Per the 5/22/2025 Mark White preview email captured in the ATRS Staff Emails R1 batch, the requesting member is Auditor Dennis Milligan, framed as "Our Board colleague." Milligan is also identified by Mark White as the Board member who requested the Israel Bonds proposal at the April 14-15, 2025 Capitol tour bilaterals with Berman. See [[board-colleague-conflict]] for the structural concern around Milligan's role as both Board member and Israel Bonds advocate. ## Pre-vote structural decisions The structural parameters of the action are documented in three pre-vote messages from the R1 batch. White's 5/8/2025 directive to Rod Graves specified up to $50 million total, with no more than $20 million in the first year and no more than $15 million in subsequent years. White's 5/22/2025 Board preview to trustees revised this to a $50 million ceiling spread over five years at $10 million per year, structured as a laddered investment. The adopted Resolution 2025-22 carries only the $50M cap; the laddered structure White previewed is not in the resolution text but may be in the actual implementation Reams executes. The funding mechanism is documented in Rod Graves's 6/3/2025 internal note to White: > [!evidence] Rod Graves to Mark White, Emails4.pdf p.3, 6/3/2025 > "I expect the mandate to be funded through cash flows based on actual values compared to target asset allocation targets at the time of funding." The custody structure: a shell account at State Street with Reams as manager. Per Graves's 6/4/2025 reply to Donna Bumgardner: "we could go ahead and open a shell account at State Street and assign Reams as manager after the contracting process has been completed." ## The selected manager and the experience disclosure The selected manager is Reams Asset Management, a division of Scout Investments, contracted at a 3 basis point management fee. Reams was identified by Aon partner PJ Kelly on 5/28/2025 with the disclosure that the firm was "light on experience with Israel bonds" but with non-US bond experience and resources. The 6/4/2025 Google Alert in the R1 batch references PressReader coverage: "The Arkansas Teacher Retirement System's trustees on Monday authorized hiring Scout Investments Inc. through its Reams Asset Management division." Reams's pre-vote analysis transmitted by Matt Waz of Raymond James Investment Management on 5/28/2025 identified three categories of available USD-denominated Israeli debt: 16 SEC-registered bonds, 3 RegS bonds (private placements meant for non-US qualified institutional buyers, "most dealers will not sell" to US clients), and the DCI Premium Jubilee bonds (retail-focused issuance with $1 million minimum increment, available in 5-, 10-, and 15-year maturities). Reams's recommendation was to layer treasuries plus USD-denominated Israel sovereigns into Jubilee bonds. The benchmark price reference: "$3-5mm of the ISRAEL 5.625 2/35 in the 130 spread to 10yr US Treasuries area." ## The vote and dissent The Resolution 2025-22 text as signed by Danny Knight as Chair documents the adoption: "Adopted this 2nd day of June, 2025. Mr. Danny Knight, Chair." The Chair's signature is required on all adopted resolutions regardless of vote count and does not by itself indicate the Chair's affirmative vote. The 6/2 packet does not contain the 6/2 Board meeting minutes, which would document the mover, seconder, vote count, and any dissent. The minutes would have been prepared after the meeting and are a follow-up FOIA target. The 6/2 BOT audio transcript (produced from raw audio in the FOIA Response 2-28-26 production and documented at [[atrs-bot-audio-6-2-25]]) partially resolves the vote-and-dissent question at the BOT stage; the parallel 6/2 morning Investment Committee audio remains untranscribed at the time of this update and is the venue at which the project schema-seed-listed Knight dissent most plausibly was recorded. The seed-list documents ATRS Board Chair Danny Knight as the sole dissenting voter on the Israel Bonds action. Rod Graves's 6/3/2025 reply to Gar Chung of FIN Daily captured in the R1 batch states: "All investment related items were approved as presented." This is consistent with adoption but does not disclose vote distribution. The 6/2 BOT audio transcript records the Resolution 2025-22 vote as a voice vote ("All those in favor? Aye. Those approved, like sign. Aye. Motion carried?") without an individual roll-call; the audio is not analytically definitive as to whether the second "Aye" token reflects a misheard "Nay" dissent, a Whisper-model transcription artifact, or a stray sound. The IC morning meeting (20250602B_IC.mp4) is the documented parallel venue and the authoritative resolution awaits the IC transcript. ## What the Resolution permits Reams to do The "various investment vehicles and strategies" clause is broad. Public and private issues of Israel Bonds include the DCI institutional Jubilee series, retail eMazel Tov bonds (with the eShalom Bond charitable variant disclosed in the DCI promotional pipeline), USD-denominated SEC-registered Israeli sovereigns, USD-denominated RegS Israeli sovereigns (with the dealer-availability caveat in the Reams 5/28 analysis), and (Resolution silent) shekel-denominated direct Israel sovereigns. U.S. Treasuries are permitted as a parking position or hedging instrument. Foreign currency hedging is permitted. The "other investment vehicles deemed appropriate" residual clause grants Reams further discretion. The Resolution does not require Reams to report to ATRS on which specific Israeli sovereigns are purchased, at what price, in what quantity, when, with what hedging structure. Reporting obligations would derive from the executed Reams contract, BP4 Section R (Investment Manager Reporting), and standard ATRS governance practice rather than from the Resolution's own text. ## Cross-References [[mark-white]] [[rod-graves]] [[reams-asset-management]] [[matt-waz]] [[pj-kelly]] [[katie-comstock]] [[danny-knight]] entities [[dennis-milligan]] requesting Board member; see [[board-colleague-conflict]] [[independent-credit-analysis-gap]] [[written-recommendation-requirement]] [[pecuniary-frame-act-498]] [[atrs-pre-existing-indirect-exposure]] [[westrock-procedural-asymmetry]] [[atrs-investment-policy-bp4]] [[bp4-amended-same-day-as-vote]] [[atrs-board-governance-structure]] companion concept pages [[atrs-bot-packets-7-3-25]] [[atrs-foia-r1-staff-emails]] [[atrs-board-rules-r1]] source pages ## Execution stage: the December 2025 Reams $50M capital call The Auditor R3 production at [[auditor-foia-r3-3-3-26]] documents the implementation stage of Resolution 2025-22 — the December 2025 execution of the full $50 million Israel Bonds capital call by Reams Asset Management. The execution is documented in Rod Graves' 12/29/2025 11:23 AM ATRS Board Update-Liquidity email captured in Brady's Inbox: > *"December payments since the last Board update consisted of several ATRS obligations including capital calls for various investments of approximately $185 million. This includes the Scout (Reams) mandate of $50 million for Israel Bonds and $50 million of the $100 million commitment to the Realty Income US Core Plus Fund."* Two structural findings follow. **The ladder-vs-single-call disjunction.** Mark White's 5/22/2025 Board preview proposed *"an investment of up to $50 million spread over 5 years, with up to $10 million per year"* (cross-custodian capture at [[auditor-foia-r3-3-3-26]]). The Resolution as written does not codify the laddered framing — only the $50 million ceiling and the "determined by the Executive Director" delegation. Reams's December 2025 single-quarter $50 million capital call deploys the full maximum within approximately six months of the Board vote, not over five years. The execution is within the Resolution's authority but contradicts the White-articulated framing the Board considered. **The SSgA/BlackRock funding mechanism.** ATRS funded the December 2025 capital call via $100 million withdrawal from SSgA Global Index Fund and $140 million withdrawal from BlackRock Global Index Fund. The SSgA withdrawal indirectly liquidated ATRS's pre-existing approximately $1 million indirect Israel sovereign exposure documented at [[ssga-cmx6-2024-11-30]]. The natural-experiment effect is a 50× exposure increase: from indirect passive $1M to direct active $50M. See [[atrs-reams-capital-call-execution]] for the detailed analysis. The substantive Resolution-stage-vs-execution-stage analytical questions: - Whether White and Graves directed Reams to deploy the full $50M in December 2025 (versus Reams making the call independently under delegated authority) - Whether the Board received any pre-deployment notification before the December capital call - The specific bond purchases Reams made (CUSIPs, maturities, coupon rates, settlement dates) - Whether the deployment was driven by Reams's investment judgment, ATRS staff direction, Auditor's-office channel pressure, or DCI-Berman cadence All four questions are FOIA follow-up targets for ATRS or Reams custodian production. ## 6/2 BOT audio (R 2-28-26) findings The 2026-05-11 ingest of the 6/2 BOT audio transcript at [[atrs-bot-audio-6-2-25]] adds two findings to this concept page. **(1) Investment Committee Chair Chip Martin moved Resolution 2025-22 with "on recommendation of the board's investment consultant" framing.** The verbatim transcript: > [!evidence] 20250602D_BOT.transcript.txt segments 232-236 > "On recommendation of the board's investment consultant and the recommendation of staff, the committee voted to recommend approval of resolution 2025-22, authorizing a hiring of scout investments. I move that the board adopt and approve resolution 2025-22." Martin's on-the-record BOT framing of Resolution 2025-22 as moving on consultant recommendation sits in direct tension with three previously-documented findings. The 6/2 Board packet Attachment 17 (the Kelly + Comstock memo on Israel Bonds at pages 149-150) contains only the memo header and an "APPENDIX: Disclaimers" heading on otherwise-blank pages; no substantive recommendation language is in the packet record. Mark White's 5/8/2025 internal directive to Rod Graves at [[atrs-foia-r1-staff-emails]] stated that Aon "will not be making a formal recommendation." Mark White's 7/2/2025 post-vote response to Jennifer Lenow at [[auditor-foia-r3-3-3-26]] introduces the securities-licensure structural-rationale: consultant recommendation on individual bond purchases is "exceeding the scope of their securities licensure." Martin's at-the-vote invocation of consultant recommendation as the basis for the motion is therefore the wiki's fourth distinct framing of the consultant role on Resolution 2025-22, the only one made on-the-record at the moment of the vote, and inconsistent with both the documented packet content and White's pre-vote and post-vote framings. See [[independent-credit-analysis-gap]] and [[written-recommendation-requirement]] for the analytical implications. **(2) The BOT vote was a voice vote with no recorded individual roll-call.** The verbatim transcript: > [!evidence] 20250602D_BOT.transcript.txt segments 237-244 > "You've heard the recommendation of the finance committee. All those in favor? Aye. Those approved, like sign. Aye. Motion carried? Yes. Motion carried." The transcript records a "like sign" call (the standard parliamentary call for opposed voters to make a sign) followed by an "Aye" token of indeterminate origin. The audio alone does not unambiguously roll-call individual dissenters. The morning Investment Committee transcript now ingested at [[atrs-ic-audio-6-2-25]] captures the substantive deliberation venue including Knight's verbatim procedural dissent grounds, but the IC roll-call vote at segments 1383-1392 also failed to capture individual responses (Whisper recorded the names called but not the responses). See [[atrs-bot-audio-6-2-25]] for the BOT transcript analysis and [[atrs-ic-audio-6-2-25]] for the IC transcript analysis in full. ## 6/2 IC audio (R 2-28-26) findings The 2026-05-12 ingest of the 6/2 IC audio transcript at [[atrs-ic-audio-6-2-25]] resolves multiple previously-open questions on the Resolution 2025-22 deliberation. The IC is the substantive deliberation venue where Brady, White, Knight, Marshall, and Kelly engaged on the merits and procedure of the Israel Bonds authorization before the BOT ratification later the same day. ### Brady's prepared speech (the DCI-channel role on the record) The IC transcript captures Brady delivering an explicitly-prepared speech. Brady's own framing of the prepared character is verbatim: > "Mr. Chairman with your permission Mr. Chairman and members of the teachers pension investment community thank you for this opportunity to speak if you will indulge me I've prepared some remarks because I want to make sure I get everything out and get it on the record" > 20250602B_IC.transcript.txt segments 835-841, [00:29:19 to 00:29:33] Brady's speech covered: the 2017 origin of Act 644 ("I was Chief Deputy Treasurer Treasurer Milligan saw sponsors and asked the General Assembly to pass legislation"); the State Treasurer's $55M position; Oklahoma, Mississippi, and Texas comparators; spread quotes (50bps over a 2-year US Treasury, 75bps over a 3-year); S&P and Fitch (Whisper rendering: "BITCH") "A" ratings (without referencing the October 2024 S&P A+ to A and Moody's A2 to Baa1 downgrades documented at [[treasury-internal-credit-analysis]]); a personal endorsement framing himself and the Auditor as vouching ("the auditor in Ohio would put our good names on the line to suggest Israel bonds" — Whisper artifact, plausibly "the auditor and I"); and an "ancillary reasons" closing acknowledging non-pecuniary motives without elaborating them (Mike Huckabee as Ambassador to Israel and Brady's former boss). The full speech is documented at [[atrs-ic-audio-6-2-25]]. ### Knight's verbatim procedural dissent The IC transcript captures three verbatim Knight statements establishing his dissent as procedural rather than substantive: > "I have no problem with investing in Israel or whether they didn't mark anybody else but I do have a problem with the procedure that we are starting here" > 20250602B_IC.transcript.txt segments 1082-1087, [00:36:41 to 00:36:53] > "I know nothing about the investment people that they are recommending and I assume some part has been done on them but I do have issues with us going about our investments this way and I'm as much for Israel as possible in by this table but ... I can write a book about what I don't know and these people probably know a lot more" > 20250602B_IC.transcript.txt segments 1105-1120, [00:38:21 to 00:38:51] > "I would like to see it stretched out I don't want to invest 50 million and understand what I'm going to do today but we can come we're going to have to come back and do it soon" > 20250602B_IC.transcript.txt segments 1126-1133, [00:39:03 to 00:39:15] Knight's dissent grounds are: (1) the procedure differs from the IC's normal investment process; (2) Knight knows nothing about Reams Asset Management as the recommended manager; (3) the deployment should be stretched (smaller increments, additional Board reviews) rather than authorized at the full $50M ceiling in a single motion. The wiki's prior framing of the Knight dissent as a vote count at the BOT is refined: Knight's verbal grounds are on the IC record verbatim approximately ten minutes before the IC vote. The Whisper roll-call gap (documented below) means the transcript does not document Knight's individual vote response, only his verbal dissent grounds. ### Marshall's motion at the IC State Bank Commissioner Susannah Marshall moved Resolution 2025-22 at the IC. The transcript captures the motion verbatim at segments 1377-1382: > "alright so do I hear a motion / I'll make a motion / alright Ms. Marshall makes a motion is there a second / I'll second / alright so any further discussion" > 20250602B_IC.transcript.txt segments 1377-1382, [00:47:43 to 00:48:01] Marshall is the wiki's first documented Israel Bonds substantive engagement by the State Bank Commissioner. The wiki's prior [[susannah-marshall]] framing of Marshall's absence from all Israel Bonds correspondence is now refined: Marshall is absent from the documented written record (no emails, no FOIA-produced correspondence) but present and as the motion mover at the IC-level deliberation. The structural significance: the BP1 Section XII statutory ex officio Investment Committee member who did not personally attend the 4/15/2025 Berman Capitol tour, did not appear in any Auditor's-office FOIA production, did not attend the 9/10/2025 APERS Israel Bonds discussion, and is also absent from the 12/1/2025 ATRS BOT roll call documented at [[atrs-board-audio-12-1-25]], nonetheless moved Resolution 2025-22 at the IC where the substantive deliberation occurred. ### The Whisper roll-call gap on individual responses The IC roll-call vote is captured at segments 1383-1392: > "Ms. Porter would you call the roll please for this one / Mr. Martin / Mr. Johnson / Ms. Ford / Mr. Hamilton / Mr. Higginbotham / Mr. Knott / okay that motion does pass" > 20250602B_IC.transcript.txt segments 1383-1392, [00:48:03 to 00:48:21] "Mr. Knott" at segment 1391 is a Whisper rendering for Mr. Knight. Six names are called; Marshall (the mover) is not in the roll-call sequence captured. The transcript captures the names called but not the individual responses. The seed-list claim that Knight cast the sole dissenting vote on Resolution 2025-22 is therefore not directly confirmed by the IC audio because Whisper did not capture the individual responses. The transcript is consistent with a Knight no-vote (his verbatim dissent grounds are on the record approximately ten minutes earlier) but the audio alone does not analytically resolve the question. The authoritative source for the vote tally remains the Investment Committee minutes for the 6/2/2025 meeting, which are a continuing FOIA target. ### Mark White's substantive defense at the IC White's IC defense introduced two substantive findings the wiki had previously placed in subsequent (post-vote) framings. First, the SEC-licensure structural-rationale for the empty Aon memo on Israel Bonds was on the IC record at the moment of the vote, predating the 7/2/2025 White response to Jennifer Lenow documented at [[auditor-foia-r3-3-3-26]] by approximately one month: > "we went to AON to get their advice on this I want you to understand in front of AON because of the way that they were licensed the SEC and they can correct me from this state this they cannot recommend individual stocks to bond so they cannot come to you and say you should buy this particular bond or this particular stock for anything their recommendations are on the managers" > 20250602B_IC.transcript.txt segments 985-998, [00:33:51 to 00:34:47] Second, White invoked the Aon memo as procedural compliance with BP4 Section A.5 rather than as substantive investment merits analysis: > "and I'd just like to come back to Aon's end of appendix this memo does not serve as a recommendation to investor not to invest because we're going to do that but according to our investment policy as written now we've approved this but before board has not approved it we're following up policy I believe so I believe as I said that recommendation from a manager I believe that that checks the box with what the policy requires it does say we recommend this manager" > 20250602B_IC.transcript.txt segments 1356-1370, [00:47:01 to 00:47:31] White's "checks the box" framing is the wiki's most direct documentation of the Aon-as-policy-box-check construction. White's verbatim pecuniary endorsement at segments 1040-1050 ("from a pecuniary standpoint I do think this is a fine investment ... I do concur with Aon's recommendation that rings as an appropriate manager to handle this for us") parallels his 5/22/2025 Board preview language documented at [[atrs-foia-r1-staff-emails]] and adds the wiki's first audio capture of White invoking the Aon-recommends-Reams structural construction. Combined with Chip Martin's BOT motion language ("On recommendation of the board's investment consultant") documented at [[atrs-bot-audio-6-2-25]], both speakers invoked Aon recommendation as the basis for the action at the moment of the vote, while the documentary content of the Aon memo on Israel Bonds in the Board packet was the empty Kelly + Comstock memo per [[atrs-bot-packets-7-3-25]]. ### Five framings updated to six The framings of the consultant role on Resolution 2025-22 documented at [[independent-credit-analysis-gap]] are extended by the IC ingest. The IC transcript adds a sixth distinct framing: (6) **Mark White's 6/2/2025 IC defense (R 2-28-26 audio):** White on the IC record articulated both the SEC-licensure structural-rationale ("they cannot recommend individual stocks to bond") and the Aon-memo-as-policy-box-check framing ("this memo does not serve as a recommendation to invest or not to invest ... that recommendation from a manager I believe that checks the box with what the policy requires"). The framings predate by approximately one month the 7/2/2025 Lenow response that the wiki had previously characterized as the source of the licensure framing. [[atrs-ic-audio-6-2-25]] source page documenting the full IC transcript ## Tensions This concept page surfaces two first-class tensions filed as tension pages per the Hegelion layer. - [[T001 - Resolution 2025-22 Consultant-Role Attribution]] — The Resolution preamble cites Aon "advice" as basis. The Aon memo in the packet is substantively empty. Six framings of the consultant role appear across the documentary record (White 5/8 directive, Resolution preamble, Kelly 5/28 forwarding, Chip Martin's BOT motion, White's 6/2 IC defense, White's 7/2 Lenow response). Statement A: the engagement structure plus on-record participation constitute the cited advice. Statement B: the citation overreads the documentary record; the actual decisional rationale was White's 5/22 "pecuniary standpoint" self-attribution; the shifting attribution is itself evidence that no substantive consultant recommendation existed. *Evidentiary tension. Status: open.* - [[T004 - BP4 Section A5 Compliance on Israel Bonds]] — Did Aon's involvement satisfy BP4 Section A.5? Statement A: yes, under a disjunctive reading of "written advice or written recommendation." Statement B: no, an empty memo header is not "written advice." *Framing tension. Status: open.*